28 May 2017
Visit cib.db.com

MTN launches mobile-only bank in South Africa

23 November 2012  |  6087 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)

Finextra news in your inbox

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

Related stories

St George signposts mobile-only future for smartphone users; more jobs to go at Westpac

St George signposts mobile-only future for smartphone users; more jobs to go at Westpac

05 November 2012  |  9674 views  |  0 comments | 11 tweets | 3 linkedin
MPowa reports First National Bank deal; denies own claims on Visa acceptance

MPowa reports First National Bank deal; denies own claims on Visa acceptance

01 October 2012  |  13693 views  |  3 comments | 3 tweets
FNB launches banking via Facebook

FNB launches banking via Facebook

20 July 2012  |  13622 views  |  1 comments
South African banks modernise branches

South African banks modernise branches

22 June 2012  |  6143 views  |  0 comments
Ugandan telco says employees stole $3.5m in mobile money fraud

Ugandan telco says employees stole $3.5m in mobile money fraud

28 May 2012  |  11572 views  |  4 comments
Standard Bank issues dual-function transit-ticketing and debit card

Standard Bank issues dual-function transit-ticketing and debit card

17 May 2012  |  7016 views  |  0 comments
FNB adds geo-payments to mobile app

FNB adds geo-payments to mobile app

10 May 2012  |  7206 views  |  0 comments
South African banks warn customers off new PFM site

South African banks warn customers off new PFM site

27 January 2012  |  8939 views  |  1 comments
FNB partners retailer Pep to punt m-wallet to South Africa's unbanked

FNB partners retailer Pep to punt m-wallet to South Africa's unbanked

23 January 2012  |  6084 views  |  0 comments
Cardless transactions are the future says South Africa's FNB

Cardless transactions are the future says South Africa's FNB

08 September 2011  |  13656 views  |  0 comments | 1 tweets
Bank of Namibia authorises mobile-only bank

Bank of Namibia authorises mobile-only bank

03 September 2010  |  6252 views  |  0 comments
Standard Bank faces patent claim over mobile money venture

Standard Bank faces patent claim over mobile money venture

09 April 2010  |  8627 views  |  0 comments
MTN moves mobile money pilots onto commercial footing

MTN moves mobile money pilots onto commercial footing

11 March 2009  |  4581 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.niceactimize.comvisit dh.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
13737 views comments | 53 tweets | 81 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7947 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7339 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
7141 views comments | 12 tweets | 21 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job