Cheslyn Jacobs, CEO of GoTyme Bank South Africa.
TymeBank has officially transitioned to GoTyme Bank, marking the next step as part of the global Tyme Group.
In a statement today, the branchless bank also unveiled a new GoTyme banking application.
The name change came after TymeBank, which now serves over 20 million customers, became the first digital bank to make a profit in South Africa and on the continent, after reaching its first month of profitability in December 2023.
The company says the GoTyme Bank brand reflects its alignment with global banking trends and its focus on digital banking services, while customer services and operations remain unchanged.
“GoTyme Bank reflects who we are today and where we’re going next as part of a global banking group with a strong South African foundation,” says Cheslyn Jacobs, CEO of GoTyme Bank South Africa.
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“This is not a change to our fundamentals. It’s the same bank, built on the same licence and principles, now expressed through a brand and platform that better reflects our scale, technology and ambition.”
The new GoTyme Bank app went live on 22 January, supporting a phased migration of customers, says the bank, adding that the rollout is being managed to prioritise security, stability and customer experience.
Existing customers do not need to open a new account to use the GoTyme Bank app, it notes, explaining that all customer information – including accounts, balances and transaction history – has been migrated.
Customers need to download the new GoTyme Bank app and sign in using their existing details to access their accounts.
The bank points out that the phased rollout of the app will see additional features being introduced over the coming weeks.
“This approach allows the bank to incorporate customer feedback as it scales. Customers should expect ongoing feature rollouts, continued investment in security and customer service, and regular communication through official GoTyme Bank channels,” it states.
GoTyme Bank says it remains the same licensed and regulated South African bank, with no changes to customer accounts, balances, products, ownership, or regulatory oversight.
