TymeBank Partners with Flash to Enhance Cash Withdrawal Accessibility Across South African Townships

TymeBank, which aims to revolutionise retail banking by targeting unbanked and underserved South Africans, has now enabled cash withdrawals for its customers at 172,000 spaza shops and traders nationwide.

The bank, backed by Patrice Motsepe’s African Rainbow Capital (ARC), announced that this new initiative with payments solution Flash, along with its kiosks and ambassadors in approximately 1,000 Pick n Pay, Boxer, and TFG stores, allows it to offer its 9 million customers face-to-face service at more locations than any other bank.

TymeBank supports the country’s shift towards a cashless society, but the reality is that cash is still widely used in communities and the informal market. Flash provides an accessible, convenient, and easy-to-use cash-out solution, enabling TymeBank customers to withdraw cash from a convenient location, thus saving time and money on travel. They also benefit from lower fees, as withdrawals cost less than at an ATM.

Flash’s technology simplifies operations, allowing business owners to focus on serving and growing their businesses while offering a convenient service to their customers and communities. To withdraw money, customers generate a voucher via mobile text, which is compatible with Flash devices at the spaza shops and traders. A flat fee of R7 is added to the withdrawal amount.

In February, TymeBank reported that its partnership with TFG, the owner of Foschini and Jet, had reached the 1-million-customer milestone in just over a year. TymeBank achieved its first month of profitability in December 2023, less than five years after its launch in February 2019, making it the first digital bank on the African continent to break even.

Flash South Africa

Flash provides payment solutions aimed at simplifying and supporting business operations, particularly for small and informal traders. Flash’s technology allows businesses to offer a variety of financial services, such as cash withdrawals, airtime purchases, and bill payments, through their devices. By enabling these services, Flash helps improve financial inclusion and convenience for both business owners and their customers.