TymeDigital will enter the retail banking market in South Africa, along with Standard Bank, FirstRand, Barclays Africa, Nedbank and Capitec Bank, targeting mainly emerging and middle class consumers and SMEs.
The bank will launch in the second quarter of 2018 and plans to offer bank accounts that allow customers to deposit and withdraw money at Pick n Pay stores. Currently, it operates the money transfer service in partnership with Pick n Pay and Boxer, with a 200,000 customer base for the service.
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