Surely hosted in the cloud, the first fully digital bank in South Africa does not have branches. African Rainbow Capital, which is part of Ubuntu-Botho Investments owned by billionaire Patrice Motsepe’s is the new owner of TymeBank.
Three new banks were planned for 2019 and TymeBank is the first of the trio. The other two include Discovery Bank that will launch its app in March and Bank Zero which is the formers FNB CEO’s brainchild. ARC is the first majority black-owned bank that focuses on business and retail banking.
TymeBank belonged to the Commonwealth Bank of Australia and it was acquired by ARC in November 2018. It officially opened its doors today after its soft-launch in November. The digital-only bank offers an everyday transactional account that is bundled with top solutions like TymeCoach App, MoneyTransfer Solution and Goalsave.
Sandile Shabalala, TymeBank’s chief executive officer released a statement saying,
“Our mission is t
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