TymeBank is now signing up over 200 000 customers a month

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TymeBank signed up 228 000 new customers in October and 200 100 in November and it expects to reach six million customers before the end of this month.
TymeBank signed up 228 000 new customers in October and 200 100 in November and it expects to reach six million customers before the end of this month.
  • TymeBank signed up a record 228 000 new customers in October and 200 100 in November.
  • The bank expects to reach six million customers before the end of this month.
  • Its first international operation, GOtyme, has also successfully launched in the Philippines.
  • For more stories, go to the News24 Business front page.

TymeBank booked a record 228 000 new clients in October, according to its majority shareholder, African Rainbow Capital (ARC), when the digital-only bank also saw a marked increase in average customer activity levels.

The bank was onboarding between 130 000 to 140 000 customers per month in the first half of 2022. Earlier this week, when it finalised the acquisition of Retail Capital, TymeBank said it was on track to reach the 6 million customer mark before the end of this month.

READ | Retail Capital officially becomes TymeBank's business lending unit

"TymeBank maintained the momentum of onboarding new customers in November. In total, the bank onboarded 200 100 new customers. Customer activity levels were also maintained," said ARC.

Meanwhile, outside of SA, TymeBank's international arm, Tyme Global, has successfully launched its digital bank, GOtyme, in the Philippines with its partners, the Gokongwei family. The bank targeted to enter its first international market in October, and in preparation for that, it seconded the former CEO of TymeBank in SA, Tauriq Keraan, to go lay the foundations in the Philippines in June. Keraan will also lead the bank's expansion to a third market, possibly in 2023.

"The launch is the next step in Tyme Global's international growth strategy to have a presence in select markets with the potential for high customer growth," said ARC in the trading statement.

ARC said its other investments performed in line with expectations in the 10 months to 31 October. However, Kropz Elandsfontein is still experiencing delays in the production of bulk phosphate.

ARC said the company has made significant progress on both the mining and processing and produced approximately 30 000 tonnes of phosphate by the end of November. But it has yet to finalise an updated long-term mining plan.

Meanwhile, ARC has had to cough up millions of rands to fund the ongoing operational cash shortfall at Elandsfontein. It has drawn R247.5 million of its R550 million convertible loan facility to keep that operation going, and a large portion of the remaining balance will also be used to fund operations at Elandsfontein.

ARC's shares were up 1.73% to R5.29 in afternoon trade on Friday, having lost just over 6% so far in 2022.

Click here for more details on Arc's shares and other info.

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