TymeBank offers grant recipients early access to their grants, interest-free

Johannesburg, 16 March 2023

Right now, more than 25 million South Africans rely on some form of income support from the government. Social grants are designed to cushion the most vulnerable in our country and South Africa’s fastest growing digital bank, TymeBank appreciates how important this additional support is to the millions who struggle to make ends meet. To assist, the bank has introduced a solution that enables grant recipients to access a portion of their grant money before the grant payment date, without any fees or interest.

“TymeBank appreciates that it is extremely difficult for many to make their grant money last the entire month, particularly when there are unforeseen expenses. This is why we have created Grant Advance, a facility that gives our customers early access to their funds,” says TymeBank Chief Commercial Officer, Cheslyn Jacobs.

How Grant Advance works

• Grant beneficiaries who have chosen to get paid into a TymeBank EveryDay Account can access R500 from their grant before the grant payment date.
• Grant Advance can generally be accessed during the last 10 days of the month. It will not be accessible during the first 15 days.
• There are no additional fees or interest, provided the advanced amount is repaid when the next grant payment is received from SASSA.
• Whatever money was withdrawn will be deducted from the EveryDay account when the account holder receives their grant payment from SASSA.
• Grant Advance is not available to Social Relief of Distress (SRD) grant beneficiaries. It can only be used by General Grant recipients who have switched their grant payments to TymeBank and received at least one grant payment into their TymeBank account.

“It is important to understand that Grant Advance is not a loan and does not incur any added fees or interest for the beneficiary. We believe this facility can help many who rely on grants from getting into exploitative loan agreements with high interest charges. The problem of debt among social grantees is a real one, and this is just one mechanism to combat exploitation from unscrupulous lenders and provide much-needed financial relief to these grant beneficiaries,” says Jacobs.

Grant recipients who would like use Grant Advance should switch their social grant payments to TymeBank by:

• Opening a TymeBank Everyday account
• Downloading a TymeBank proof of account letter or statement using the App or internet banking
• Visit their nearest SASSA office to change their banking details.
• If the banking details are captured and processed by SASSA before the 15th of the month, the next grant payment will then be paid into the selected TymeBank.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks, with more than 6.5 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. Through a distribution partnership with Pick n Pay and Boxer, and more recently TFG, TymeBank has a total of 1,450 kiosks (including the 600 at TFG stores) and 15,000 retail points in retail stores across the country.

TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’). Other investors include Tencent, CDC Group, Apis Growth Fund II (‘Apis’), JG Summit Holdings (JG Summit), African Fig Tree (AFT), and the Ethos AI Fund. For more information, please visit https://gotyme.co.za

Issued by Aprio on behalf of TymeBank and TFG.