24 January 2018
visit www.ebaday.com

MTN launches mobile-only bank in South Africa

23 November 2012  |  6255 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  |  9882 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  |  14121 views  |  3 comments | 3 tweets
FNB launches banking via Facebook

FNB launches banking via Facebook

20 July 2012  |  14042 views  |  1 comments
South African banks modernise branches

South African banks modernise branches

22 June 2012  |  6305 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  |  12034 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  |  7241 views  |  0 comments
FNB adds geo-payments to mobile app

FNB adds geo-payments to mobile app

10 May 2012  |  7435 views  |  0 comments
South African banks warn customers off new PFM site

South African banks warn customers off new PFM site

27 January 2012  |  9138 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  |  7130 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  |  14025 views  |  0 comments | 1 tweets
Bank of Namibia authorises mobile-only bank

Bank of Namibia authorises mobile-only bank

03 September 2010  |  6407 views  |  0 comments
Standard Bank faces patent claim over mobile money venture

Standard Bank faces patent claim over mobile money venture

09 April 2010  |  9029 views  |  0 comments
MTN moves mobile money pilots onto commercial footing

MTN moves mobile money pilots onto commercial footing

11 March 2009  |  4802 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.thomsonreuters.infovisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9780 views comments | 38 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9487 views comments | 14 tweets | 14 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8517 views comments | 17 tweets | 11 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
7034 views comments | 13 tweets | 25 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
7021 views comments | 6 tweets | 9 linkedin

Featured job

Competitive base + commission
London, UK

Find your next job