As of 31 December 2024, TymeBank had 10.7 million customers. The Competition Commission has recommended unconditional approval of TymeBank’s proposed acquisition of SanlamTyme and a portfolio of unsecured personal loans from Sanlam Personal Loans (SPL). TymeBank, South Africa’s first digital-only bank and majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), now holds deposits nearing R7…
Cheslyn Jacobs, TymeBank chief commercial officer. TymeBank has warned that a proposed increase in biometric verification fees, from 15c to R10, could result in the financial exclusion of its low-income clients, particularly grant recipients, from formal banking. This, after the Department of Home Affairs (DHA) yesterday rolled out its new National Population Register (NPR). This…
The author, TymeBank chief commercial officer Cheslyn Jacobs When the South African government introduced the social relief of distress (SRD) grant in 2020, it was more than a pandemic lifeline. It became a stress test for the country’s financial and digital infrastructure. Millions of previously unbanked citizens suddenly needed a secure, reliable way to receive…
Tyme Group CEO Coen Jonker TymeBank is considering legal action in an effort to stop the department of home affairs from implementing huge increases in the fees companies must pay to verify their clients’ identities. Speaking to TechCentral on Thursday, TymeBank co-founder Coen Jonker – who now serves as CEO of the bank’s parent company,…
Home affairs minister Dr Leon Schreiber and TymeBank co-founder Coenraad Jonker. The home affairs minister and TymeBank’s co-founder are involved in a public squabble over the price of a biometric check increasing from 15c to R10. TymeBank argues that the poor will bear the brunt of the hike, as it cannot afford to absorb the…
Capitec Bank has voiced its support for Leon Schreiber’s efforts to modernise South Africa’s population registration database after TymeBank on Tuesday excoriated the home affairs minister’s decision to impose big price increases for online identity verification. “Capitec supports the department of home affairs’ initiative to upgrade the National Population Register and enhance the stability and…
