TymeBank Voted One of the World’s Best Banks

Ask anyone; you can always rely on GoTyme Bank to raise the bar on banking excellence. This year, South Africa’s first fully digital bank made quite a local and international splash. It recently earned the prestigious South Africa’s top bank title in the renowned Forbes World’s Best Banks List. And you must know, this recognition isn’t just a badge of honour—it’s a testament to GoTyme Bank’s unwavering commitment to innovation, customer satisfaction, and financial inclusion.

And let’s not forget that this year, GoTyme Bank also won the News24 Bank of the Year award, further cementing its role as a leader in the banking sector.

“We are delighted and honoured to have received both local and international recognition as the number one bank in the country within such a short space of time,” said the GoTyme Bank CEO and co-founder Coen Jonker.

This title was based on a survey by Statista involving 49 000 people across 33 countries. The participants shared their experiences with banks, focusing on customer service, online services, and the quality of financial advice. They rated the banks where they had savings accounts or those they learned about from family and friends.

Forbes reports that these are the banks “that have managed to maintain consumer trust and meet their customer’s financial needs in this economic climate.”

What makes GoTyme Bank one of the world’s best banks?

• There’s a reason that yellow is the new black. GoTyme Bank boasts an unwavering commitment to simplicity, affordability, and accessibility to South 
• Africans from all walks of life. Here are some of the features that place the bank a step ahead of its peers:
• Opening an account takes less than five minutes, which is ideal for those constantly on the move.
• GoTyme Bank’s Current Account has zero monthly charges, helping customers save and keep their hard-earned money where it belongs: in their pockets.
• Accessibility is paramount to GoTyme Bank; you can open an account online or at one of the many kiosks in a seamless, user-friendly process.
• Not only is banking with GoTyme Bank simplified, but it’s also cost-effective. Customers often find transaction costs 30 to 50% lower than other local banks, allowing them to keep even more money.
• With a vast retail partner network, accessing your funds has never been easier. GoTyme Bank customers can make cash deposits and withdrawals at over 1 000 kiosks and 15 000 retail points nationwide, including popular stores like Pick n Pay, Boxer, and TFG. Convenience is everything.

Key innovations that set GoTyme Bank apart

Innovation lies at the heart of GoTyme Bank’s success story. The bank’s groundbreaking GoalSave feature offers one of the most competitive savings platforms in South Africa, boasting interest rates of up to 10%. It’s perfect for ambitious savers who want to say goodbye to high costs and maximise their returns. Need a new smartphone or wardrobe? With GoTyme Bank, you can easily fulfil your short-term goals.

Also, GoTyme Bank’s commitment to digital excellence has revolutionised its customers’ banking experience. From its user-friendly online account opening process to round-the-clock access to banking services via the app or website, GoTyme Bank has redefined banking convenience in the digital age.

For the more modern customer, take a step further into the digital future by managing all your banking through a seamless app and online platform. All you need is a smartphone or internet access.

Traditional customers can enjoy peace of mind through GoTyme Bank's vast retail partner network. This network allows them to make cash transactions while shopping at their preferred location.

This connection between traditional banking and modern convenience positions GoTyme Bank as a leader in providing inclusive and accessible banking services.

GoTyme Bank’s role in financial inclusion and innovation

To GoTyme Bank, it doesn’t matter who you are. GoTyme Bank is trailblazing financial inclusion in South Africa by creating a banking experience that caters to all income levels. Through its digital platform, customers can open accounts online without needing a minimum balance, reducing entry barriers.

GoTyme Bank offers no monthly fees and competitive interest rates, making banking affordable for disadvantaged communities.

With accessibility a paramount focus, its partnership with retailers across the country complements its online services, ensuring that even those who need to be more tech-savvy can easily access banking services on their terms.

GoTyme Bank also promotes financial literacy by providing resources to help customers better understand and manage their finances. By offering products tailored to meet the needs of different income levels, including savings accounts and personal loans with fair terms, GoTyme Bank is committed to empowering financially marginalised communities and helping customers, from the gogo in Limpopo to the tannie in Cape Town, to reach financial freedom.

Through these initiatives, GoTyme Bank boosts financial inclusion and drives innovation in the banking sector, ultimately contributing to the country’s economic growth.

What’s next for GoTyme Bank?

Looking ahead, GoTyme Bank is on a mission to become one of the top three retail banks in South Africa over the next three years. This target may seem too ambitious but remember that the digital bank has become one of the fastest-growing digital banks globally, with over nine million customers. Also, GoTyme Bank became the first digital bank in Africa to break even, celebrating its first profitable month in December 2023, less than five years since launching in February 2019. This impressive achievement speaks to the bank’s potential, making its goal attainable.

Referring to the Forbes title, Jonker believes the “latest vote of confidence from our customers puts that goal firmly within our reach”.

Beyond numbers, GoTyme will always represent a steadfast commitment to convenience, savings, accessibility, and making banking more manageable.

Financial services are rapidly evolving, and GoTyme Bank strives to keep pace with innovation, simplifying banking for its users. It aims to empower customers by providing straightforward and affordable banking solutions, particularly to traditionally underserved individuals.

The bank envisions expanding its services to include more personalised financial products tailored to individual needs, creating a more empowering banking experience for all South Africans.

Open a GoTyme Bank Account today

You can access award-winning digital banking tools to save towards your financial goals and achieve financial wellness by opening a GoTyme Bank Account in less than five minutes. The GoTyme Bank app gives you access to seamless transactions, a bank account with no monthly fee, and double Smart Shopper points. Simply download the GoTyme Bank app or open an account online to activate these benefits.

All you’ll need is:

• A South African ID number
• An active South African cellphone number
• Be 16 years or older

With innovative banking solutions and a customer-first approach, GoTyme Bank is shaping a brighter financial future for everyone, making it your digital bank of choice. Onwards and upwards!