TymeBank number one in South Africa in Forbes’ World Best Banks ranking for 2024

Johannesburg, 23 April 2024

TymeBank has been recognised as South Africa’s top bank in the Forbes list of the world’s best banks for 2024. The bank is on a winning streak, having been named News24 Bank of the Year in March. Significantly, both awards include customer service in their evaluation.

According to Forbes, the annual rankings identify banks ‘’that have managed to maintain consumer trust and meet their clients’ financial needs in this economic climate.”

Commenting on the latest accolade, TymeBank CEO and co-founder Coen Jonker said:

“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. Our goal is to lead the industry in terms of customer satisfaction within the next three years and this latest vote of confidence from our customers puts that goal firmly within our reach.”

TymeBank has also set its sights on becoming one of the country’s top three retail banks when it comes to return on equity, customer numbers and pace of growth within the same period.

While the target may seem ambitious, the bank’s growth record indicates it is one that is achievable. With more than nine million customers, TymeBank is already recognised as one of the fastest growing digital banks globally, and the first African digital bank to break even, having reached its first month of profitability in December 2023.

The Forbes List was based on a survey of 49 000 individuals in 33 countries, conducted in partnership with market research firm Statista. Participants were asked to evaluate banks where they have a savings account in the last three years or a bank they know through family or friends. Categories included customer service (wait times and helpfulness of employees), digital service (ease of using the website and app) and quality of financial advice.

To find out more about the Forbes World’s Best Banks ranking 2024 follow the link www.forbes.com/lists/worlds-best-banks.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with over 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 in retail stores across the country. Retail Capital, a division of TymeBank, is the largest SME funder of its kind in the sector.

TymeBank’s anchor shareholder is African Rainbow Capital (‘ARC’). Other investors include Apis Growth Fund II (‘Apis’), Tencent, British International Investment (BII), the Gokongwei Group, the Tyme Management Investment Vehicle, Norrsken22 and the Ethos AI Fund. TymeBank is a member of the Tyme Group of companies with headquarters in Singapore.

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