Posted on Jun 24, 2021 by Staff Writer
TymeBank; the new kid on the block is shocking and shaking the banking industry in South Africa with its exclusively digital retail banking services. Tyme (Take Your Money Everywhere) bank, is the first digital bank in the Republic and certainly revolutionizing the entire banking industry in South Africa.
Tyme Bank Summary
Tyme Bank is South Africa’s first 100% digital bank founded in 2015 by billionaire Patrice Motsepe through the African Rainbow Capital Investments. The bank primarily targets South Africa’s unbanked population. As of September 2020 it had signed up over 2 million clients, onboarded 18000 small businesses and continues to grow with about 6000 new clients per day.
How does it work?
TymeBank relies on its mobile app, debit card, internet banking site and two retail stores ( Pick’n Pay and Boxer) to host a national network of self-service kiosks that facilitate the account opening process.
It has registered over 2 million clients since it registered its first account in 2018. The bank is growing at a rapid rate and aims to afford 11 million unbanked South Africans an opportunity to own bank accounts.
Tyme Bank’s approach has made banking relatively easy for the public. According to the bank’s website, there is no need for filling out paper forms, no scanning, faxing or emailing when opening an account.; everything is done virtually.
While opening accounts with traditional banks may be a tedious process, according to the bank’s website, it only takes 5 minutes to open a Tyme Bank account. Well, I put this to test and opened a new account to check if I would able to open an account in 5 minutes or less.
Indeed, I opened my account in just 4:08 minutes to be exact. The process was fast and easy, it has a very user-friendly system with no complex terms. However, this doesn’t include reading the terms and conditions of Tyme bank.
It’s so surprising that you can open an account in South Africa so fast and easily without any need of a paperwork.
My team and I concluded that this is one of the best online business platforms in South Africa after the Companies Intellectual Property Commission platform.
Tyme Bank Debit Card
- No monthly service fees
- Charged only for selected transactions
- Get double smart shopper points when you use your Tyme Bank card at any pick n pay
- Up to 10% interest per year on your savings
- You get a free visa debit card
- Free online shopping
- Pay R4 for every deposit made at pick n pay and Boxer stores
- R8 for every R1000 withdrawal at any South African ATM
- Pay R2 on cash withdrawal at other retailers
- R2 on external debit orders
- Pay R2 for bank inquiries on other ATMs
- Pay R2 for a declined transaction
- Debit card replacement at R40
- You get free monthly administration fee, internal debit order, smart app subscription, internet banking subscription, first cash deposit every month of up to R5000 and prepaid purchase
- Your South African ID number
- Your South African cellphone number
- You must be 16 years or older to open a TymeBank account
Tyme Bank Competitive Advantages
TymeBank doesn’t require one to submit any documents including your copy of Identity card; all that is needed is to input in your identity number to get started with the application process.
Tyme bank also uses a security check to authenticate that you are the correct ID holder, verified by 6 questions.
Every other big bank wants you to send ID copy and proof of residence when applying for a debit card online, Tyme bank has gotten rid of this approach to business.
It takes less than 5 minutes to open a Tyme Bank account. This is a very big achievement in the banking sector in South Africa as it cuts down on long hours usually spent in banking halls going through the lengthy process of opening a new bank account.
It takes 15 minutes to apply for a bank account online with FNB as a first-time account applicant. The process can be significantly slowed down by the awfully lengthy FICA verification.
FNB seemed to be quicker when applying for a bank account compared to the other five big banks. For instance, Capitec bank requires you to visit your nearest branch to complete the account opening process.
Capitec bank makes it even worse to register for internet banking. You will need to go to a Capitec branch to activate your internet banking. I find this laborious considering that in this age, banking has been made easy.
The bank charges are my most favourite part of TymeBank debit card. Considering that this is a first-time card, the benefits are just so much. Unlike many banks, you don’t have to pay a monthly fee to enjoy them.
Tyme Bank debit card is probably the best debit card in South Africa in terms of affordability. It is, of course, trailed closely by the Capitec bank debit card.
This card beats every debit card in its category when it comes to saving on bank charges. Almost everything is free except for withdrawals and debit orders.
You cannot find any debit card that charges R0 monthly service fees, obviously, except for student debit cards.
Tyme bank Competitive disadvantages
It might not be easy to pass TymeBank security check but surely the system can be bypassed. In as much as the system is still new, the vulnerability is there and has to be addressed.
While other banks in South Africa use a combination of TymeBank type of security check system along with physical verification, TymeBank is only using a digital security check for activating accounts. This exposes the bank to criminal exploitation because of this vulnerability.
Those that are not tech-savvy, using TymeBank might prove to be a bit difficult with the older generation, fond of old ways of banking finding TymeBank to be a bank for the youth and tech-savvy
There are still people who like going to the bank to get their bank statements or open a bank account. TymeBank doesn’t cater for such individuals.
How to apply for a TymeBank bank account
- Have your ID number
- Have your cellphone and cellphone number ready
- Start your application here
Is Tyme Bank Safe
The short is answer is YES, Tyme Bank is owned by Africa Rainbow Capital a JSE Listed firm which was founded by South Africa’s first black billionaire Patrice Motsepe. It is therefore reasonable to say it has complied with all the regulatory frameworks around operating a bank of this nature. Furthermore TymeBank is an Authorised Financial Services (FSP 49140) and Registered Credit Provider (NCRCP 10774). Tyme Bank Limited Reg no: 2015/231510/06
Since we first published this review, we have received a number of complaints from clients. Most of which we have further reviewed but we haven’t experience much challenges with Tyme Bank as a bank. If you have a problem with any of their services you can email them on [email protected] or call 0860 999 119
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