• TymeBank has announced that it has achieved profitability since launching in February 2019.
• The digital bank is the first to achieve the feat in under five years, with it also being the first to do so on the African continent.
• TymeBank attributes part of its success to consistently acquiring ~150 000 customers each month.

TymeBank continues to surpass significant milestones as a digital bank operating in South Africa and abroad.

The latest milestone is achieving profitability, with TymeBank having done so in under five years, ever since launching in February 2019.

“This makes it the first digital bank to break even in South Africa and on the continent. This milestone marks a pivotal moment for South Africa’s only black-controlled bank, making it one of the fastest growing digital banks globally, and the first African digital bank ever, to reach this milestone,” it highlighted in a press release shared with Hypertext.

“As the country’s first digital bank we’ve overcome numerous challenges as we consistently innovated and broke new ground in the market. Through it, our team has remained focused and committed to our mission of providing South Africans with affordable, accessible, and quality banking services. This purpose has clearly resonated with consumers given our rapid growth, high levels of customer satisfaction and the successful introduction of a wide range of products and services,” added Coenraad Jonker, CEO.

In terms of the contributing factors to the financial institution’s success, a handful of key elements have been noted, such as the combination of digital channels that has assisted in TymeBank consistently acquiring ~150 000 customers each month.

Another important aspect is the strategic relationships with Pick n Pay and Boxer, as well as The Foschini Group (TFG), and the Zion Christian Church (ZCC).

Innovations have also played a key role, such as being one of the most affordable banking offerings in SA, along with the ability to open a bank account in under five minutes. In recent years the institution has launched new offerings to diversify what it made available to customers, like the launch of healthcare insurance called TymeHealth in collaboration with the National Healthcare Group.

As for what the future holds, TymeBank is not holding back when it comes to its local ambitions and being one of the largest players in the country.

“We are excited about what lies ahead as we build on this momentum to continue offering great value to our customers. We believe that we are now perfectly aligned with our goal of becoming one of the top three retail banks in the country,” concluded Jonker.