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Online Farmer LIFESTYLE About Tyme there was a new bank GREG MILES South African retail bank TymeBank tymebank.co.za officially opened its doors to the public in November last year. ‘Tyme’ is an acronym for ‘Take your money everywhere’ The bank is hosted securely in the cloud and has no brick and mortar branches. Instead, it has created a network of partners that include Pick n Pay and Boxer stores countrywide. PASSING COST SAVINGS ON TO CUSTOMERS Traditional banks in South Africa typically come with operations that are expensive to maintain. “We’re leveraging our cloud based technology, which doesn’t come with a legacy burden. It’s one of the many reasons we’re able to pass cost savings on to the consumer,” explains TymeBank CEO Sandile Tshabalala. “There are more than 14 000 till points across the Pick n Pay and Boxer network, where customers can withdraw money free of charge and deposit money for just R4.”
GETTING STARTED AND VERIFIED Clients can open up an account at an in store kiosk or online. If online, all you need is a South African ID number and a South African cell phone number, which the bank verifies through several questions and a one time PIN. Biometric data is captured and compared to Home Affairs data and a Visa debit card issued. An online application has ‘limitations’, which can be lifted when you visit a kiosk in person. You’ll also need FICA verification. COSTS Each deposit at Boxer and Pick n Pay stores costs R4. There are no monthly bank charges and, as noted, withdrawals are free at Pick n Pay and Boxer stores. They cost R2 each at other major retailers and R8 per R1 000 at all ATMs countrywide. Sending money to another TymeBank account holder is free; sending money to another bank account costs R2. Greg Miles is a livestock farmer and Internet marketer. Email him at firstname.lastname@example.org. Subject line: Online farmer.