30 May 2015
Your browser is unable to support Flash files.

MTN launches mobile-only bank in South Africa

23 November 2012  |  5584 views  |  0 Smartphone keypad

African telco MTN has partnered with retail chain Pick n Pay to launch a mobile-only bank - Tyme Capital - in South Africa.

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.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

05 November, 2012
01 October, 2012
31 July, 2012
20 July, 2012
22 June, 2012
28 May, 2012
17 May, 2012
10 May, 2012
27 January, 2012
23 January, 2012
26 October, 2011
08 September, 2011
03 September, 2010
09 April, 2010
11 March, 2009

Top topics

Most viewed Most shared
Google unveils Android Pay
5336 views comments | 23 tweets | 27 linkedin
CBA to test Ripple for intra-bank transfer...
5258 views comments | 25 tweets | 21 linkedin
Visa Europe opens innovation hub in Israel
5022 views comments | 19 tweets | 9 linkedin
eBay and Village Capital run accelerator f...
4779 views comments | 10 tweets | 4 linkedin
BBVA rolls out 'remote control' card app
4753 views comments | 25 tweets | 26 linkedin

Featured job

Competitive base, 20% bonus, benefits
London, UK

Find your next job