TymeBank sees growth in its Philippines business surpassing SA within months

TymeBank CEO, Coen Jonker, says the bank believes it has a shot at becoming one of the leading business banks in SA.TymeBank, South Africa’s fastest-growing digital bank, says its business in the Philippines has the potential to be almost twice the size of its local banking operations thanks to the Asian country’s large population and low rate of banking penetration.

The Patrice Motsepe-backed neobank only launched in the Philippines in October 2022 under the GoTyme brand, but by August 2023 had already racked up a growth rate of more than 200 000 new customers a month. That matches TymeBank’s August growth rate in SA, though expansion in its domestic market has been negatively impacted by a weak economy and ongoing load shedding, which has curtained its ability to onboard new customers.Get 14 days free to read all our investigative and in-depth journalism.

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