TymeBank wants to upend retail banking in South Africa and catapult itself to among the top three consumer-focused lenders over the next three years.
The Patrice Motsepe-backed neobank, which launched less than five years ago, made its first profit in December. It says its next goal is to expand its product proposition to lure more higher-income customers, with most of its 8.5 million current clients in the lower-income bracket.
This would set it on a collision course with the likes of Capitec, FNB and Standard Bank, which dominate the top three retail banking positions. However, how this is measured varies.