Tyme Bank Is Growing Exponentially With Over 3000 New Customers Everyday
Tyme Bank Is Growing Exponentially With Over 3000 New Customers Everyday. Tyme Bank says it has reached the 3 million customer milestone, with the digital bank consistently on boarding between 100,000 and 120,000 customers each month – between 3,000 and 5,000 new customers every day. Chief executive officer Tauriq Keraan told Business Tech that, “Financial institutions need to be responsive to consumer preferences. Banking customers are sensitive to costs impacting adversely on their financial health, particularly in these tough times.”
“They also want to know exactly what they’re paying for and Tyme Bank’s simple, transparent, affordable banking offering is giving our 3 million customers what they want and need. With our focus on lower transaction costs and giving value to our customers, we can proudly say that we have enabled 100 million free transactions to date, which is timely given the current climate. This, plus the fact that we have never asked a customer to complete any paperwork, saves our customers money and makes their banking experience quick and convenient, right from the start. In addition, customers earn up to 8% with our GoalSave product, which is the highest interest rate they can earn with immediate access to their savings and without any penalties.” Keraan told Business Tech.
Tyme Bank majority shareholder is African Rainbow Capital, a fully black owned and controlled investment company. This makes Tyme Bank the first majority black owned retail bank in South Africa. Tyme Bank is a new kind of bank that is digitally smart. The money it saves by not having branches means customers pay a lot less for banking like, no monthly fees and the customers only pay for what they use.
“Tyme Bank’s hybrid model of digital banking and physical service points is what sets us apart. In a country where banking fees and data costs are high and the levels of digital and financial literacy are low, we have re-imagined digital banking to make it accessible to all South Africans across the economic spectrum. While our technology allows for exponential customer growth, our priority is to broaden our offering to include innovative credit and insurance products plus a variety of value-added services. We want to continue broadening access to banking for the benefit of the country’s consumers.” Keraan added.
