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TymeBank reaches another million milestone



The digital bank has acquired one million customers in just over a year.

TymeBank has hit another million customer target, just over a year since partnering with The Foschini Group (TFG).

Launched in 2019, the bank currently boasts more than 8.7 million customers, making it Africa’s fastest growing digital bank.

TymeBank’s partnered with TFG in January last year to provide transactional banking services to the retailer’s customers.

The collaborative project enabled the bank to reach one million new customers through the TymeBank TFG Money bank account.

READ MORE: TymeBank becomes Africa’s first digital bank to reach profitability

Perfect partnership

TymeBank CEO Coen Jonker attributed the milestone to strategic partnerships, a key component of the bank’s model.

“This milestone is testament to the success of TymeBank’s partnership model, which has been an integral part of our strategy since we launched,” Jonker said.

“The TymeBank and TFG brands are a solid fit and we are seeing the benefit of leveraging our respective resources and expertise, to present a unique banking proposition for consumers,” he added.

ALSO READ: TymeBank has amassed 8 million SA customers

Million milestones

TFG Group Director of Financial Services, Jane Fisher, said the fashion retailer also benefited from the collaboration.

“The partnership with TymeBank has allowed TFG to quickly and effectively offer our customers an extended suite of financial products and services,” Fisher said.

“There’s a great alignment between the co-branded product set and TFG’s loyal shopper base.

“We’re incredibly excited about reaching the 1-million customer mark on our ‘purple bank accounts’, in a relatively short time, and see this as just the first of many partnership milestones that we will be celebrating,” said Fisher.

ALSO READ: Perks of going cashless: Why every entrepreneur should take digital payments

Trial and error

The collaborative companions have also been trialing a personal loan, marketed to select TFG customers.

“Using the insight gleaned from this pilot, we have tweaked the Personal Loans product offering to better align with customer demand,” Fisher said.

“The learnings to date have been invaluable and we’re looking forward to offering the personal loan products via TFG’s national store network in the not-too-distant future.” she added.

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