Last month TymeBank announced a rather peculiar partnership with Hollard to offer life insurance at local Pick n Pay stores. Now the company has announced a new partnership that’s a bit more normal, but further reaching, as it is joining forces with Network International to offer electronic payment services to SMEs in Africa and the Middle East.
For those unfamiliar with TymeBank, it made quite the splash in South Africa when it launched as a digital-only financial institution. Its model garnered plenty of interest and resulted in some notable recent successes, such as attracting 2.2 million customers over the past two months, according to the institution.
Following that success in the South African consumer banking market, TymeBank is now planning to build affordable payment solutions for SMEs and micro businesses in other parts of the African continent, as well as regions within the Middle East.
“Network International have already enabled TymeBank to become the first new card acquirer in South Africa for more than a decade and have now implemented a solution with both local processing and connectivity to international card schemes,” explains a press release sent to Hypertext about the announcement.
“Network will provide a full end-to-end acquiring solution to TymeBank, including the N-Genius payment and processing capability through the company’s integrated omni-channel technology platform, Network One. This will enable TymeBank to expand its offering to power digital payment acceptance among South African small and medium enterprises (SMEs),” it adds.
With Network having a presence in more than 50 countries, it certainly gives TymeBank a far larger amount of SMEs and businesses to potentially tap into.
“TymeBank continues to enhance and expand its provision of affordable (low cost) banking and financial services to the South African market. The bank is always on the lookout for capable and forward-thinking service providers who are prepared to join us on our exciting journey,” noted Dieter Botha, chief technology & operations officer at TymeBank South Africa.
“We are therefore proud to announce that the engagement will be launching a differentiated, innovative, low-cost acquiring service to the South African SME marketplace,” he concluded.