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

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 .

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?

I owe you an apology to ever doubt your sincerity and professionalism. It’s was just like a dream to me when I received my first payment. After my second payment it became a reality now after several payments it has become a way of life. lisacampbe

Congratulations to everyone who benefited from this platform. Your success is my priority! Trade today and earn up to..... :Registration fee: $0:00 :Daily earning: $1,000 :Weekly earning: $7,000 :Monthly: $20,000. Trust the process 💯 profit

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK 168 INTERVIEW: Meet Good Things Guy Brent Lindeque, the architect of the kindness movementIn a world where you can be anything, be kind. The phrase might not have been coined by Brent Lindeque, but the Good Things Guy lives by it. Love that I can listen to an article....but the woman's voice freaks me out a bit 🤦‍♀️😂 Love this story! Keep it up, please?
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK 168: Banking crisis: Close shave for commercial lendersSA’s main commercial banks all delivered results this past fortnight, and while they remain resilient, profits are down to the extent that some have passed on paying a dividend. When I was a newbie I really lost all my investment cause I was new and didn't meet the right account manager to invest with . I was at the verge of quitting till I was introduced to Mr Claw and my story changed. its worth a try I can testify on this platform CLAWLEACH0
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: February consumer inflation eases below Reserve Bank target range ahead of MPC decisionConsumer inflation slowed to 2.9% in February from 3.2% in January, Statistics South Africa said on Wednesday. Food for thought, as the South African Reserve Bank’s monetary policy committee deliberates interest rates. CPI is a lie Investing today will save you the stress of financial crisis tomorrow.. Live the kind of life you want today by investing and trading Bitcoin option. Trade with a professional trader and start making good profits today. Amelimarkdonal for transparency and trust. Trading has been a lot easier with the help of Harry_btc5 who has been guiding me through my trading journey, with his strategy I've made lots of profits in less than 2weeks... Thanks Harry_btc5
Source: dailymaverick - 🏆 3. / 84 Read more »