TymeBank Launches as South Africa's First Fully Digital Bank
TymeBank officially launched on February 22, 2019, becoming South Africa's first fully digital bank built on a cloud-based open banking platform with no legacy systems. The bank offers an EveryDay transactional account, GoalSave savings tool, MoneyTransfer solution, and TymeCoach App providing credit reports and financial tips. Customers can open accounts and transact at over 730 kiosks embedded within Pick n Pay and Boxer retail stores, with more than 500 kiosks active at launch, plus access to 14,000+ till points for free withdrawals and low-cost deposits.
The bank is majority black-owned through African Rainbow Capital, with a core mission of financial inclusion. TymeBank had already acquired over 80,000 customers before the official launch, demonstrating strong early traction. The embedded retail distribution model—partnering with major grocery chains rather than operating traditional branches—represents a distinctive approach to banking-as-a-service in the South African market.
This launch positions TymeBank as a pioneer in leveraging retail infrastructure for embedded financial services across the region.
- Demonstrates viability of retail-embedded banking distribution models in emerging markets, bypassing traditional branch infrastructure
- Sets a precedent for embedded finance partnerships between digital banks and major retailers to drive financial inclusion in underserved populations