Motsepe-backed digital bank plans to expand its services

GoTyme Bank says it is on course to become one of South Africa’s three largest banks by monthly active users by early next year, after posting strong growth across deposits, lending and digital payments during what executives said is the bank’s most successful year to date.

GoTyme – 40% owned by billionaire entrepreneur Patrice Motsepe’s African Rainbow Capital – is preparing to expand its range of products and services to include credit cards, enhancements to its MoreTyme buy-nowpay-later offering, expanded personal lending through its partnership with Sanlam, a new rewards programme and greater access to investment products, subject to regulatory approvals.

Growing customer base

The digital lender, formerly known as TymeBank, unveiled its latest growth plan, building on the performance milestones it achieved recently, with 2026 as a pinnacle of its success story.

GoTyme’s customer base has surpassed 13 million since its launch in 2019, reinforcing its position as one of the country’s fastest-growing digital banks.

The bank is part of the wider GoTyme Group, which operates across several Asian and African markets and serves more than 23 million customers globally.

Financial results released recently by the bank show significant gains across key business indicators.

Customer advances increased by 126% to R5.08 billion, while deposits climbed 27% to R9.69 billion.

Total income rose 25% to R2.72 billion, supported by growth in lending activity and increased customer usage.

Net interest income increased 13% to R1.4 billion, while fee income jumped 41%, highlighting the bank’s growing transaction volumes and broader adoption of its banking ecosystem.

GoTyme CEO Cheslyn Jacobs said: “The growth is visible across every part of the business. More customers are trusting us with their savings, using our payment solutions and taking advantage of our credit products.”

Low-cost digital payments drive gowth

A major driver of the bank’s growth has been its focus on low-cost digital transactions. GoTyme estimates that customers collectively save more than R150 million annually through its free qualifying instant-payment offering.

The strategy appears to be gaining traction. Usage of PayShap, South Africa’s real-time payment platform, increased by more than 250% year-on-year among GoTyme customers.

The bank said nearly 70% of payments made by customers are now instant and free, while roughly a quarter of all PayShap cellphone payments in South Africa originate from GoTyme accounts.

Shifting spending behaviour

The shift towards digital banking is also reflected in customer spending behaviour.

Virtual card usage surged 240% compared with the previous year, including 65% growth during the most recent quarter, as more consumers move away from traditional cash and physical card transactions.

Group executive for operations Nolwazi Nzama said digital banking should not come at the expense of human interaction.

“Customers want convenience and speed, but they also want support when they need it,” she said.