Patrice Motsepe’s new bank offers free transactional accounts

Patrice Motsepe’s new bank offers free transactional accounts

Millionaire businessman Patrice Motsepe brings South Africa a new, revolutionary bank. The bank is completely branch-less and will change the way South Africans do banking. The bank is called TymeBank.

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Patrice Motsepe's African Rainbow Capital has purchased TymeBank from the Commonwealth Bank of Australia earlier this year.

TymeBank has recently started taking new clients and BizNews reports that it already signed up 1 800 clients in the first week of its unofficial launch.

The bank is expected to be a game-changer in the banking industry.

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According to a report by The Citizen indicates that TymeBank will ask its clients no monthly fees - a first in South Africa.

There are only a few low charges for some transactions and many of the day-to-day transactions are free.

Briefly.co.za gathered that the only negative of the opening of TymeBank is that for now it's only possible to sign up at 6 locations in parts of South Africa.

Kiosks are set up in Rosebank, Bedfordview, Kensington, Kenilworth, and at a Boxer store in Durban.

TymeBank plans to open kiosks all over the country and will eventually have more than 700, each with Wi-Fi hotspots to allow clients to effortlessly download the bank's app.

READ ALSO: Public protector claims Pravin Gordhan ignored her requests 4 times

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Source: Briefly.co.za

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