WeeklySA_AdminFREE: The moretyme product will be interest-free
By Isaac Moledi
Billionaire Dr Patrice Motsepe’s African Rainbow Capital-backed TymeBank has received a major boost following an announcement this week that it had entered into a strategic partnership with retail group The Foschini Group (TFG) Financial Services to introduce the bank’s financial products and services both in the group’s stores and on digital platforms.
The first service, to be called MoreTyme product, which is an interest free ‘buy now pay later’ facility, will be launched later this year in TFG’s JET stores. Customers will also be able to pay for merchandise in-store through the use of a barcode – the payment plans which the two financial services groups say are already hugely successful in England and Australia and give customers far greater choice of payment options. More Moretyme kiosks will be rolled out in TFG stores next year.
“TFG Financial Services are excited to announce this new initiative with TymeBank which will allow them to integrate an end-to-end financial service offering into the retail environment, both in-store and via digital platforms,” says TFG CEO Anthony Thunström. “During the course of 2022 we expect to have 600 kiosks rolled out to our stores offering various financial products and services including a TFG / TymeBank branded debit card.”
TymeBank, which is majority owned by Motsepe’s African Rainbow Capital (‘ARC’), has more than 3.8 million bank account customers in the country and the company says its banking facility is already a well-loved brand in South Africa offering affordable banking products.
TFG on the other hand, houses some of South Africa’s most popular and well-established brands and is renowned for its retail strength and strong customer focus. With 29 retail brands that trade in fashion, value, jewellery, accessories, sporting apparel, cellular, homeware and furniture, TFG believes it is one of the leading retail groups in South Africa.
“TFG houses some of South Africa’s most popular and well-established brands and is renowned for its retail strength and strong customer focus. We couldn’t be more excited with TFG as a strategic partner as we look to expand our reach and diversify our customer profile,” says TymeBank CEO, Tauriq Keraan.
Currently TFG offers store card credit facilities to enable merchandise sales, but Jane Fisher, TFG financial services group director says this strategic partnership with TymeBank will allow both parties to expand their product offering “to meet customers’ changing needs throughout their financial journey.”
Besides launching the Moretyme product first in JET stores, Fisher says Moretyme will be rolled out to remaining TFG stores next year. In total, about 600 new kiosks and other banking services will be launched in Foschini stores, the groups said.
Scott Brown, who is head of TFG Value Added Services and will be responsible for the overall implementation of the initiative, believes that “TymeBank’s operating model and technology stack is designed for partnership and easy integration which helps with a much faster speed to market.” Once the kiosks are rolled out, more services – all aimed at adding value and making transacting easier for TFG’s customers – will be added. The initiative, he says, will however be subject to regulatory approvals where applicable.
Besides South Africa, TFG Africa also has a presence in Botswana, Zambia, Namibia, Lesotho and Eswatini through various retail brands and has also entered the UK and Australian markets. The group has over 4 300 outlets in 26 countries and employs more than 34 800 people with over 26.4 million customers in South Africa.
Besides being currently one of the world’s fastest-growing digital banks, with 3.5 million customers in South Africa, TymeBank, launched in 2018 with no physical bank branches but relies on an Android banking App, an Internet Banking site, is currently in partnership with two retail chains, Pick n Pay and Boxer. Its customers withdraw cash at all Pick n Pay and Boxer till points for free. The customers can also use their Visa debit card to withdraw “izaka” from any ATM for a small fee and use the card to shop everywhere, including online.
It is majority owned by Motsepe although its other shareholders include UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund, JG Summit Holdings, a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.
TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. Its sister company, Tyme, recently raised R1.6 billion, which is being deployed to enable growth both locally and in the Philippines.
