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TymeBank, South Africa’s fastest-growing digital bank, says its business in the Philippines has the potential to be almost twice the size of its local banking operations thanks to the Asian country’s large population and low rate of banking penetration.
The Patrice Motsepe-backed neobank only launched in the Philippines in October 2022 under the GoTyme brand, but by August 2023 had already racked up a growth rate of more than 200 000 new customers a month. That matches TymeBank’s August growth rate in SA, though expansion in its domestic market has been negatively impacted by a weak economy and ongoing load shedding, which has curtained its ability to onboard new customers.
