TymeBank has entered into a strategic partnership with retail group The Foschini Group (TFG) to introduce TymeBank financial products and services both in-store and on digital platforms. The group’s chief executive Tauriq Keraan said that the partnership will lead to the following benefits:
- TFG customers will benefit from TymeBank’s ‘buy now pay later’ product MoreTyme, providing an alternative payment option that is interest-free over three months.
- Over 600 TFG / TymeBank branded kiosks will be located in TFG stores, allowing 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, 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 simultaneously.
- 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 made available for TFG customers.
“TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength and strong customer focus,” said Keraan. “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.”
Keraan said that MoreTyme will initially be rolled out in Jet Stores in November, and across all TFG stores during 2022.
The service makes it possible to purchase items from participating merchants but only pay half of the amount at the time of purchase and still take the purchased item home on the same day. The balance of the purchase is payable over the following two months, interest-free.
TymeBank’s partnership model with retailers, which has been an integral part of its strategy to acquire customers and drive usage, has significantly contributed to its success since its February 2019 launch. The bank has over 3.8 million customers, with an average of 110,000 customers onboarded each month.