Khona La Local Stores Announces Its Partnership With TymeBank
Khona La Local Stores Announces Its Partnership With TymeBank. Khona La Local Stores has announced that it has partnered with South African digital bank, TymeBank in order to revolutionise the informal market and enable cashless payments.
In a statement, the bank says its TymePOS point-of-sale solution, an app that turns any NFC-enabled cellphone into a tap-and-go payment device for debit and credit card payments, will now be used by the chain of independently-owned township-based spaza shops. This aims to advance the quality of service received by customers as they will be able to make cashless transactions that will save them time.
Khona La Local Stores is a network of local spaza shops trading under the same brand name. Members join the network and get their stores repainted and refurbished. Members also get to be part of an e-commerce eco-system that assists them to trade better through collaboration, collective buying, skills training and more. This will be done on an ongoing basis in both townships and rural areas across Southern Africa.
TymeBank is a digital bank founded on simplicity, transparency and affordability. TymeBank’s majority shareholder is African Rainbow Capital, a fully black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa. The company’s business is designed and run around key principles such as believing that every South African has the right to accessible and affordable banking so that they can take part in, grow and benefit from the country’s economy.
