- Patrice Motsepe and the Zion Christian Church have partnered up to offer church members bank products
- The partnership is expected to boost TymeBank's clients after a successful launch
- Analysts insist this move is aimed at helping the bank attract heaps of customers
Patrice Motsepe and the Zion Christian Church have partnered to bring TymeBank products to church members.
SowetanLIVE reports that analysts dubbed the move as a way to rapidly increase customers after attracting one million in its first 10 months of operation.
One of the analyst's Casparus Treurnicht, commented on the announcement:
"TymeBank is trying to reach a lot of people quickly. By partnering with organisations like these they can accumulate a big membership very quickly. Capitec better watch out. It'll be interesting to see if clients get rid of a Capitec account and only pursue TymeBank going forward."
The partnership was announced at a special ceremony in Moria, Limpopo, with a statement released:
"This card will serve as both a membership card as well as the member's bank card," reads the media statement. This ZCM membership card was the vision and initiative of His Grace, the Right Reverend Bishop Dr BE Lekganyane who took up the first official ZCM membership card at the launch."
The statement revealed the implementation of the changes would come in phases:
"The first phase of the partnership is a pilot, which will see a smaller group of ZCC elders taken through TymeBank's innovative kiosk-based on-boarding process, supported by newly recruited and trained Zetnet agents. Initially, ZCM cardholders will be able to deposit and withdraw cash at any of the approximately 14,000 till points at Pick n Pay and Boxer stores nationally, as well as withdraw cash from any ATM."
This comes in anticipation for far larger groups of eager congregants according to the release:
"This pilot phase is being conducted in preparation for on-boarding far larger groups of church members throughout the remainder of 2020 and beyond."
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