It is the moment we have all been waiting for, Tyme Digital by Commonwealth bank SA has been granted an operating licence. Anyone who regularly reads my blog knows how much I look up to Patrice Motsepe and ever since I heard that he will be venturing into the banking sector, I have been telling and anyone and everyone who cares to listen about it. So I am very excited about the new digital bank.
Tyme is a Johannesburg based Fintech company that was bought by Commonwealth back of Australia in 2015. The branchless bank allows clients to access funds using their phones. Commonwealth bank SA is owned by Commonwealth bank of Australia and 10% owned by Motsepe’s African Rainbow Capital. According to a BusinessReport article by Dineo Faku “The bank aims to open up the banking sector to Africans who are not considered wealthy, offer a technology product that talks directly to customers and integrate banking into the lifestyles of its clients.” Commonwealth bank SA will use it’s partnership with Pick & Pay to set up self service kiosks for account registrations and bank transactions in stores. The bank will officially be launched in June 2018.