South Africa-based digital bank TymeBank is set to finally launch at the end of February.

It will launch in 500 Pick n Pay and Boxer stores next week ahead of a formal release later in the month.

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TymeBank previously had a soft launch in December 2017. This was across 20 Pick n Pay and Boxer stores.

The bank will work in partnerships with supermarkets so they offer physical space for the bank’s customers to access banking services.

TymeBank customers will be able to open a full-service, FICA-compliant bank account which also comes with a Visa debit card.

Furthermore, kiosks in the supermarkets have technology that utilises biometric recognition installed. This will eliminate the need for a customer to bring ID documents or any other paperwork, according to the bank.

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Opening an account takes less than five minutes apparently and customers will also immediately gain their Visa debit card.

In addition, TymeBank has no monthly fees, account initiation fees, card issuing fees, or fees for the use of the card.

TymeBank customers

According to the bank’s CEO, the bank has signed up over 50,000 customers since its soft launch.

Speaking at an event, TymeBank CEO Shandile Shabalala said the new players wants to change the way South Africans do banking.

TymeBank’s majority shareholder is African Rainbow Capital, a fully black-owned and controlled investment company. As a result, TymeBank is the first majority black-owned retail bank in South Africa.

The digital bank, previously known as TymeDigital, has been working with African Rainbow for many years. In 2018, African Rainbow acquired 90% of TymeDigital from Commonwealth Bank SA (CBA).

Previously, the firm has been acquired by CBA in 2015 and received a banking licence in September 2017.

Tyme is an acronym of “take your money everywhere” and has been in business since 2012.

South Africa is currently host to a number of new digital players such as BankZero. This app-driven bank secured a banking licence in January 2018.

Furthermore, banking licences have been inssued to insurer Discovery as well as Post Bank.