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TymeBank, a South African digital bank backed by Patrice Motsepe, has partnered with leading retail clothing group The Foschini Group (TFG) to gain access to TFG’s 28 million members through its loyalty program.
TymeBank is owned in part by African Rainbow Capital (ARC) Financial Services Holding, a Black-owned and -controlled company that operates under Ubuntu-Botho Investments (UBI), a holding company founded by Motsepe.
The partnership could potentially expose the digital-only bank to over 28 million TFG loyalty program members as the digital bank looks to offer customers three new financial products for shopping and banking.
Coen Jonker, CEO of TymeBank, said that the new partnership between the bank and retailer is unique, opening both companies to the opportunity to expand and diversify their customer profiles. He noted that in addition to its loyal customers, TFG offers TymeBank a large amount of data that can be used for risk management as well as for the benefit of customers.
Under the terms of the strategic partnership, TymeBank will roll out more than 600 kiosks across TFG stores in South Africa, including Foschini, Markham, and SportsScene. The kiosks will allow customers to open a TymeBank TFG Money account in under 5 minutes with no monthly fees or paperwork.
Additionally, customers will be able to use the kiosks to settle electricity payments, transfer money, and access savings products. The partnership also introduces a new “Buy-Now-Pay-Later” solution called MoreTyme, which aims to increase purchasing power and financial inclusion for South Africans.
Since its launch in 2019, TymeBank has acquired 6.1 million customers. Its partnership with TFG falls in line with its diversification strategy of partnering with retailers and their reward programs, specifically its lifestyle banking campaign.
Nearly six months ago, TymeBank announced plans to acquire Retail Capital, a leading fintech funder of SMEs, as part of its strategy to expand its financial services footprint.
The planned acquisition of Cape Town-based Retail Capital came nearly five months after the Motsepe-linked ARC-FSH disclosed that it had pumped an additional R257 million ($15.25 million) into TymeBank and TymeGlobal in 2021 as part of the bank’s scheduled capital requirements.
