TymeBank is teaming up with The Foschini Group to introduce its financial products and services in TFG stores and on digital platforms.
This will give the digital bank access to more than 26 million Foschini customers in South Africa.
The partnership is expected to deliver the following customer benefits:
- TFG customers will benefit from TymeBank’s ‘Buy Now Pay Later’ product MoreTyme, providing an alternative payment option which is interest free over a three-month period
- Over 600 TFG/TymeBank branded kiosks will be located in TFG stores enabling customers to have direct and convenient access to highly affordable transactional banking and highly competitive savings rates. This will include the launch of a TFG/ TymeBank branded debit card
- The kiosk , as well as the TymeBank app and other digital interfaces will give TFG customers access to services such as electricity payments, money transfer and savings products, thereby allowing customers to shop and transact at the same time
- This partnership will allow a full range of financial products and services to be developed, including an extended range of insurance products and term loan products which will be made available for TFG customers
Keraan explains that the partnership had been discussed before the pandemic, which then put the plans on hold.
He also says that TymeBank’s offering will complement TFG’s own financial services business.
Both parties felt that the time was right now. TFG has massive ambitions in what’s already quite a large financial services business. TymeBank has equally ambitious growth aspirations… most importantly this was going to be beneficial to the customers.
Tauriq Keraan, CEO – TymeBank