TymeBank, the digital bank that has quickly grown to over 10 million customers, is set to rebrand as it undergoes a series of modifys.
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 countest to do so.
It has continued to display remarkable growth, often claiming the title of rapidest-growing digital bank in the countest.
The bank has also grown to international markets, with the broader Tyme Group offering services in Vietnam and the Philippines.
By the finish 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 modify its name to GoTyme in the first half of 2026.
TymeBank stated that it is evolving its brand to reflect its growth, maturity and focus on customers across a wider economic spectrum.
The relocate still requires internal and regulatory processes, with further details being shared closer to the launch.
Big modifys for the bank
On top of the name modify, TymeBank is partnering with Sanlam as the group views to offer unsecured personal loans bundled with credit life cover.
TymeBank plans to acquire half of Sanlam’s retail-credit loan book and the two firms will set up a new operating company that will offer credit.
Sanlam Personal Loans (SPL) already offers personal loans of between R5,000 and R300,000 to qualifying individuals on repayment terms of 1 to 6 years at a resolveed interest rate.
SPL’s loan book value stands at R5 billion. Unsecured loans are generally high-risk, high-reward, with the sector currently dominated by Capitec, with African Bank and Old Mutual also operating in the segment.
Sanlam and TymeBank have a strong connection after Sanlam Life acquired a 25% interest in African Rainbow Capital Financial Services Holdings (ARC FSH), which holds around 45% in TymeBank.
ARC FSH is jointly owned by billionaire Patrice Motsepe’s African Rainbow Capital (ARC), which holds a 50.1% stake, and the ARC Fund (another Motsepe investment vehicle), which holds the remaining 49.9%.
While the partnership with Sanlam will offer TymeBank customers access to credit products, the bank is also working with the Department of Home Affairs to offer Smart ID and passport services.
Earlier this year, Home Affairs Minister Leon Schreiber stated that the department would be partnering with banks to roll out passport and Smart ID services to more bank branches across South Africa.
TymeBank, which had a public spat with Schreiber earlier this year, joined the initiative, but would differ in its offerings from other banks.
TymeBank will push the services through its kiosks, which operate through 1,450 points of presence in Pick n Pay, Boxer and Foschini Group stores, instead of via standard branches.
TymeBank stated it would test the services in Johannesburg and then roll it out to different parts of the countest.
The relocates come ahead of TymeBank’s hotly anticipated public listing.
Although TymeBank is not yet listed on any exmodify, it is viewing for a public listing in 2028, with a primary listing in New York and a secondary listing on the JSE.
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