TymeBank signs 3 millionth customer to reach a new milestone amid Covid crisis
By Philippa Larkin
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JOHANNESBURG - DIGITAL retail bank TymeBank has reached the landmark 3 million customer milestone amid the challenging Covid-19 crisis, and says it will power on to expand future offerings that will include insurance and value-added services.
TymeBank, which was launched in 2019, said its lower fees were a compelling proposition for consumers, with onboarding customers of between 100 000 and 120 000 each month and 3 000 and 5 000 new customers every day.
Although the bank entered into a deal with the Zionist Christian Church in February last year to onboard a large proportion of the church’s 9 million member base, the initiative has largely been postponed due to the impact of the Covid-19 pandemic and would gain momentum once Covid-19 preventative measures were relaxed.