TymeBank, The Foschini Group co-brand financial products

TymeBank, a digital bank, recently announced its partnership with The Foschini Group (TFG), a popular retailer, to expand its financial products across TFG's 600 kiosks. This strategic alliance aims to tap into TFG's vast customer base of around 26 million, offering them easy access to banking services conveniently located within TFG stores. Kun Red, the CEO of TymeBank, shared insights on the partnership during a CNBC Africa interview. Red highlighted the unique approach of bringing banking services directly to customers' shopping environments, breaking away from the traditional banking model. Through TFG Money kiosks, customers can open bank accounts in a matter of minutes, receive personalized debit cards, and access various benefits offered by TFG as a shopping destination. The partnership has already shown promising results, with 200,000 customers opting for TFG Money accounts since the soft launch. The official launch is set to further promote the offering to TFG's extensive loyalty customer base, presenting a significant growth opportunity for TymeBank. Despite the challenging economic environment marked by rising inflation and impending interest rate hikes, TymeBank remains optimistic about the demand for its financial products. Red noted that while the credit segment is still in its early stages, the recently introduced 'More Time' buy now-pay later product has garnered considerable interest among customers. When asked about the state of consumers within the digital bank, Red acknowledged the potential pressure from increasing costs but emphasized that TymeBank's small book size has helped mitigate significant impacts. The focus on small business credit also provides a diversified portfolio for the bank. In addition to the partnership with TFG, TymeBank has expanded its services to the Philippines, experiencing rapid growth and positive customer adoption rates. The CEO expressed enthusiasm about the market's performance, highlighting the substantial progress made since the launch. Overall, the collaboration between TymeBank and The Foschini Group signifies a shift towards innovative banking solutions that prioritize customer convenience and accessibility. By leveraging TFG's extensive retail network, TymeBank aims to revolutionize the banking experience for millions of customers, setting a new standard for the industry.