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TymeBank, which aims to upend retail banking, including by pursuing unbanked and underserved South Africans, has now made cash withdrawals available to its customers at 172 000 spaza shops and traders across the country.
The bank, which is backed by Patrice Motsepe's African Rainbow Capital (ARC), said this new initiative with payments solution Flash - along with its kiosks and ambassadors in around 1 000 Pick n Pay, Boxer and TFG stores - means it "offers its 9 million customers face-to-face service at more locations than any other bank".
"While TymeBank supports the country’s shift to a cashless society, the reality is that cash is still used extensively in our communities and the informal market," TymeBank’s chief strategy officer, Greg Illgner, said in a statement.
"Flash provides an accessible, convenient and easy-to-use cash-out solution, which means TymeBank customers can withdraw cash from a convenient location, reducing time and money spent travelling. They also save on fees, as withdrawals cost less than they would at an ATM," Illgner said.
Flash's head of marketing, Sarah Griffiths, said the company’s technology "simplifies operations so that business owners can focus on serving and growing their businesses, while providing a convenient service to their customers and communities".
Customers who want to withdraw money will generate a voucher via mobile text, which will work with Flash devices at the spaza shops and traders. A R7 flat fee will be added to the withdrawal amount.
TymeBank said in February that its partnership with TFG, the owner of Foschini and Jet, has reached the 1-million-customer milestone in little more than a year.
TymeBank reached its first month of profitability in December 2023, less than five years since its launch in February 2019, making it the first digital bank to break even on the African continent.
