Rumours of 1st mobile-only bank for SA

Cape Town - Rumours are doing the rounds that South Africa may be getting its first mobile-only bank, with big names apparently behind the business.

MTN [JSE:MTN], Pick n Pay [JSE:PIK] and Boxer Superstores have been mentioned.

BusinessTech reported on Friday that the mobile bank is believed to be called Tyme (Tyme-Capital). Apparently details of Tyme-Capital were listed on a website under the same name before being abruptly removed on Thursday.

BusinessTech said it took screenshots of the website before it was removed. When Fin24 visited the website address, there was only a notice saying "Website Coming Soon".

Arrie Rossouw, owner of ARK Rossouw Media Consultancy and previously editorial director of MIH Internet Africa, tweeted the news on Thursday. Rossouw said that his relationship in the venture involved PIN-less airtime.


The now-defunct website said Tyme is a distribution channel of the South African Bank of Athens.

The screenshots taken by BusinessTech show a fee structure and list these features and benefits:

• Send money to any one with a South African cellphone number;
• Recipients will be able to access the money immediately;
• Buy prepaid airtime and electricity anytime and anywhere;
• Deposit or withdraw cash at any Pick n Pay or Boxer store;
• Pay for goods at any Pick n Pay or Boxer store;
• Get a mini-statement;
• Receive SMS notifications for all transactions;
• Call the Customer Care Centre on 083 123 0145;
• No monthly fees and no minimum deposit.
  

"MTN would not like to comment on speculation," the mobile operator told BusinessTech.