TymeBank launches “Zion Christian Church” bank account

February 3, 2020
Posted in Tech
February 3, 2020 Tumelo Moloi

TymeBank has launched a partnership with the Zion Christian Church (ZCC), which will see it give members a membership card that also works as a debit card.

The bank’s owners, African Rainbow Capital, announced the partnership today.

“The ZCC is the largest African-initiated church in southern Africa, enjoying a membership of about 12 million churchgoers. Some nine million ZCC members are based in South Africa,” said TymeBank.

ZCC members will now be offered a Zion City Moria membership card, which will serve as both a membership card as well as the member’s bank card.

The bank said the card and linked account will provide the following benefits:

  • The card will be recognised as a ZCC membership as well as a debit card linked to a bank account.
  • “Best-in-market” transactional banking fees and interest on savings balances.
  • Extra Smart Shopper rewards at Pick n Pay.
  • Zero-rated data for SmartApp and Internet banking.

“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,” said TymeBank.

Zetnet Mobile is a mobile and digital services company, managed by Shafick Jardine and Trevor Theledi, which is owned by the church.

Initially, card holders will be able to deposit and withdraw cash at any of the 14,000 till points at Pick n Pay and Boxer stores nationally, as well as withdraw cash from any ATM, added the bank.

Expanding the service

Following the pilot, TymeBank expects to expand the service in 2020.

“The partners expect that large groups of church members will take up the proposition over the course of the year. Customers will be [on-boarded] at church members’ places of worship, which are located across South Africa,” it said.

“This includes major centres such as Soweto, Tshwane, and Alexandra, to smaller rural villages and at the large annual pilgrimages to Moria.”

TymeBank has also put a “field force” of over 1,500 ambassadors in place at its kiosks inside Pick n Pay and Boxer stores, said the bank.

“Ambassadors are traditionally young people who have not had formal employment previously. They have completed a period of training to develop the product and process knowledge.”

Big growth

TymeBank CEO Tauriq Keraan added that they have seen strong growth since launching banking services in South Africa.

“Our partnership with Pick n Pay and Boxer has allowed us to grow rapidly to over one million customers in nine months since launching, and we are still acquiring over 110,000 customers per month through their stores,” said Keraan.

“Our partnership with the ZCC will not only bring us a step change in customer acquisition growth but, importantly, will also result in high levels of account utilisation due to the strong affinity between the ZCC and its members.”

ZCC Photo

source : https://bit.ly/2tmU50E


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