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TymeBank chooses Network International to empower SMBs accept electronic payments

By Pavithra R

October 21, 2020

  • Africa
  • Network International
  • Tymebank
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TymeBank chooses Network International to empower SME businesses accept electronic paymentsTymeBank, a digital retail bank based in South Africa, along with Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA) region, is set to empower small and micro businesses (SMBs) to accept electronic payments.

TymeBank, following the successful entry into the South African consumer banking market, is planning to build accessible and affordable payment solutions for the SMB market. The company has already been empowered by Network International to become the first new card acquirer in South Africa and is now implementing a solution with both local processing and connectivity to international card schemes.

“TymeBank continues to enhance and expand its provision of affordable (low cost) banking and financial services to the South African market. The bank is always on the lookout for capable and forward-thinking service providers who are prepared to join us on our exciting journey. One such service provider is Network International who met and exceeded our criteria. Network provides platforms that are scalable, proven and cost-effective and bring the bank the ability to develop innovative product and service offerings. Network’s acquiring platform, for instance, supports all the many product features and new developments that the bank was looking for. We are therefore proud to announce that the engagement will be launching a differentiated, innovative, low-cost acquiring service to the South African SME marketplace,” said Dieter Botha, Chief Technology & Operations Officer, TymeBank South Africa.

Network International will provide a full end-to-end acquiring solution to TymeBank, including the N-Genius payment and processing capability through the company’s integrated omnichannel technology platform, Network One. The integration is expected to enable TymeBank to expand its offering to power digital payment acceptance among South African SMEs.

“Our engagement with digital banking pioneer, TymeBank not only broadens our foothold in South Africa, but also carries inherent synergies that will positively impact digital payment penetration in the country. TymeBank have challenged the traditional banking offering, through technology-driven innovation and we are delighted to support them as they look to increase payment acceptance among the SME sector. We anticipate broadening our relationship with TymeBank with an increased range of services over the coming months,” said Andrew Key, Managing Director, Network International Africa.

TymeBank is an exclusively digital retail bank based in South Africa. Its majority shareholder is African Rainbow Capital, a fully black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa. The digital-only bank offers a modern alternative to traditional banking brands and aims to make banking more accessible and affordable to all South Africans and has already recruited 2.2mn consumers in the past two months.

Also read:5 challenger banks booming in the African continent

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