TymeBank, the digital bank, disclosed Friday that it continues to acquire about 130 000 customers each month.
African Rainbow Capital (ARC), stated in an update for investors that TymeBank was also making significant progress in increasing active accounts. This is proving to be a great success.
It will be difficult, due to the challenging economic environment that places extra pressure on consumers.
Internationally, TymeBank’s fellow subsidiary company, Tyme Global, based in Singapore, is set to launch a digital bank called GOtyme in the Philippines in October 2022 with its local partners, the Gokongwei family, added ARC.
TymeBank announced in May 2022 that it had appointed Tauriq Keraan, its CEO, to an international executive position. Coenraad Jonathanker, a founding member and Executive Chairman at Tyme Global, was to assume the role of TymeBank’s CEO. The Prudential Authority of SA Reserve Bank approved the change of leadership.
ARC stated that the Metrofibre transaction was completed after approval by the industry regulator.
The ARC Fund sold its Metrofibre investment to a total of
R275 million, resulting in a total gain of R37 millions
R244 million was paid in consideration. R31 million remains to be received in June 2022.