In a groundbreaking achievement, TymeBank, South Africa’s first digital-only bank, has reached its first month of profitability, breaking even under five years since its launch in 2019. This pivotal moment not only marks a significant victory for the bank itself but also signifies a potential transformation of the South African banking landscape.
“This milestone is a source of immense pride for South Africa’s only black-controlled bank,” stated Coenraad Jonker, CEO of TymeBank. “We’ve surpassed an important hurdle, becoming one of the fastest-growing digital banks globally and the first African neobank to achieve profitability.”
TymeBank’s success can be attributed to several key factors. Its innovative hybrid model, combining digital accessibility with in-store kiosks at major retailers, has proven highly effective in reaching customers, enabling consistent growth of 150,000 new accounts each month. This model caters to both tech-savvy individuals and those less familiar with digital banking, offering a convenient and inclusive banking experience.
“Reaching profitability in such a short time frame wouldn’t have been possible without the unwavering support of our investors,” declared Thabani Jali, Chairperson of TymeBank. “Their continued faith in our vision and commitment to our shared success have been instrumental in driving us to this achievement.”
Dr. Patrice Motsepe, Founder and Chairman of African Rainbow Capital (ARC), the majority shareholder in TymeBank, praised the dedication and strategic investments that paved the way for this milestone. “TymeBank’s unique proposition has disrupted and transformed the banking sector, attracting over 8.5 million customers who value its digital innovation, transparency, and accessibility,” he remarked.
Looking ahead, Jonker is confident that TymeBank is well-positioned to achieve its ambitious goal of becoming one of the top three retail banks in South Africa. “This audacious aim will require strategic focus across all areas of our business, but our proven track record gives us immense confidence,” he asserted.
TymeBank’s profitability and ambitious growth plans serve as a testament to the transformative potential of digital banking in South Africa. Its success could pave the way for a more inclusive and accessible financial landscape, ultimately benefiting millions of South Africans.
