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TymeBank has announced a new partnership with The Foschini Group (TFG), a leading South African chain-store group, targeting the retailer’s 26 million customers in the country.
The partnership is part of the bank’s strategy to collaborate with retailers to gain new customers and drive usage.
TymeBank is a South Africa-based digital bank linked to billionaire businessman and Confederation of African Football President Patrice Motsepe. It is a fintech startup with no branches. Its core banking technology platform is hosted in the cloud. Motsepe is its majority shareholder.
TymeBank presently has just over 3.8 million customers, with an average of 110,000 customers onboarded each month, ITWeb reported.
Following the partnership, more than 600 TFG- and TymeBank-branded kiosks will be installed in TFG stores.
“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,” TymeBank CEO Tauriq Keraan said. “We couldn’t be more excited with our strategic partnership, as we look to expand our reach.”
The deal will enable customers to have direct and convenient access to affordable transactional banking. Furthermore, it will allow for a full range of financial products and services to be developed, including an extended range of insurance and term loan products.
The Foschini Group
TFG is a South Africa-based and Johannesburg Stock Exchange-listed retail clothing group, trading under various brands. It has over 3,000 stores within its portfolio.
