Home » Patrice Motsepe-linked bank targets $4.9 billion in unclaimed benefits in South Africa

Patrice Motsepe-linked bank targets $4.9 billion in unclaimed benefits in South Africa

TymeBank sets sights on $4.9 billion in South Africa's unclaimed benefits

by Omokolade Ajayi
Patrice Motsepe

South Africa’s leading digital bank, TymeBank, controlled by billionaire businessman Patrice Motsepe, is gearing up to tap into the substantial pool of unclaimed benefits in South Africa, estimated to be worth around R90 billion ($4.9 billion).

The Motsepe-linked financial services provider aims to solidify its position as a leading South African digital bank by facilitating the matching of unclaimed benefits with their rightful owners, creating a potential avenue for further growth.

It aims to leverage its innovative Pay2ID system, utilizing biometric verification to link customers to their government records. This technology could be the key to unlocking the untapped market of unclaimed benefits. However, beneficiaries are required to open an account with TymeBank, presenting a growth opportunity for the digital lender.

TymeBank’s bold move, poised to redefine SA’s financial landscape

TymeBank’s strategic move comes on the heels of reaching 8 million customers in just five years. Fueled by its distinctive “phygital” approach and key partnerships, the digital bank aims to tackle a major challenge faced by the South African government.

While the government has been working on improvements, TymeBank’s entry into the market is poised to be a potential game-changer, leveraging its technology to make a meaningful impact on the lives of millions of South Africans.

Expansion beyond borders: TymeBank eyes the Vietnamese market

In a strategic move to broaden its footprints, TymeBank, a digital bank in which ARC Financial Services Holding holds partial ownership — a company under the Black-owned and -controlled umbrella of Ubuntu-Botho Investments, established by Motsepe — is now actively pursuing opportunities in the dynamic Vietnamese market.

Motivated by Vietnam’s vibrant economy, characterized by a GDP of $366 billion, a youthful population, and rapid economic growth, TymeBank sees this as an opportunity to provide financial services to underserved segments in the country.

Phygital model drives success: Partnership with TFG accelerates growth

TymeBank’s success is attributed to its “phygital” model, combining a digital presence with physical kiosks in major retailers. A significant catalyst for its growth has been the partnership with The Foschini Group (TFG), a leading retail clothing group with 28 million members. 

With 600 kiosks across 22 TFG brands, TymeBank’s reach has significantly expanded, underscoring its commitment to innovation, accessibility, and addressing the diverse financial needs of communities.

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