Tyme, an acronym of 'take your money everywhere', is billed on its Website as a distribution channel of the South African Bank of Athens.

Customers will be able to send, receive, deposit and withdraw money, and purchase pre-paid airtime and electricity. The bank is promising no monthly fee and no minimum balance to activate an account.

Subscribers can deposit and withdraw cash at all Pick n Pay and Boxer till-points for a fee of R4 per transaction.

Tyme is unlikely to challenge the country's traditional banks, as account balances are limited to a maximum of $2795 and daily debits set at a maximum $111.