TymeBank eyes SA's R90bn in unclaimed benefits as a new growth opportunity

Patrice Motsepe-backed neobank TymeBank is eyeing nearly R90 billion in unclaimed benefits as a potential new growth opportunity to boost its customer numbers beyond 8 million.

Thanks to a new partnership with the Motor Industry Fund Administrators (MIFA), which administers retirement funds on behalf of the motor industry, TymeBank has helped ensure that R200 million in previously unclaimed benefits have been paid to about 20 000 beneficiaries since 12 December.

Using its Pay2ID solution, which enables its business clients to disburse funds to specific people using their biometrically verified ID number, the lender has helped MIFA match thousands of unclaimed benefits to beneficiaries.