Headquartered in Rosebank, Johannesburg, TymeBank does not have any physical bank branches and relies on an Android banking App, an Internet Banking site and a partnership with two retail chains, Pick n Pay and Boxer, to host a national network of self-service kiosks that facilitate the account opening process. The Prudential Authority of the South African Reserve Bank, granted permission for TymeBank to operate exclusively online on 28 September 2017.
TymeBank is the first bank in South Africa to put its core-banking platform in the cloud. 85% of TymeBank's systems are AWS cloud applications that provide system scalability, uniform security and cost efficiencies. TymeBank's use of technology and the strategic relationship with Pick n Pay and Boxer stores eliminates the need for physical branches. The reduced operating costs and the national presence of the retail stores removes the barriers that have traditionally prevented an estimated 11 million unbanked South Africans from accessing banking services.
History
"Tyme" *people who received their money from time bank.This originally developed as part of a Deloitte Consulting project, funded by the and telecommunications provider, MTN Group. It went on to become a stand-alone business in June 2012. In 2015, the Commonwealth Bank of Australia acquired 100% of Tyme, and renamed the business TymeDigital by Commonwealth Bank SA. On 28 September 2017, TymeDigital secured an operating licence from the South African Reserve Bank. It was the first full banking licence to be issued by the SARB since 1999. In 2018, financial services company, ARC Imali-Madi, bought a 10% stake in TymeDigital. On 5 November 2018, African Rainbow Capital Financial Services Holdings - owned by South African entrepreneur Patrice Motsepe - obtained approval from the South African Reserve Bank to acquire CBSA’s 90% majority stake in the business. The name of the business was changed in November 2018 from TymeDigital by CommonwealthBank SA to Tyme Bank Limited. TymeBank soft-launched on 5 November 2018, allowing consumers to open a basic transactional bank account at a limited number of kiosks in Pick n Pay Stores as well as online.
Ownership
Previously wholly owned by African Rainbow Capital Financial Services Holdings, on 10 June 2019 African Rainbow Capital and jointly announced an investment of R200 million by the Ethos Artificial Intelligence Fund and co-investors into Tyme Bank Holdings. The transaction is subject to all conditions precedent being met. The investment by the Ethos AI Fund in TymeBank will result in the fund being an 8% shareholder in the bank.
