TymeBank wins News24’s Bank of the Year

18 March 24 – GoTyme Bank, the first digital bank to reach profitability in Africa, has been named Bank of the Year by South Africa’s leading media outlet, News24. GoTyme Bank was recognised for its client service, banking platform and customer value proposition, as well as its strategic positioning and innovation.

Launched in February 2019, GoTyme Bank is recognised as one of the world’s fastest growing digital banks – having acquired close to nine million customers and reaching its first month of profitability in just five years. These were some of the achievements that contributed to the award, along with GoTyme Bank’s unconventional banking model and a series of market innovations that have revolutionised banking in South Africa.

Innovations highlighted by News24 team included the ability to open a bank account in under five minutes; offering the highest fixed deposit savings rate of 11%; the launch of interest-free Grant Advance for social grant recipients; and the launch of the buy-now-pay-later product, MoreTyme at a time when the concept was relatively unknown in South Africa.

Commenting on the accolade, GoTyme Bank CEO and co-founder Coen Jonker said: “We are delighted to have received this award, which is a testament to the dedication and hard work of our entire team. This award undoubtedly enhances our brand equity and further strengthens our position as a credible alternative to legacy banks. The team is committed to building on this success to deliver exceptional value for our shareholders.”

The News24 Business Awards were presented at a gala event on 14 March 2024. Established in 2023 the awards recognise excellence in corporate South Africa and celebrate companies that work hard to deliver outstanding client service, while also changing the business landscape in South Africa with innovation and strategic leadership.

About the News24 Business Awards

The judging criteria involved a survey of over 4 100 News24 readers, a rigorous assessment by the News24 business reporting team, and evaluations by fund managers and analysts. An actuarial consultant then audited the assessments and the final rankings. For more information about the awards, please visit: specialprojects.news24.com/the-news24-business-awards-2024/

About GoTyme Bank Bank

GoTyme Bank is currently one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, with over 8.9 million customers since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum. GoTyme Bank has no monthly banking fees, it takes less than five minutes to open an account and in most cases transaction costs are 30 to 50% lower than what customers would pay at other local banks. Through a distribution partnership with Pick n Pay, Boxer, and TFG stores, GoTyme Bank has over 1,000 kiosks and 15,000 retail points in retail stores across the country. Retail Capital, a division of GoTyme Bank, is the largest SME funder of its kind in the sector.

For more information visit https://gotyme.co.za

Issued by Aprio on behalf of GoTyme Bank