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?

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