TymeBank’s founder, Coen Jonker, didn’t just create a bank—he redefined what banking could be in South Africa.
In a country where traditional banks often cater to the affluent, TymeBank emerged as a beacon of simplicity, transparency, and affordability. Today, with over 7 million customers and counting, TymeBank is one of the fastest-growing digital banks in the world. But how did it all begin? Let’s dive into the story of TymeBank’s founder and the innovative vision that transformed the banking landscape.
The Genesis of TymeBank
The journey of TymeBank’s founder, Coen Jonker, started long before the bank’s official launch in 2019. In 2012, Jonker, alongside Tjaart van der Walt, developed a mobile money remittance platform called TYME (Take Your Money Everywhere) under Deloitte Consulting. Backed by MTN Group, the platform aimed to provide affordable remittance services through partnerships with retailers like Pick n Pay.
By 2015, the Commonwealth Bank of Australia acquired TYME, recognizing the potential of its core banking technology. However, it was African Rainbow Capital (ARC), chaired by South African billionaire Patrice Motsepe, that saw the opportunity to bring this innovation home. In 2018, ARC acquired a 90% stake in TYME, rebranding it as TymeBank and setting the stage for its meteoric rise.
A Bank Built on Partnerships
One of the key strategies of TymeBank’s founder was leveraging strategic partnerships to scale rapidly. By collaborating with Pick n Pay, Boxer Superstores, and later the Foschini Group, TymeBank created a vast network of over 14,000 till points and 1,450 kiosks. These partnerships allowed customers to open accounts, deposit, and withdraw cash seamlessly—without the need for traditional branches.
But TymeBank didn’t stop there. In a bold move, the bank partnered with the Zion Christian Church (ZCC), offering its 12 million members a unique banking proposition. The Zion City Moria Membership Card doubled as a debit card, providing members with exclusive benefits like zero-rated data for banking apps and extra rewards at Pick n Pay.
Innovation at Its Core
TymeBank’s founder understood that technology would be the backbone of the bank’s success. By hosting its core banking platform in the cloud, TymeBank ensured security, scalability, and cost efficiency. This allowed the bank to offer zero monthly fees and lower transaction costs, making banking accessible to millions of underserved South Africans.
The bank’s kiosk-based model also proved to be a game-changer. According to Coen Jonker, 85% of TymeBank accounts were opened at kiosks, showcasing the effectiveness of this hybrid approach.
Expanding Horizons
Under the leadership of TymeBank’s founder, the bank has set its sights beyond South Africa. In 2021, Tyme Group, the Singapore-based holding company, was established to drive expansion into South East Asia. The launch of GoTyme in the Philippines, in partnership with JG Summit, marked the beginning of this ambitious journey. With over 1 million customers already onboarded, GoTyme is poised to replicate TymeBank’s success in new markets.
Oppenheimer Family Tree: Legacy of Diamonds and Power
A Vision for the Future
TymeBank’s founder, Coen Jonker, has always believed in the power of innovation and collaboration. From its humble beginnings as a mobile money platform to becoming a global digital banking powerhouse, TymeBank’s story is a testament to the transformative potential of fintech.
As TymeBank continues to grow, its commitment to affordability, transparency, and accessibility remains unwavering. For millions of South Africans, TymeBank isn’t just a bank—it’s a lifeline. And it all started with the visionary leadership of TymeBank’s founder.
Get the latest entrepreneurial success stories, expert tips, and exclusive updates delivered straight to your inbox — Sign up for Entrepreneur Hub SA’s newsletter today!
Partners & Affiliates
1-grid provides cost-effective solutions with exceptional support, empowering website owners and businesses to effortlessly build, manage, and scale their online presence.
Need a little extra financial breathing space? Bring a smile to your dial with a Boodle quick loan and their easy online loan application
EcoFlow’s home backup & off-grid solar power solutions protect you from load-shedding and unscheduled blackouts. Enjoy energy security & freedom from the grid.
Unlock your trading potential with FBS, a leading online trading platform. Enjoy competitive spreads, lightning-fast execution, and a wide range of trading instruments.
