TymeBank is teaming up with The Foschini Group to introduce its financial products and services in all the TFG stores nationally and also on digital platforms which will give the digital bank access to more than 26 million Foschini customers in the Republic of South Africa. Unexpectedly, TymeBank also announced that they have reached the 3 million customer mark in just over 2 years which is quite impressive for a small bank competing with old banks such as ABSA and Nedbank.
The partnership is expected to deliver the following customer benefits:
TFG customers will benefit from TymeBank’s ‘Buy Now Pay Later’ product MoreTyme, providing an alternative payment option which is an interest free over a three- month period.
· Over 600 TFG/TymeBank branded kiosks will be placed in TFG stores which will enable customers to have direct and convenient access to affordable transactional fees and competitive savings rates.
· The kiosk, as well as the TymeBank app and other digital interfaces will give TFG customers easy access to services such as purchasing electricity, transferring money and saving products, permitting customers to purchase and transact at the same time.
· The partnership will allow a full range of financial products and services to be developed, including an extended range of insurance products and term loan products which will be made available for all the TFG customers (old and new).
Tauriq Keraan, who is the CEO of TymeBank explained that the partnership had been discussed before the pandemic, which then put the plans on hold, and he also pointed out that TymeBank’s offering will complement TFG’s own financial services business.
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