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.
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.
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