Patrice Motsepe-Backed Digital Bank Set To Launch in 2018

Updated on 29 September 2017

Subscription Form (#66)
Reading Time: 2 minutes

Today's Top Entrepreneurship and Business Stories (29 September)


TymeDigital by Commonwealth Bank SA, and backed by billionaire Patrice Motsepe’s African Rainbow Capital (ARC) has become the first new bank to receive an operating licence from the South African Reserve Bank since 1999.

The bank, set to become a full service digital bank, currently operates money-transfer services in partnership with Pick n Pay and Boxer stores. It intends to launch its first banking product in the second quarter of next year.

It will leverage off existing partnerships to set up and operate self-service kiosks – similar to ATMs facilitating account registrations and transactions – across stores nationwide, in lieu of opening brick-and-mortar branches. Sandile Shabalala, chief executive of Commonwealth Bank SA, said the bank’s current partnership with Pick n Pay gives it over 700 points of presence in urban and rural areas across the country, as well as more than 10 000 till points, from which potential customers can deposit and withdraw money.

He said the bank’s fully digital model and structure would enable it to offer cost-effective banking solutions, but declined to provide details regarding the nature of the bank’s potential offerings as well as the costs of TymeDigital’s accounts or transactions fees.

CBA announced last month that it would sell 10% of Tyme to Motsepe’s ARC. (Via Fin24)

Applications Open For Second AccelerateHer Programme
AccelerateHer programme has announced the opening of applications for the second run of the accelerator programme which is headed by Seed Academy in partnership with WDB and sponsored by Shell SA.

AccelerateHer is a fully-funded 3 month business accelerator for 25 women entrepreneurs, offering training, mentorship and business development support alongside in-depth coaching from successful women mentors.

The programme is seeking Black women between the ages of 18 – 35 from Johannesburg’s Ekurhuleni region with a business idea in line with Shell’s value chain.

Entrepreneurs in the programme are eligible for access to development opportunities through Shell’s Enterprise and Supplier Development programme and LiveWire, in addition one entrepreneur stands the chance of winning R50,000 towards their business.

FNB Business Voted Best Business Bank In SA
FNB Business has again been voted “Top Corporate Bank” in the 18th installment of the annual Sunday Times Top Brands survey, this makes it the fifth year in a row that FNB Business wins top honors in the survey.

The Sunday Times Top Brands survey is the leading barometer of consumer and brand sentiment in the country.

Mike Vacy-Lyle, CEO of FNB Business shares his jubilation on the news. “Winning the accolade five times shows incredible consistency in our strategy which is all about putting our clients first. We strive to make sure that we are relevant to the markets that we operate in, and it’s important to us that we can help businesses navigate their toughest moments,” says Vacy-Lyle.

“We’ve been on this road with many South African entrepreneurs who have found a home with FNB Business. Going forward, we have some exciting developments that will take us further in our digital journey, and through this we will continue to launch amazing services, products and partnerships, all aimed at taking the anguish out of doing business. Our message to entrepreneurs is that we understand that it isn’t just business to them and that is why we remain committed to providing meaningful solutions to help them grow. We are very grateful to our amazing clients,” concludes Vacy-Lyle.

Get Weekly 5-Minutes Business Advice

Subscribe to receive actionable business tips and resources.

Subscription Form (#66)

Feeling Stuck?