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TymeBank, worlds fastest-growing digital bank recently announced that it has entered a strategic partnership with the world’s largest retailer TFG(The Foschini Group). The introduction of TymeBank financial products and services both instore and on digital platforms will benefit more than 26 million customers in South Africa.
Tauriq Keraam, CEO of TymeBank, said: “ TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength and strong customer focus. We couldn’t be more excited with our strategic partnership as we look to expand our reach. Furthermore, we are likely to diversify the current TymeBank customer profile as we further extend the benefits of affordable banking as well as a superior banking experience to the middle and upper-middle market segments.”
The following customer benefits are expected because of the partnership:
- TFG customers will benefit from TymeBank’s ‘Buy Now Pay Later’ product MoreTyme, providing an alternative payment option which is intertest free over a period of three months.
- The partnership will allow a full range of financial products and services to be developed, including an extended range of insurance products and term loan products which will be made available for TFG customers.
- Over 600 TFG/ TymeBank branded kiosks will be in TFG stores enabling customers to have direct and convenient access to highly affordable transactional banking and highly competitive savings rates. This will include the launch of a TFG/TymeBank branded debit card.
- The kiosk, aw well as the TymeBank app and other digital interfaces will give TFG customers access to services such as electricity payments, money transfers and saving products, thereby allowing customers to shop and transact at the same time.
MoreTyme will be available in Jet Stores in November, followed by a rollout throughout all TFG stores in 2022.
MoreTyme was created specifically to make purchases more affordable for consumers. It allows customers to buy items from participating merchants and pay half the price at the time of purchase while still taking the item home the same day. The remaining balance will be paid over the next two months, interest fee.
Since its February 2019 launch , TymeBank’s partnership model with shops, which has been a key component of the bank’s strategy to attract clients and promote usage, it has greatly contributed to the bank’s success. TymeBank now has a member base of slightly over 3.8 million, with an average of 110 00 new users joining each month.