TymeBank report that 70% of their accounts are “active” or in regular use.
That’s a fairly high percentage compared to some other credit providers.
Why are they so popular?
The ease and convenience of the sign up process is definitely a factor. As is the fee structure.
But interestingly one of TymeBank’s most popular products is a fixed savings account that can get 11% interest. Which is pretty decent. These accounts currently have about R1 Billion in deposits from clients sitting and accruing interest.
Being a SASSA grant disbursing supplier is also helping the bank bring more clients onboard and that makes sense as many grant beneficiaries also tend go shopping once they receive grant funds.
TymeBank have also acquired Retail Capital (a SME Funder) and now has 50 000 business clients. This is an area they are hungry to expand into.
So, the growth to date is undeniable and their client base looks set to carry on expanding in the near future.
