TymeBank got the first new full banking licence in South Africa in nearly two decades. It has no branches.
Born from a consulting project and later acquired by African Rainbow Capital, the bank signed up customers at kiosks in Pick n Pay and Boxer stores, and rebranded as GoTyme in 2026.
The “Tyme” idea, short for “Take Your Money Everywhere”, was developed as part of a Deloitte Consulting project funded by the telecoms provider MTN Group. It became a stand-alone business in June 2012. In 2015 the Commonwealth Bank of Australia acquired 100 percent of Tyme.
A first in decades
On 28 September 2017 it secured an operating licence from the South African Reserve Bank, the first full banking licence the Reserve Bank had issued since 1999. In 2018 African Rainbow Capital Financial Services, owned by entrepreneur Patrice Motsepe, obtained approval to acquire the Commonwealth Bank’s 90 percent stake, and the business was renamed Tyme Bank. It soft-launched on 5 November 2018.
Banking without branches
The bank is digital-only. It relies on an app, an internet banking site, and a partnership with two retail chains, Pick n Pay and Boxer, to host a national network of self-service kiosks that help customers open accounts. It is aimed at the lower-income market and is headquartered in Johannesburg.
In January 2026 it rebranded as GoTyme Bank, aligning with the name used by the group in markets including Singapore, Indonesia, Vietnam and the Philippines.
The story shows how a consultancy idea, a long licence process and a retail partnership can build a bank for people the older banks struggled to serve.
