BUSINESS MAVERICK 168: TymeBank bets big on opening the credit taps for consumers during a pandemic

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With most sectors of the economy now open under eased lockdown regulations and more market watchers striking an upbeat tone about SA’s economic recovery, TymeBank is ready to revive its lending strategy. The lending market is warming up after the worst economic recession since the Great Depression.

TymeBank, the digital-only bank indirectly controlled by Patrice Motsepe, restated its plan to make a foray into lending – a market dominated by SA’s five largest banks.

The stage was set for TymeBank’s entry into SA’s R4.6-trillion lending market, starting with a credit-card product. It roped in unsecured lender RCS as a partner to manage the credit-card offering, piggybacking on its banking licence and well-established balance sheet. The launch was set for the first half of 2020, to be followed later by other debt-type products.

For eight years, Pfaff served in executive capacities at Truworths, which included overseeing the retailer’s R6-billion credit book. Truworths generates a majority of its sales from credit , making up 68% of its total sales at a group level by December 2020. “If there’s anyone who knows how the credit taps work, it is Pfaff,” said the insider.

Credit/loan products are usually profitable for banks because of the spread between the interest they pay depositors and what they charge borrowers . For instance, the recently published financial results of Absa, Standard Bank, and Nedbank for the year to December 2020 show that more than 35% of their respective revenues were generated from lending activities .

 

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And, is this supposed to be good news?

But will t be fair credit or set out to destroy people credit, like what every other bank in SA offers?

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