Key facts
- GoTyme Bank said it aims to become South Africa's biggest lender by customers within the next decade.
- GoTyme Bank reported total income of R2.72 billion, up 25%, and net interest income of R1.4 billion, up 13%.
- GoTyme Bank said net customer advances rose 126% to R5.08 billion and deposits grew 27% to R9.69 billion.
- GoTyme Bank said it serves more than 13 million customers, with just over eight million monthly active users.
- GoTyme Bank said it expects to reach South Africa's top three banks by monthly active users in the first quarter of 2027.
- GoTyme Bank said it plans to broaden its lending and payments offering in 2027, including a credit card and an expanded MoreTyme buy-now-pay-later service.
GoTyme Bank Ltd. is stepping up its challenge of Capitec Ltd. as it seeks to become South Africa's biggest lender by customers in the next decade, the bank said.
The digital bank, formerly known as TymeBank, reported a 25% increase in total income to R2.72 billion and net interest income up 13% to R1.4 billion. Net customer advances increased 126% to R5.08 billion, while deposits grew 27% to R9.69 billion. Fee income rose 41%.
GoTyme Bank said it serves more than 13 million customers, with just over eight million monthly active users. It expects to reach South Africa's top three banks by monthly active users in the first quarter of 2027, CEO Cheslyn Jacobs said at a media briefing in Johannesburg.
The bank said more than four million customers migrated to its new app as part of its transition from the TymeBank brand. PayShap adoption among its customers rose more than 250% year on year, and about 26% of South Africa's PayShap cellphone payments originated from GoTyme accounts, according to the bank. It estimates that qualifying instant payments save customers more than R150 million annually in fees.
GoTyme Bank said it plans to broaden its lending and payments offering in 2027, including a credit card, an expanded MoreTyme buy-now-pay-later service and further personal lending through its partnership with Sanlam. It is also developing a rewards proposition and exploring access to investment products and digital assets, subject to regulatory and licensing approvals.