South Africa’s first fully licensed digital-only bank, TymeBank, is due to go live in 500 Pick n Pay and Boxer stores next week in preparation for a formal launch later this month.

The bank went live in 20 stores in December and over 50,000 customers have already opened an account since then. It offers a full-service bank account for less than half the cost of the nearest equivalent product from traditional banks.

From next week, clients will be able to open bank accounts and be issued with a Visa debit card in under five minutes. No documentation is required.

File Photo

Pick n Pay deputy CEO Richard van Rensburg said the company had for years explored ways to help make banking more accessible and convenient and to lower transaction costs for its customers.

“TymeBank does just that, and we are delighted to be partnering with them on this exciting innovation,” he said.

“The advent of a digital banking model is fundamentally changing the nature of banking across the world and it’s nice to see South Africa at the forefront of this innovation.”

-ANA, editing by Stella Mapenzauswa