TymeBank customers can now withdraw cash at 172,000 spaza shops and traders

• TymeBank partners with SA fintech provider of payments solutions, Flash, to significantly expand cash withdrawal footprint
• SA’s leading digital bank, now has the biggest physical network of all the banks in SA!

Johannesburg, 15 May 2024

TymeBank and Flash, a South African payments solutions provider, have partnered to make it possible for TymeBank customers to withdraw cash at over 172,000 spaza shops and traders across the country. As a result, the bank now offers more cash withdrawal options and locations than any other bank in South Africa.

“While TymeBank supports the country’s shift to a cashless society, the reality is that cash is still used extensively in our communities and the informal market. Flash provides an accessible, convenient and easy-to-use cash-out solution, which means TymeBank customers can withdraw cash from a convenient location, reducing time and money spent travelling. They also save on fees, as withdrawals cost less than they would at an ATM,” says TymeBank’s Chief Strategy Officer, Greg Illgner.

Flash’s Head of Marketing, Sarah Griffiths, says: “Flash’s aim is to remove unnecessary barriers. Our technology simplifies operations so that business owners can focus on serving and growing their businesses, while providing a convenient service to their customers and communities. This partnership with TymeBank does exactly that.”

How to get cash in a Flash

To withdraw cash, TymeBank customers just need to generate a cash voucher via TymeBank’s USSD channel (*120*543#), which they can then cash out at over 172,000 Flash merchants nationwide. All the Flash devices have been configured to accept the TymeBank Flash Cash voucher. A R7 flat fee is applied and added to the withdrawal amount, i.e. if a customer generates a R350 voucher, they will pay a total of R357 from their TymeBank EveryDay account.

Other cash withdrawal options for TymeBank customers 

• Free withdrawals using TymeCode (generated via TymeBank App or USSD) at 15,000 Pick n Pay and Boxer till points
• R3 flat fee using the TymeBank Visa debit card at any retailer that supports cashback or purchase with cashback (Pick n Pay, Boxer, Shoprite
• Checkers, SPAR, Woolworths) as well as over 60,000 Kazang merchants
• R10 for every R1000 (or part thereof) for cash withdrawals at over 30,000 ATMs.

TymeBank Kiosks and Ambassadors are in approximately 1000 Pick n Pay, Boxer and TFG stores. This means TymeBank offers its 9 million customers face-to-face service at more locations than any other bank. The average branch network size of SA’s traditional banks is well below 600.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, with nearly 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.

TymeBank 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, TymeBank has over 1,000 kiosks and 15,000 retail points across the country. Retail Capital, a division of TymeBank, is the largest SME funder of its kind in the sector.

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

About Flash

Flash is a technology-driven company committed to making people’s lives easier. Its hardware and applications offer informal merchants an affordable and safe payment system through which to do business in their communities. Having built the largest informal retail network in Africa, featuring seamless integration across multiple technology platforms and channels, Flash is proud of its ability to process millions of transactions daily, while still developing an ever-growing product range.

Flash offers merchants and retailers an easy-to-access plug-and-play tech solution in the form of mobile point of sale devices, which allow them to sell value-added services products like airtime, data, electricity, money transfers and bill payment.

For more information about Flash visit www.flash.co.za.