TymeBank CEO, Tauriq Keraan shares details on partnership with TFG
Local digital bank player, TymeBank is entering into a partnership with a large retail company to introduce financial facilities and a new 'buy now, pay later' product.
Tue, 05 Oct 2021 15:40:36 GMT
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AI Generated Summary
- Benefits of partnership with TFG include physical store footprint, customer reach, and revenue stream diversification
- TymeBank's partnership with Pick n Pay will continue alongside TFG venture, focusing on expansion
- Update on TymeBank's customer base approaching four million, increasing digital activity, and challenges during COVID-19
TymeBank CEO Tauriq Keraan recently joined CNBC Africa to discuss the digital bank's exciting new partnership with retail giant TFG, as well as the bank's growth strategy and progress in the market. Keraan expressed his enthusiasm for the partnership with TFG, highlighting the benefits it will bring to TymeBank's business model. He emphasized the significant opportunities presented by TFG's large physical retail store footprint, diverse customer reach, and potential for revenue stream diversification. Keraan also clarified that TymeBank's partnership with Pick n Pay will continue to thrive alongside the new venture with TFG, emphasizing that the goal is not substitution but expansion. The CEO provided an update on TymeBank's customer base, which is approaching four million, and noted the increasing digital activity and savings levels among customers. While acknowledging the strong competition in the market, Keraan expressed confidence in TymeBank's proposition and growth trajectory. He highlighted the growing transaction and deposit activity on the platform, with customers gradually increasing their usage over time. Keraan also addressed the impact of COVID-19 on TymeBank's operations, noting both positive trends in digital adoption and challenges faced by vulnerable customer segments. Overall, Tauriq Keraan's insights shed light on TymeBank's strategic partnerships, growth strategy, and resilience in a competitive market.
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