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TymeBank has no monthly fees - here's how it compares to other big banks

James de Villiers , Business Insider SA
 Feb 27, 2019, 10:46 AM

South Africa’s banking sector is set for a major disruption in 2019 with the entry of three new players.

Patrice Motsepe’s TymeBank officially launched in the middle of February, Discovery Bank is coming in March , and former FNB CEO Michael Jordaan’s Bank Zero is expected later this year.

Tyme (as in 'Take Your Money Everywhere') is owned by African Rainbow Capital (ARC) Financial Services, a company within billionaire Patrice Motsepe’s Ubuntu-Botho Investments stable.

TymeBank is the country's first majority black-owned bank focused on retail and business banking.

As the newest entry to South Africa’s banking industry, TymeBank promises 50% cheaper banking fees.  with no physical branches. 

Also read: This is what Absa's new vertical bank card looks like

Business Insider South Africa compared TymeBank’s offering with existing entry-level accounts South African banks.

Currently, all entry-level bank accounts in South Africa offer free online statements, online banking, and using your debit card at retailers. 

But TymeBank is the only bank at the moment with zero monthly banking fees, and zero fees for SMSes.

For more, go to Business Insider South Africa.

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