TymeBank Review 2025: Revolutionizing Digital Banking in South Africa

By / April 25, 2025

TymeBank remains a trailblazer in South Africa’s banking landscape, redefining financial services with its digital-only model since its founding in […]

Tyme Bank

TymeBank remains a trailblazer in South Africa’s banking landscape, redefining financial services with its digital-only model since its founding in 2015. As the country’s fastest-growing bank, it surpassed 10 million customers in 2024, driven by its commitment to affordability, accessibility, and innovation. With no physical branches, TymeBank leverages partnerships with Pick n Pay, Boxer, and TFG to deliver seamless banking through self-service kiosks and a robust mobile app. This comprehensive review updates the January 2025 analysis, detailing TymeBank’s products, advantages, disadvantages, security features, customer complaints, and a guide to getting started, set against South Africa’s evolving financial landscape.

Overview of TymeBank

TymeBank, headquartered in Rosebank, Johannesburg, operates as South Africa’s first fully digital bank, authorized by the Prudential Authority of the South African Reserve Bank (SARB) in 2017. Owned by African Rainbow Capital (ARC), founded by Patrice Motsepe, TymeBank is a registered Financial Services Provider (FSP 49140) and Credit Provider (NCRCP 10774). Its digital-first approach eliminates brick-and-mortar branches, reducing costs and enabling low/no-fee banking. Strategic partnerships with retailers like Pick n Pay and Boxer provide over 1,000 kiosks for account opening and transactions, enhancing accessibility.

In 2025, TymeBank’s customer base exceeds 10 million, with 200,000 new customers monthly, reflecting its appeal across demographics, particularly low-income and rural segments. Its valuation nears $1 billion (R18.2 billion), and it achieved profitability in December 2023, a rare feat for digital banks. New AI-driven fraud detection and expanded MoreTyme partnerships with 7,000+ stores strengthen its market position.

Market Context for 2025

South Africa’s banking sector is increasingly digital, with the SARB’s repo rate at 7.5% (prime rate 11.0%) supporting consumer spending. The two-pot retirement system boosts disposable income, driving demand for accessible banking. TymeBank’s low-cost model and financial inclusion focus align with these trends, earning it the top spot in Forbes’ World’s Best Banks 2024 list for South Africa.

TymeBank Products

TymeBank’s product suite emphasizes simplicity, affordability, and flexibility, catering to diverse financial needs.

EveryDay Account

  • Description: A no-fee transactional account for daily banking, accessible via the TymeBank App, website, or Pick n Pay/Boxer stores.
  • Features:
    • No monthly service fees; pay only for select transactions (e.g., R7 deposits, R3 retailer withdrawals).
    • Free Visa debit card with contactless payments.
    • Double Smart Shopper points at Pick n Pay.
    • Free EFTs, PayShap (up to R3,000), and online purchases.
  • Ideal For: Budget-conscious users seeking low-cost banking.

GoalSave

  • Description: A savings tool offering up to 10% interest annually, with no minimum deposits or penalties.
  • Features:
    • Set multiple savings goals (up to 10 accounts) via the app.
    • Interest rates increase with longer holding periods (e.g., 10% after 90 days, 10-day notice).
    • Accessible anytime, with instant transfers to EveryDay Account.
  • Ideal For: Savers aiming for short- or long-term goals.

MoreTyme

  • Description: A buy-now-pay-later service for interest-free purchases in three installments, now available at 7,000+ stores and 1,500 e-commerce sites.
  • Features:
    • No interest or fees if paid on time; subject to credit approval.
    • Partnerships with TFG and other retailers enhance accessibility.
  • Ideal For: Shoppers seeking flexible payment options.

TymeHealth

  • Description: Affordable healthcare insurance covering essential medical services.
  • Features:
    • Access to a network of healthcare providers for consultations, diagnostics, and emergencies.
    • Customizable plans starting at low premiums.
  • Ideal For: Individuals prioritizing affordable healthcare access.

Family Protect Funeral Cover

  • Description: Funeral insurance for financial support during bereavement.
  • Features:
    • Coverage for policyholder and family, with flexible premiums.
    • Payouts within 48 hours for immediate expenses.
  • Ideal For: Families seeking peace of mind for funeral costs.

TymeBank Visa Credit Card

  • Description: A credit card in collaboration with RCS, targeting low- to middle-income earners (R3,000+/month).
  • Features:
    • Up to 55 days interest-free credit; personalized rates (11.0%–20.0%).
    • Free secondary cards, SMS notifications, and door delivery for the first card.
    • Four times Smart Shopper points at Pick n Pay.
  • Fees:
    • Initiation fee: R160.
    • Monthly fee: R40.
    • ATM withdrawal: R8/R1,000; retailer withdrawal: R3/R1,000.
  • Ideal For: Middle-income users seeking flexible credit.

Fee Structure (2025)

Transaction TypeEveryDay AccountVisa Credit Card
Monthly FeeR0R40
Card SwipesFreeFree
Pick n Pay/Boxer DepositR7N/A
Retailer WithdrawalR3R3/R1,000
ATM WithdrawalR9/R1,000R8/R1,000
EFT/PayShap (≤R3,000)FreeFree
International Purchase2%2%
Card ReplacementR70R70

Competitive Advantages

  • No/Low Fees: Free EveryDay Account, EFTs, and PayShap transactions outshine traditional banks like FNB (R7–R115/month).
  • High Savings Rates: GoalSave’s 10% interest surpasses Capitec’s 4.85% and Standard Bank’s 3%.
  • Fast Onboarding: Accounts open in under 5 minutes via app or kiosks, compared to FNB’s 15-minute process.
  • Accessibility: Partnerships with 1,000+ Pick n Pay/Boxer stores and TFG ensure nationwide reach, especially for rural and low-income users.
  • Innovation: MoreTyme, real-time PayShap, and AI-driven fraud alerts enhance user experience.
  • Customer Satisfaction: Ranked South Africa’s top bank in Forbes’ 2024 list.

Competitive Disadvantages

  • Security Concerns: Complaints about unauthorized transactions and slow fraud resolution highlight vulnerabilities. A Trustpilot score of 1.7/5 reflects issues like delayed refunds and unhelpful service.
  • Digital-Only Model: Lack of physical branches disadvantages non-tech-savvy users, particularly older generations.
  • Limited Credit Offerings: Only one credit card and no personal loans (lending paused since April 2025) restrict options compared to Capitec’s R250,000 loans.
  • Transaction Limits: Free deposit/withdrawal limits (e.g., R2,000/month) may not suit cash-intensive users.
  • Reward Dependency: Smart Shopper points require Pick n Pay spending, limiting flexibility versus Discovery’s broader Vitality rewards.

Security Features

  • Biometric Authentication: Fingerprint verification at kiosks and app logins, linked to the Department of Home Affairs’ HANIS database.
  • Contactless EMV Cards: Visa debit/credit cards with chip-and-PIN and contactless payments reduce fraud.
  • Real-Time Alerts: SMS and push notifications for transactions, new in 2025 with AI-driven fraud detection.
  • Card Controls: Freeze or block cards instantly via the app.
  • Encryption: Secure login credentials and data encryption protect online banking.
  • Fraud Support: Immediate account blocking via 0860 999 119; complaints can escalate to the National Financial Ombud Scheme.

Despite these measures, 10% of customers reported fraud issues in 2022, with delays in resolution. Recent complaints cite unauthorized withdrawals and poor support.

Customer Complaints

  • Fraud Incidents: Users report unauthorized transactions, with losses up to R13,000 and slow investigations. TymeBank’s response is often deemed inadequate, with no refunds in some cases.
  • Service Issues: Delays in airtime delivery, app glitches (e.g., blank screens post-update), and unhelpful call centers.
  • Account Closures: Prolonged processes for closing accounts, unlike FNB’s streamlined service.
  • Resolution: TymeBank advises contacting service@tymebank.co.za or 0860 999 119, with escalation to the National Financial Ombud Scheme.

Comparison with Competitors

FeatureTymeBankCapitec Global OneFNB Easy
Monthly FeeR0R7.50R0–R75
Card SwipesFreeFreeFree
ATM WithdrawalR9/R1,000R10/R1,000R12 (Zero), Free ≤R2,000 (Smart)
Retailer DepositR7R1.40/R100Free ≤R2,000 (PAYU/Smart)
Savings InterestUp to 10%Up to 4.85%Up to 4%
Credit OfferingsVisa Credit Card, MoreTymePersonal Loans (≤R250,000)None
Fraud ProtectionBiometrics, EMV, AI alertsCard fraud coverMoney Protect (≤R5,000)

How to Get Started with TymeBank

  1. Download the App: Install the TymeBank App from Google Play, Apple App Store, or Huawei AppGallery.
  2. Register: Provide your South African ID number, cellphone number, and verify identity via biometrics (at kiosks) or app prompts. Must be 16+.
  3. Choose Products: Select EveryDay Account, GoalSave, MoreTyme, TymeHealth, or Family Protect Funeral Cover based on needs.
  4. Start Banking: Access funds, set savings goals, make payments, or apply for a credit card instantly via the app or kiosks.
  • Locations: Kiosks at Pick n Pay, Boxer, or TFG stores; no paperwork required.
  • Time: Account opening takes under 5 minutes; credit card applications may take 1–2 days for approval.

Is TymeBank Safe?

TymeBank is regulated by SARB, registered as an FSP (49140) and NCRCP (10774), and owned by ARC, a JSE-listed firm. Security includes:

  • Biometric verification linked to Home Affairs.
  • EMV Visa cards with contactless and chip-and-PIN.
  • AI-driven fraud alerts and encryption. However, fraud complaints and a 1.7/5 Trustpilot score indicate vulnerabilities. Users should enable transaction alerts, use strong passwords, and report issues immediately to 0860 999 119.

Why Choose TymeBank in 2025?

TymeBank excels for:

  • Affordability: No monthly fees and free transactions save costs.
  • Savings: 10% interest on GoalSave is unmatched.
  • Accessibility: Kiosks and digital platforms reach underserved areas.
  • Innovation: MoreTyme and AI-driven features enhance flexibility.
  • Growth: 10 million customers and Forbes’ recognition reflect trust.

Drawbacks include fraud risks, digital-only limitations, and limited credit products. Comparing with Capitec or FNB can help determine suitability.

Conclusion

TymeBank’s 2025 offerings redefine digital banking in South Africa, with its no-fee EveryDay Account, 10% savings rates, and innovative MoreTyme service catering to over 10 million customers. Enhanced fraud detection and expanded retail partnerships strengthen its position, but security concerns and lack of physical branches require caution. Ideal for tech-savvy and budget-conscious users, TymeBank’s low costs and accessibility make it a compelling alternative to traditional banks. Start your journey at https://www.tymebank.co.za/ or a nearby kiosk.

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