TymeBank-TFG Partnership Opens A New Front Door To Banking
TymeBank-TFG Partnership Opens A New Front Door To Banking. The strategic partnership between TymeBank, one of the world’s fastest-growing digital banks, and leading retail giant TFG (The Foschini Group) is offering a new way of banking for South African consumers and delivering considerable benefits for customers as well as the organisations themselves. This follows the introduction of co-branded TymeBank-TFG Money financial products and services both instore and on digital platforms.
TymeBank CEO Coen Jonker commented: “TFG is renowned for its retail strength and strong customer focus, and this partnership is a unique example of two leading brands coming together to offer a truly innovative and customer-centric way of banking – a ‘new front door’ to banking. As TymeBank we’re excited about how this partnership is further expanding our reach and diversifying the current TymeBank customer profile. With the potential to expose over 30 million TFG loyalty programme (TFG Rewards) members to the TymeBank brand, we believe this partnership accelerates our mission to bring accessible, affordable banking to all South Africans.”
Scott Brown, MD of Value-Added Services at TFG said: “Establishing a long-term partnership with TymeBank and being able to offer their products and services to our customer base under the TFG Money umbrella, is perfectly aligned with our goal of driving financial inclusion. The cobranded product suite is complementary to the TFG Money Account and opens the door for new customer segments to engage with and benefit from financial services solutions enabled by TFG. There is a great fit between our brands, our goals, and the way we work, and this has allowed us to be fast-to-market with our first set of cobranded products. We’re looking forward to working alongside TymeBank to further establish TFG Money as a “go to brand” for South Africans who want to benefit from a new style of banking.”
TymeBank’s model of strong, strategic partnerships with large-scale retail ecosystems has shown impressive outcomes since launching in 2019. The bank has acquired 6.1 million customers in under four years. Indicators show customers are embracing TymeBank’s unique offering, with an average 23 million transactions per month, a 70% 30-day account activity rate, and an average acquisition of 188,000 customers per month. “Through continued innovation we have been able to drive customer growth and engagement at an unprecedented rate in South Africa. And through partnerships such as these that leverage our respective expertise and resources, we can not only reimagine but reinvent the banking experience,” said Jonker.
