TymeBank, South Africa’s leading digital bank, is expanding its services, now looking at offering Small and Medium Enterprises (SMEs) card payment solutions.
The bank announced in a statement on Wednesday that it had reached agreement with Network International, a leader in digital commerce in Africa and the Middle East, to empower SMEs.
TymeBank is South Africa’s first digital bank. It is owned by ARC Financial Services Holdings (Pty) Ltd, a company within business mogul, Patrice Motsepe’s Ubuntu-Botho Investments stable.
Andrew Key, Managing Director of Network International, said that working with TymeBank, a digital banking pioneer, will not only expand our business base in South Africa but also create synergies that will have a positive impact on the spread of digital payments in the country.
“We are very pleased to be supporting TymeBank as they want to increase the adoption of payments in the SME sector. We expect that we can expand our relationship by expanding the scope of services over the next few months,” said Key.
He said Network International has become a leader in digital payment adoption in Africa and the Middle East, providing comprehensive payment solutions for a growing customer base in over 50 regions.
TymeBank’s Chief Technology Officer, Dieter Botha, said that as an alternative to traditional brands, the bank aims to make affordable banking easier for all South Africans.
“We are always looking for a capable and promising service provider who is ready to join us on an exciting journey. One such service provider is Network International; it meets and exceeds our criteria. We are proud to announce that this commitment will provide an excellent different innovation, and cost-effective SME acquisition service in South Africa, “said Botha.
According to Key, Network International provides a scalable, proven, and cost-effective platform, and offers banks the opportunity to develop innovative product and service offerings, saying the acquisition platform supports the features and new product development that banks are looking for.
“TymeBank challenges traditional banking businesses through technology-driven innovation, We are happy to support them because they want to increase payment acceptance in the SME sector. We expect to expand the relationship with TymeBank by increasing the scope of services in the next few months, said Key.
- TymeBank has no branches and its core banking system is hosted securely in the Cloud. This reduces its overheads and delivers significant cost-savings that are passed on to its customers. Through a distribution partnership with Pick n Pay and Boxer, TymeBank has kiosks at over 730 stores across the country. Customers can open a FICA compliant bank account at these kiosks in under five minutes. It requires no documentation. Once signed up, customers can automatically become Smart Shopper members–Pick n Pay’s rewards programme–and will earn points everywhere and every time they swipe their TymeBank card, not just in Pick n Pay. They will earn double Smart Shopper points when they use their TymeBank card to swipe and pay inside a Pick n Pay store. TymeBank’s unique GoalSave tool, allows customers to earn a great interest rate of up to 7% per annum on their savings.
- Network International (www.Network.ae) comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services. Network International Holdings Plc is the holding company for Network International and the group companies