TymeBank and one of South Africa's largest retailers are undergoing significant transformations

TymeBank, a South African digital bank, has collaborated with The Foschini Group (TFG) to provide consumers with three new financial solutions for shopping and banking.

Customers may now create a TymeBank TFG Money account in less than 5 minutes, with no monthly fees or paperwork, thanks to the installation of over 600 kiosks across TFG stores such as Foschini, Markham, and Sportsscene, according to the firm.

TymeBank stated that the deployment of kiosks in South Africa will compete with the traditional distribution networks of the country’s other major banks.

TFG is South Africa’s largest retail apparel business, with over 30 brands and around 28 million loyalty members. Coen Jonker, CEO of TymeBank, stated that the new cooperation between the bank and shop is one-of-a-kind, allowing both firms to increase and broaden their client base.

According to Jonker, TymeBank’s new alliance may possibly expose it to over 28 million TFG loyalty programme customers.

The CEO also stated that TFG provides TymeBank with a big amount of data that can be utilised for risk management as well as consumer benefit.

TymeBank has recruited 6.1 million clients since its start in 2019, making it one of South Africa’s fastest-growing digital banks.

The bank presently conducts an average of 23 million monthly transactions while adding around 188,000 new clients each month.

The kiosks will also allow TFG and TymeBank clients to settle power bills, transfer money, and participate in savings programmes.

The collaboration between the two organisations brings with it a new ‘Buy Now Pay Later’ option called MoreTyme; the product promises to provide South Africans greater purchasing power while fostering financial inclusion.

MoreTyme, according to the firms, is a three-month instalment payment plan that is interest-free and has no costs.

TymeBank TFG Money Bank Account and Debit Card, as well as a new personal loan programme called TymeBank TFG Money Personal Loan, have been launched. According to TymeBank and TFG, the personal loan service is now in a’soft launch,’ with a maximum of R20,000 – which is likely to rise further.

The new purple bank account card is linked to TFG incentive schemes available at more than 20 retail locations.

According to Scott Brown, TFG’s managing director of value-added services, the merging of the two firms has already resulted in an increase in the basket size of its consumers at TFG stores.

TymeBank’s move is consistent with its diverse approach of working with merchants and their reward programmes, particularly its lifestyle banking campaign:

Kiosks like the one pictured below will be installed in shops around the country: