TymeBank to offer affordable banking services to TFG customers • African Rainbow Capital Investments

TymeBank and TFG will soon launch a branded debit card for the fashion and lifestyle retailer’s customers, as part of a new partnership.

In a statement on Tuesday, the bank said in addition to the debit card, TFG’s customer base – made up of more than 26 million people in South Africa – will have access to the bank’s financial products in store and on digital platforms.

Customers will also have a three-month interest-free payment option and a transaction app that will enable them to use services like money transfer, electricity payments and access savings products.

Those who need loans and insurance products will be able to make use the bank’s MoreTyme service, which will be launched at Jet stores in November. The service will then be rolled out to all TFG stores in 2022.

MoreTyme allows customers to pay half of the amount of the items they are buying and take them on the same day and complete the payment over two months.

The two companies will also provide 600 branded kiosks in TFG stores for affordable banking for customers.

In statement on Tuesday, TymeBank CEO Tauriq Keraan said he was looking forward to the partnership as the bank works toward growing its 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,” said Keraan.

The bank has more than 3.8 million customers and averages around 110 000 new customers each month.

In statement on Tuesday, TymeBank CEO Tauriq Keraan said he was looking forward to the partnership, as the bank works toward growing its reach.

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.”