TymeDigital by Commonwealth Bank SA gets operating license
TymeDigital bank – For the past 18 years, the South African Reserve Bank (SARB) had not awarded an operating licence to any bank. But late last month, the chief bank granted Commonwealth Bank SA a green light to operate on South African soil.
Joining an already competitive banking sector, the bank, in Patrice Motsepe’s ARC Commonwealth has a stake, is expected to be a full service digital bank (where you can deposit, withdraw, transfer and apply for loans) that will no doubt cause a panic among other banks. The financial institution becomes the first South African bank since 1999 to be allowed to operate.
TymeDigital loans by Commonwealth Bank SA Partnerships with chain stores
The bank has already set the tone and mood by partnering with some of the influential chain stores in the country. Its full service digitalisation has enabled it to conduct money-transfer services with Pick n Pay and Boxer stores. Next year, customers should look forward to Commonwealth Bank SA’s maiden banking product.
The presence of Pick n Pay and Boxer stores, is a plus for Commonwealth Bank SA as that will create a platform for people to engage with the bank’s services. Boasting of 700 stores and 100 00 tills across the country, Pick n Pay will no doubt facilitate a smooth transaction between the bank and its customers. Customers will be able to deposit and withdraw money through these cash points. Headed by former Nedbank managing director Sandile Shabalala, will start operating in November next year and self-service kiosks such our traditional ATMs, will be put in place to enable people register their accounts across stores nationwide.
What will TymeDigital do?
Among other services, the bank is expected to target emerging middle class consumers and small and micro businesses.
What does this mean to other banks?
The South African banking industry has left a big void among its consumers, with the middle aged class feeling ignored for. With its focus and target of that particular group, such consumers will force other customers already subscribed to other banks to join this new kid on the block.
Group executive at Commonwealth Bank of Australia (CBA) and chairman of the board of TymeDigital by Commonwealth Bank SA Coenraad Jonker said he was confident his bank will give its customers provide customers with superior value for money.
“There’s always a focus around transactional banking and fees [but], where we can say confidently that we will be a winning solution for the market, is in the cost of borrowing and in making sure that we drive the interest rates that customers pay on their loans down in this country. We think there is significant room to provide South Africans with a better proposition,” Jonker was quoted as saying.
About TymeDigital Bank
Shortly translated to Tyme, Take Your Money Everywhere was launched in mid-2012. It was later acquired by CBA in January 2015 thus opening up to more shareholders such as Patrice Motsepe’s African Rainbow Capital which owns 10% stake in the business.