South Africa-based fintech company Tyme Bank reports significant growth in its customer base along with achieving new financial results.
Customer Base Growth
Tyme Bank, headquartered in South Africa, increased its customer base from 10 million to 10.7 million over the last six months to December 31, 2024. This increase was noted in an interim financial report by African Rainbow Capital (ARC), which holds a 57.7% stake in Tyme.
Financial Results
In October 2024, Tyme Bank reached a milestone of 10 million customers. The bank's deposits total around R7 billion. Moreover, the combined value of Tyme Group decreased due to Sanlam's investment from $215.8 million in June 2024 to $189.9 million in December 2024, while the group's net fair value gains increased by $1.4 million. Total deposits rose from $347.1 million in June 2024 to $380.2 million during the review period, while net advances grew from $104.6 million to $127.7 million.
Bank's Future and Strategic Initiatives
Tyme Bank continues to invest in long-term strategic initiatives, including advanced data analytics and artificial intelligence, aimed at developing innovative products and improving customer experience. The bank is also fostering collaborations with major companies and fintech players in the industry, including TFG, Boxer, Pick n Pay, and Kazang, as it expands its lending portfolio to enhance its revenue-generating capabilities. Tyme Global, the holding company of Tyme Bank, is headquartered in Singapore and serves as a platform for launching multinational banks. The first of such banks is TymeBank in South Africa, followed by GOtyme in the Philippines.
Tyme Bank is achieving significant strides in expanding its customer base and increasing financial investments. The company will continue to develop and deploy new products through innovative technologies in the future.
