(Papi Morake/Garo Images)
TimeBank, which aims to transform retail banking, including going after unbanked and underserved South Africans, now allows customers to withdraw cash at 172,000 spaza shops and traders across the country. I made it.
The bank, backed by Patrice Motsepe's African Rainbow Capital (ARC), is leveraging its Flash payments solution and the new kiosks and ambassadors at around 1,000 Pick n Pay, Boxer and TFG stores. He said the initiative meant “providing nine services.” We serve a million customers face-to-face in more locations than any other bank. ”
“While TimeBank supports the country's transition to a cashless society, the reality is that cash remains widely used in communities and informal markets,” Greg Illgner, TimeBank's chief strategy officer, said in a statement. “There is,” he said.
“Flash provides an accessible, convenient and easy-to-use withdrawal solution, meaning TymeBank customers can withdraw cash from any convenient location, reducing time and money spent on travel. You will also save on fees because the cost of “ATMs'' is lower than usual,'' Ilgner said.
Sarah Griffiths, Flash's head of marketing, said the company's technology “simplifies operations so business owners can focus on serving and growing their businesses, while providing a convenient service to their customers and communities.”
Customers who wish to withdraw money generate a voucher via mobile text. This voucher works with spaza shops and traders' flash devices. A flat fee of R7 will be added to the withdrawal amount.
TimeBank announced in February that its partnership with Foschini and Jet owner TFG had reached a milestone of 1 million customers in just over a year.
Less than five years after its founding in February 2019, TymeBank reached its first month of profit in December 2023, becoming the first digital bank to break even on the African continent.