The bank, which is backed by ARC founder and chairman Dr Patrice Motsepe, says this milestone makes it the first digital bank to break-even on the African continent. 

With the bank having about 8.5 million customers in South Africa, it has also stated that less than 50% of the world’s top 100 digital banks have gained profitability, with less than 5% of all global neobanks becoming profitable.

“We are extremely proud of our achievement, particularly when you consider that globally, less than half of the top 100 digital banks are profitable," said Coenraad Jonker, CEO of TymeBank, in a statement.

TymeBank, which also expanded into the Philippines in October 2022 under the GoTyme brand, attributes its rapid growth to its model of combining digital channels with in-store kiosks at major retailers such as Pick n Pay, Boxer and The Foschini Group (TFG). 

The bank also has a partnership with the Zion Christian Church (ZCC), which has an estimated 12 million churchgoers.

Meanwhile, Motsepe has also remarked on the significant milestone achieved after more than four years of effort and strategic investments. 

He viewed this as a testament to TymeBank’s unwavering commitment to offering quality banking services to all South Africans.

TymeBank touts its ability to open a bank account in under five minutes; a fixed deposit savings rate of 11%; the launch of interest-free social grant advances and healthcare insurance (TymeHealth) as being among the reasons for its success.

The bank also finalised its acquisition of SME-focused lender Retail Capital at the end of 2022, which essentially acts as its business banking arm and is now financing more than 50 000 small businesses with R9.5 billion of working capital across the country.

"We believe that we are now perfectly aligned with our goal of becoming one of the top three retail banks in the country and this ambitious target is our next measurable benchmark for success, one that will require strategic focus across all areas of our business," Jonker added.