<\/p>\n
GoTyme Bank is stepping up its challenge of Capitec as it seeks to become South Africa\u2019s biggest lender by customers in the next decade.<\/p>\n
It became Africa\u2019s first profitable standalone digital bank this year and has 13 million clients, making it the nation\u2019s second biggest by that metric. It\u2019s targeting 30 million by 2036.<\/p>\n
Read:
TymeBank hits 10m customer milestone
TymeBank CEO on digital banking success and expansion plans<\/p>\n
\u201cI want us to get to one in two South Africans as customers,\u201d Chief Executive Officer Cheslyn Jacobs said in an interview.<\/p>\n
Capitec had more than 26.6 million personal and business clients as of August 31. GoTyme is banking on its partnership with the continent\u2019s largest insurer, Sanlam, that will allow both companies to take deposits, and provide unsecured personal loans as well as life cover as soon as next year.<\/p>\n
\u201cSanlam has what we believe is the best-in-market banking proposition to sell into their 9 million customers, and we believe we\u2019ve got a leading insurance proposition to sell into our 13 million customers,\u201d Jacobs said. \u201cIts a win-win relationship for both businesses.\u201d<\/p>\n
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Sanlam has said it expects 2 million to 4 million banking clients by 2030 and sees its loan book growing to R10 billion ($600 million), from R6 billion in 2025.<\/p>\n
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Sanlam\u2019s R20.7bn Santam bet puts capital choices in focus<\/p>\n
GoTyme, which launched to the public in 2019, is also keeping a close eye on Pepkor Holdings, Africa\u2019s largest clothing and mobile-phone retailer, which is preparing to launch an independent lender as early as next year.<\/p>\n
Pepkor plans to use its more than 6,000 South African stores to support the digital bank, combining retail footfall, device distribution and financial services on a single platform.<\/p>\n
\u201cThey are the largest reseller of value-added services in the country, they sell a million smartphones a month, so they are sitting on a captive base,\u201d Jacobs said. \u201cThey\u2019ve got distribution, they know who their customer is, they serve them really well in their core business, so you have to assume that they\u2019ll do something very similar with their banking services.\u201d<\/p>\n
GoTyme is majority owned by billionaire Patrice Motsepe\u2019s African Rainbow Capital Investments. The group as a whole signs about 400,000 new clients per month, and has more than 23 million customers in South Africa and the Philippines, where it runs a joint venture with the Gokongwei Group. It\u2019s also backed by China\u2019s Tencent Holdings and has operations in Hong Kong, Indonesia, Vietnam and Singapore.<\/p>\n
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GoTyme\u2019s global operations were valued $1.5 billion in 2024 after a fundraising round that included a $150 million investment from one of Latin America\u2019s most valuable financial company, Nu Holdings.<\/p>\n
While GoTyme is still working toward a future listing, market conditions will determine the timing and valuation, Jacobs said. The lender\u2019s watermark is a valuation above $15 billion, he said, without disclosing its current standing.<\/p>\n
Read:
Is Sanlam too late to the bank party?
TymeBank completes rebrand to GoTyme Bank<\/p>\n
\u201cThe business has to be in a certain state before you do a listing,\u201d he said. \u201cOur business is showing that it can grow year on year, as long as we continue hitting the milestones we set for ourselves, we will probably be ready in three to five years.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#GoTyme #targets #South #Africas #top #retailbanking #spot<\/p>\n","protected":false},"excerpt":{"rendered":"
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