Digital bank TymeBank has roped in retail giant TFG (The Foschini Group) to exploit its footprint in expanding its financial products and services to its expanding customer base, both in-store and on digital platforms.
The partnership is set to deliver, among others, more than 600 TymeBank TFG Money branded kiosks to open TymeBank TFG Money bank accounts in TFG stores across the country.
The Tymebank TFG Money debit card is linked to two of South Africa’s leading rewards programmes. Customers benefit from TFG Rewards and Pick n Pay Smart Shopper when they shop at any one of the 20+ TFG brands, in-store or online, and double Pick n Pay Smart Shopper Points when shopping at Pick n Pay.
TFG customers will benefit from TymeBank’s “Buy Now Pay Later” product MoreTyme, which is interest-free with no fees over a three-month period with three equal instalments.
Since launching in February 2019, it has more than 6 million customers, and taking on traditional banks such as Absa, Standard Bank and FNB among others, TymeBank has rolled out several strategic initiatives, saying it’s ensuring that it provides a holistic value proposition to its customers.
Through a distribution partnership with Pick n Pay and Boxer, and more recently TFG, TymeBank has a total of 1 450 kiosks (including the 600 at TFG stores) and 15 000 retail points in retail stores across the country.
At the official launch in Johannesburg yesterday,TymeBank CEO Coen Jonker, said the strategic partnership between TymeBank and TFG was offering a “new way of banking” for South African consumers and delivering considerable benefits for customers as well as the organisations themselves.
“TFG is renowned for its retail strength and strong customer focus, and this partnership is a unique example of two leading brands coming together to offer a truly innovative and customer-centric way of banking – a ‘new front door’ to banking,” Jonker said.
“As TymeBank we’re excited about how this partnership is further expanding our reach and diversifying the current TymeBank customer profile. With the potential to expose over 30 million TFG loyalty programme (TFG Rewards) members to the TymeBank brand, we believe this partnership accelerates our mission to bring accessible, affordable banking to all South Africans.”
Indicators show customers were embracing TymeBank’s offering, with an average 23 million transactions per month, a 70% 30-day account activity rate, and an average acquisition of 188 000 customers per month.
“Through continued innovation we have been able to drive customer growth and engagement at an unprecedented rate in South Africa,” Jonker said.
“And through partnerships such as these that leverage our respective expertise and resources, we can not only reimagine but reinvent the banking experience,” he said.
TFG’s managing director for value-added services, Scott Brown, said their vision was to create “the most remarkable” omnichannel experiences for their customers as they have 34 retail brands trading worldwide in fashion, value, jewellery, accessories, sporting apparel, cellular, homeware and furniture.
Brown said establishing a long-term partnership with TymeBank and being able to offer their products and services to their customer base under the TFG Money umbrella, was perfectly aligned with their goal of driving financial inclusion.
“The cobranded product suite is complementary to the TFG Money Account and opens the door for new customer segments to engage with and benefit from financial services solutions enabled by TFG,” Brown said.
“There is a great fit between our brands, our goals, and the way we work, and this has allowed us to be fast-to-market with our first set of co-branded products. We’re looking forward to working alongside TymeBank to further establish TFG Money as a “go to brand” for South Africans who want to benefit from a new style of banking."
BUSINESS REPORT