Pioneering accessible banking in South Africa
TymeBank has become the world’s fastest-growing profitable standalone digital bank, onboarding an impressive 100,000 customers per month since its launch.
- months to migrate
- customers
- lower operational costs
TYMEBANK
About the customer
TymeBank, headquartered in Johannesburg, is South Africa’s first fully digital retail bank and the first in 20 years to receive a full banking license. Founded on simplicity, transparency and affordability, it is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum.
- Part of the multi-country Tyme Group, currently valued at close to US$1 billion.
- One of the world’s fastest-growing digital banks, reaching 10 million customers less than six years after launching.
- Almost R7 billion in customer deposits, growing significantly faster than the country’s ‘Big Five’ banks.
The challenge
Enabling financial inclusion at scale
South Africa is home to 11 million unbanked or underbanked individuals. As a new entrant in a competitive banking landscape, TymeBank aimed to provide an inclusive, real-time banking experience. However, the bank was not born in the cloud, to scale rapidly and efficiently, TymeBank needed a modern, cloud-native core banking solution and decided to migrate its core operations.
The solution
A cloud-native transformation
When the bank decided to modernise its core banking system, they selected Mambu's cloud-native banking platform because it offered infinite scalability and quick time to market. Through Mambu’s platform TymeBank was able to:
- Migrate its core operations to a modern core underpinned by Amazon Web Services (AWS).
- Provide new and innovative services through its new cloud-first infrastructure.
- Scale to onboard 100,000 customers monthly.
The result
Achieving agility, growth, and efficiency at scale
- TymeBank successfully migrated 85% of its core operations to Mambu within six months
- The move to the cloud resulted in a 50% reduction in operational costs, significantly enhancing financial efficiency.
- The bank has grown to 10 million customers, setting a new standard for banking in South Africa and the continent.
Download the full case study
Discover how TymeBank migrated its core banking operations to the cloud and is delivering innovative experiences with Mambu.
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More from our partnership
After helping transition TymeBank in South Africa to become the country's first digital-only bank, Mambu supported Tyme Group lift and shift its digital banking concept to the Philippines.
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