GoTyme Bank
Corporate brand
UnclaimedA South African digital-only bank serving consumers through mobile banking, online banking and retail-store kiosks rather than conventional branches.
Last updated August 31, 2026
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Overview
GoTyme Bank is a South African digital-only banking brand headquartered in Johannesburg. It is the South African operation of Tyme Group, a financial-services group that uses the GoTyme name in several markets. The bank is aimed particularly at customers who have historically faced barriers to mainstream banking, including lower-income and underbanked consumers. The business developed from the Tyme concept, whose name originated as an acronym for “Take Your Money Everywhere.” The concept was initially developed during a Deloitte Consulting project funded by telecommunications company MTN Group and became an independent business in 2012. In 2015, Commonwealth Bank of Australia acquired Tyme and operated the South African business as TymeDigital by Commonwealth Bank SA. The South African Reserve Bank’s Prudential Authority granted the business permission to operate as an online-only bank on 28 September 2017. This was described as the first full banking licence issued by the South African central banking authorities since 1999. Following investment by African Rainbow Capital and a change in control, the company was renamed Tyme Bank Limited in November 2018. It soft-launched in the same month, initially allowing customers to open basic transactional accounts through its website and a limited number of self-service kiosks located in Pick n Pay stores. Boxer stores later became part of the retail distribution network. The model avoided the cost of a conventional branch estate while retaining a physical presence where customers could complete identity verification and account-opening steps. GoTyme’s service model combines an Android mobile application, internet banking and retail-based kiosks. Its core banking platform was among the first in South Africa to be placed in the cloud. The company has stated that most of its systems use applications hosted on Amazon Web Services, supporting scalability, standardized security controls and lower operating costs. This technology and retail-partnership model is intended to extend access without requiring customers to visit traditional bank branches. The bank’s offering includes transactional accounts, money transfers, savings products and financial-education functionality. The business has also identified credit cards, unsecured lending and lending to small and medium-sized enterprises as areas for potential expansion, although the supplied reference material does not establish that all of these products had launched under the GoTyme name in South Africa. Customer growth was a central part of the former TymeBank strategy. The bank reported one million customers by November 2019 and four million by October 2021. In 2025, reports said the customer base had exceeded ten million and that the company had reached a valuation of R26 billion, although those figures should be understood in the context of the reporting available at that time rather than as independently verified current financial data. The South African business rebranded from TymeBank to GoTyme Bank on 22 January 2026, aligning its local identity with the GoTyme branding used by Tyme Group in foreign markets, including the Philippines and other Asian markets. The rebrand introduced a new mobile application. Customer data had been migrated before the new application was launched, accounts remained operational during the transition, and existing physical cards could continue to be used. The registered corporate name remained TymeBank Limited according to the supplied reference material.
History
GoTyme Bank originated in the Tyme financial-services concept, whose name referred to the idea of taking money everywhere. The concept was developed during a Deloitte Consulting project supported by MTN Group and became a standalone business in June 2012. Commonwealth Bank of Australia acquired all of Tyme in 2015 and renamed the South African operation TymeDigital by Commonwealth Bank SA. The company received permission from the Prudential Authority of the South African Reserve Bank to operate exclusively online on 28 September 2017. The authorization was notable because it represented the first full banking licence issued by the South African Reserve Bank since 1999. The bank’s digital-only structure was designed to avoid the expense of conventional branches while using technology and retail partnerships to support customer access. In 2018, ARC Imali-Madi acquired a minority interest. In November of that year, African Rainbow Capital Financial Services Holdings received approval to acquire Commonwealth Bank of Australia’s 90 percent majority stake. The company changed its name to Tyme Bank Limited, while the public-facing brand became TymeBank. The bank soft-launched on 5 November 2018 through online account opening and self-service kiosks placed in selected Pick n Pay stores. Boxer stores subsequently formed part of the physical kiosk network. TymeBank’s infrastructure was built around cloud computing. The bank described its core-banking platform as the first in South Africa to be placed in the cloud and stated that approximately 85 percent of its systems consisted of applications running on Amazon Web Services. The model combined the mobile app and internet banking with retail locations that could facilitate customer onboarding. This approach sought to reduce operating costs and address the access problems experienced by people outside the traditional banking system. The bank expanded its customer base rapidly. It reported one million customers in November 2019 and four million by October 2021. The business also developed relationships with TFG and the Zion Christian Church. In June 2019, African Rainbow Capital and Ethos Private Equity announced a R200 million investment by the Ethos Artificial Intelligence Fund and co-investors, which was expected to give the fund an 8 percent interest in TymeBank Holdings subject to transaction conditions. In December 2021, ARC said that Tencent and CDC Group had become shareholders, with the fundraising intended to support expansion into emerging markets. By October 2025, reports stated that the bank had more than ten million customers and a valuation of R26 billion. The company said it would align its South African branding with its international GoTyme identity. On 22 January 2026, TymeBank became GoTyme Bank in South Africa. A new application was introduced, while customer data had already been migrated and existing accounts remained active. Customers were also permitted to continue using their existing physical cards during and after the transition. The registered corporate name remained TymeBank Limited according to the supplied reference material.
- 2026
TymeBank became GoTyme Bank
[1]The South African operation adopted the GoTyme Bank brand on 22 January and launched a replacement mobile application.
- 2021
Customer base reached four million
[1]The bank reported four million customers by the end of October.
- 2019
First million customers
[1]TymeBank reported reaching one million customers by 28 November.
- 2018
South African ownership and branding changed
[1]African Rainbow Capital Financial Services Holdings acquired Commonwealth Bank’s majority stake, and the company adopted the Tyme Bank Limited name.
- 2018
TymeBank soft-launched
[1]The bank began onboarding customers online and through kiosks in selected Pick n Pay stores on 5 November.
- 2017
Online-only banking permission granted
[1]The Prudential Authority of the South African Reserve Bank granted permission for the business to operate exclusively online on 28 September.
- 2015
Commonwealth Bank acquired Tyme
[1]Commonwealth Bank of Australia acquired Tyme and operated the South African business as TymeDigital by Commonwealth Bank SA.
- 2012
Tyme became an independent business
[1]The Tyme concept, initially developed through a Deloitte Consulting project funded by MTN Group, was established as a standalone business in June.
Products and positioning
An accessible, low-cost, branchless digital bank that combines cloud-based banking technology with a national retail-kiosk network.
Bank account · 2018
Digital transaction accounts
Core everyday banking accounts that can be opened through digital channels and supported by the bank’s retail-kiosk network. They are intended to provide basic transactional functionality without requiring customers to use a conventional branch.
Savings
Savings accounts
Digital savings products forming part of the bank’s consumer offering. The supplied sources identify savings as a principal service but do not provide detailed product terms, rates or account variants.
Payments
Money transfer services
Transfer functionality available through the bank’s digital banking channels. It supports the broader proposition of a mobile-first transactional bank, although the supplied material does not specify the full range of domestic or international transfer products.
Digital banking platform · 2026
GoTyme mobile application
The principal mobile interface for the rebranded South African operation. A new app was released in January 2026, with customer data migrated before launch and existing accounts preserved during the transition.
Financial education
Financial education app functionality
Educational functionality included in the bank’s broader digital offering. The available reference identifies this service but does not describe its curriculum, audience or standalone product name.
Brand decisions
2026
Rebranded from TymeBank to GoTyme BankStrategyBackground
Tyme Group was using the GoTyme identity in international markets and sought a more consistent group-level brand.
Action taken
The South African operation changed its public brand on 22 January, released a new mobile app and migrated customers in phases while keeping existing accounts active.
Aftermath
Customers could retain and use their existing physical cards, while the registered corporate name remained TymeBank Limited.
2018
Soft-launched through digital channels and retail kiosksStrategyBackground
The newly branded TymeBank needed a customer-acquisition model that provided some physical assistance without establishing bank branches.
Action taken
The bank enabled account opening online and through self-service kiosks placed in Pick n Pay stores, later extending the model through Boxer.
Aftermath
Retail locations became an important physical access point for a branchless banking proposition.
2017
Adopted an exclusively online banking modelStrategyBackground
The business sought to serve underbanked customers while avoiding the cost of a conventional branch network.
Action taken
The Prudential Authority authorized the bank to operate exclusively online, with digital channels supplemented by retail-store kiosks.
Aftermath
The model became the foundation for the bank’s mobile, internet and retail-partnership distribution system.
Sources1 sources
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