TymeBank has partnered with The Foschini Group (TFG) to offer financial products and services to the retail giant’s customers.
Announced on 5 October, the partnership will see the bank offer its MoreTyme payment option to shoppers, along with TymeBank kiosks located in TFG’s numerous stores.
“We couldn’t be more excited with our strategic partnership as we look to expand our reach,” TymeBank CEO, Tauriq Keraan, said in a statement.
“Furthermore, we are likely to diversify the current TymeBank customer profile as we further extend the benefits of affordable banking as well as a superior banking experience to the middle and upper-middle market segments.”
TFG’s portfolio of retail brands includes Markham, @home, TotalSports, Galaxy & Co, Foschini, Jet, and American Swiss.
It also operates an online shopping platform through which customers can buy items from any brand.
Shoppers can make payment plans, transfer money with TymeBank
With the partnership, TFG shoppers will get access to MoreTyme, the bank’s ‘Buy Now Pay Later’ payment option.
The option lets customers pay half for their goods at the point of purchase and take them home the same day while paying the remaining balance over an interest-free period of two months.
The partnership will also see TymeBank offer customers other financial products and services. These include an extended range of insurance and term loan products.
In addition, TymeBank will install kiosks in TFG stores across the country. The kiosks, along with the bank’s mobile app, will offer customers services such as electricity payments and money transfers.
The companies will also launch a TFG/TymeBank debit card that customers can use.
“We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest-growing digital banks globally,” TFG CEO Anthony Thunström said.
“The bank has deep expertise in managing a digital ecosystem platform plus related products and services and I believe TFG’s customers will benefit from an enhanced shopping experience.”
Earlier this year, TymeBank announced a partnership with Pick n Pay that lets PnP mobile customers RICA their SIM cards without having to supply physical documents.
The bank also operates kiosks at Pick n Pay and Boxer stores at which customers can open an account and collect their bank cards.
Going forward, TymeBank will make MoreTyme first available in Jet stores in November. After that, the bank will roll the product out to other TFG stores in 2022.