South Africa has a new mobile-only bank – Tyme Capital – that has been launched by African telco MTN in partnership with retail chain Pick n Pay.
Tyme, an acronym of ‘take your money everywhere’, is proposed to be a distribution channel of the South African Bank of Athens, according to its website.
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Customers of Tyme will be able to send, receive, deposit and withdraw money, and purchase pre-paid airtime and electricity. The bank also offers accounts with no monthly fee and no minimum balance requirements.
Unlike South Africa’s traditional banks, the upper limit for a Tyme bank account is a maximum of ZAR25,000 ($2,818) and the maximum daily debits transaction is set at ZAR1,000.
Subscribers can deposit and withdraw cash at all Pick n Pay and Boxer till-points in South Africa for a fee of ZAR4 per transaction.
