TymeBank reached 2 million customers in 26 July 2020. Photo: Supplied

TymeBank reached 2 million customers in 26 July 2020. Photo: Supplied

  • TymeBank has reached its target of 2 million customers ahead of schedule – it had aimed to reach its goal by the end of this year. 
  • The bank has been gaining up to 6 000 customers each working day. 
  • It has also on-boarded over 18 000 small businesses. 

Patrice Motsepe’s TymeBank has reached the 2 million-customer mark, with roughly 400 000 of those added during the lockdown period – despite reduced footfall to retailers, where its kiosks are located.

The branchless bank, which launched in  February 2019, said 1.2 million people, or 60% of this customer base, are active customers.

When it launched, TymeBank set itself a target to reach 2 million customers by the end of 2020.

“Notwithstanding the strong growth in overall customer numbers, we are in particular pleased with the steady growth in the number of active customers, currently at nearly 1.2 million. We also observe that these customers tend to use their accounts more actively as they become more familiar with the benefits,” said TymeBank CEO, Tauriq Keraan.

The bank said it has been gaining between 110 000 and 120 000 new customers per month, or roughly between 5 000 and 6 000 clients each working day. It has attracted R10 billion in customer deposits to date.

TymeBank said in addition to gaining individual customers, it has onboarded over 18 000 small businesses who are now part of its SME client base. The bank was supposed to launch lending products for SMEs this year, but had to put that on hold because of Covid-19.

Compiled by Londiwe Buthelezi

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