Who owns Tyme Bank?
Tyme Bank is owned by the South African financial services group, Patrice Motsepe’s African Rainbow Capital (ARC).
Who is Patrice Motsepe?
Patrice Motsepe is a South African billionaire businessman and philanthropist. He is the founder and executive chairman of African Rainbow Minerals, a leading South African mining company.
When was Tyme Bank founded?
Tyme Bank was founded in 2012 by Co-CEOs Sandile Shabalala and Tauriq Keraan.
How did ARC acquire Tyme Bank?
In November 2018, ARC agreed to purchase 90% of the shares in Tyme Bank for R1.6bn from international banking group, Commonwealth Bank of Australia.
What is ARC and what other companies do they own?
ARC is a financial services company that invests in sectors such as insurance, asset management, and healthcare. In addition to Tyme Bank, ARC also owns stakes in companies such as Santam, Alexander Forbes, and Tshiamo Wealth.
What is the purpose of Tyme Bank?
Tyme Bank aims to provide affordable and accessible banking services to the South African market, particularly to previously unbanked and underbanked populations.
What kind of banking services does Tyme Bank offer?
Tyme Bank offers a range of banking services including savings and investment accounts, transactional accounts, loans, and insurance products.
Is Tyme Bank a digital bank?
Yes, Tyme Bank is primarily a digital bank that operates through an app and online banking platform. However, it also has a growing physical presence through its partnership with Pick n Pay supermarkets, where customers can open accounts and access banking services at in-store kiosks.
How successful has Tyme Bank been since its launch?
Tyme Bank has experienced strong growth since its official launch in February 2019, with over 2.8 million customers as of September 2021. It has also won several awards and recognition for its innovative approach to banking, including being named as the Best Digital Bank in South Africa in 2020 by the Asian Banker.
What are Tyme Bank’s future plans?
Tyme Bank’s long-term goal is to become South Africa’s leading digital bank, with a focus on expanding its customer base and product offerings. It also plans to expand internationally, with plans to launch in the Philippines in 2022 under the name TymeDigital by Commonwealth Bank of Australia.
In conclusion, Tyme Bank is owned by the South African financial services group, African Rainbow Capital (ARC), which purchased a 90% stake in the bank in 2018. Tyme Bank was founded in 2012 and aims to provide affordable and accessible banking services to the South African market through its primarily digital platform. It has experienced significant growth and success since its official launch in 2019 and has plans for continued expansion and innovation in the future.
