Tencent and CDC invest in TymeBank

It's time for a new player to enter the local banking sector. TymeBank launched recently, claiming its fees are up to 50% cheaper that its competitors. It's South Africa's first digital-only bank meaning it has are no physical branches. Self-service stations have been rolled-out across the country, where clients can register or collect their cards. Head of Sales and Service at TymeBank, Cheslyn Jacobs, joins us now to discuss their launch and beyond. Courtesy #DStv403

JOHANNESBURG - Chinese internet giant Tencent Holdings and UK's CDC Group have invested over R1.1-billion in TymeBank.

This follows the completion of the bank's Series B Capital Raise to the tune of R2.9-billion.

TymeBank said it will use its digital infrastructure to accelerate the rollout of financial services to its historic mass-market customer base.

READ: It's Tyme: SA gets new bank

The finalisation of the investments is subject to normal conditions precedent and regulatory approvals.

The bank has signed up over four million customers in 32 months.

It has partnered with Pick 'n Pay and Boxer as well as the Zion Christian Church.

Source
eNCA

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