While fintech service provider TymeBank has been making moves outside of South Africa, the digital bank‘s latest announcement is closer to home after a strategic partnership with The Foschini Group (TFG) was struck.
This partnership will see the introduction of TymeBank financial products and services both in-store and on digital platforms for TFG’s customers in South Africa, which is estimated at roughly 26 million.
“We couldn’t be more excited with our strategic partnership as we look to expand our reach. 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,” noted TymeBank CEO Tauriq Keraan, following the announcement.
“We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest growing digital banks globally. 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,” added TFG CEO Anthony Thunström.
In terms of which services will be among the first to be rolled out, TymeBank’s buy now, pay later product MoreTyme is slated to arrive in selected Jet stores this November, after which it will be launched in TFG retailers across SA.
Added to this will be TymeBank kiosks, akin to the one found in Pick n Pay stores, where customers will be able to make utility payments, as well as transact and perform money transfers.
TymeBank currently has just over 3.8 million customers, with an average 110 000 customers onboarded each month, so this newly announced partnership should see those numbers rise significantly.