Charles Niehaus

End of an era for South African banking giant backed by billionaire Patrice Motsepe! TymeBank, the digital bank that has quickly grown to over 10 million customers, is set to rebrand as it undergoes a series of changes. After a soft launch in 2018, TymeBank has quickly grown to become one of South Africa’s most well-known brands. Like other digital banks, it does not feature a branch network and instead relies on its digital app and its retail partners, Pick n Pay and the Foschini Group. The group became profitable for the first time in late 2023, ahead of expectations, becoming the first digital bank in the country to do so. It has continued to show remarkable growth, often claiming the title of fastest-growing digital bank in the country. The bank has also grown to international markets, with the broader Tyme Group offering services in Vietnam and the Philippines. By the end of 2024, the bank was valued at $1.5 billion (R26 billion) after raising capital from existing and new investors. As reported by News24, the South African TymeBank is set to follow a similar branding as the Filipino GoTymeBank and change its name to GoTyme in the first half of 2026. TymeBank said that it is evolving its brand to reflect its growth, maturity and focus on customers across a wider economic spectrum. The move still requires internal and regulatory processes, with further details being shared closer to the launch. The title is giving "click bait". But great developments. Go TymeBank 👏! https://lnkd.in/dMcafVcA

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The contribution that BNPL is making towards financial inclusion is growing, and South Africa is not the only country where there is traction. I’d like to share this very informative article by PYMNTS Intelligence, which gives an important global perspective ✅ Critically the global trend is that 98% of BNPL users manage their payments responsibly – it reflects what we see in our PayJustNow BNPL business as well. That’s disciplined credit use. ✅ Even more interesting? Many lower- and middle-income households in the USA are using BNPL to smooth out cash flow, not splurge. For nearly half of these users, BNPL was the difference between making a necessary purchase, or going without. In South Africa, we see similar patterns: BNPL isn’t replacing traditional credit - it’s filling the gaps where credit has historically failed to reach. https://lnkd.in/d84PNBNP #BNPL #Fintech #FinancialInclusion #DigitalPayments #SouthAfrica

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It’s Black Friday this week. The Mastercard Economics Institute analysed data for the eight days up to and including CyberMonday 2024 to see what shoppers in South Africa bought during the sales: 💵 average daily spending was 64% higher during Black Friday week than over the rest of the year 📱spending on electronics rose 3x but shoppers preferred buying their gadgets in-store rather than online 💄online purchases of health and beauty products surged, along with home furnishing and jewellery #MastercardEconomicsInstitute #SouthAfrica #BlackFriday

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