GoTyme’s leap to 13m SA users—despite Motsepe’s own banking woes?

GoTyme Bank, backed by the investment firm African Rainbow Capital led by billionaire Patrice Motsepe, has achieved a significant milestone, surpassing 13 million customers in South Africa.

This rapid growth underscores the bank’s ambitious strategy to become a major player in the country’s highly competitive financial services sector.

The bank’s success is built on a digital-first approach, offering accessible banking services through a network of customer hubs and leveraging the popularity of digital payments.

According to recent financial reports, GoTyme’s net customer advances increased by 126% to R5.08 billion, while customer deposits climbed 27% to R9.69 billion.

The bank’s total income rose by 25% to R2.72 billion, with a notable 13% increase in net interest income reaching R1.4 billion.

Furthermore, fee income experienced a substantial jump of 41%.

These figures demonstrate a robust and expanding business model.

The bank’s growth is fueled in part by its strategic use of digital payments.

The number of customers utilizing PayShap, South Africa’s instant payment system, has seen a dramatic increase of over 250% year-on-year, with approximately 26% of all PayShap transactions originating from GoTyme accounts.

Notably, nearly 70% of payments made by GoTyme customers are now instant and free, representing an estimated annual savings of R150 million in transaction fees.

Chief Executive Cheslyn Jacobs has expressed confidence in the bank’s trajectory, stating a belief that GoTyme will become one of the top three banks in South Africa by the last quarter of 2026.

However, it’s important to note that this customer milestone differs from the monthly active customer base, which currently stands at just over eight million, with the bank anticipating reaching the third-largest position by monthly active users in the first quarter of 2027.

GoTyme’s expansion strategy includes a planned increase in its physical presence, aiming to establish 140 customer hubs across South Africa by the end of 2026.

This shift away from Pick n Pay kiosks reflects a focus on more strategically located retail spaces, including Boxer and TFG outlets.

The bank also intends to introduce a credit card in 2027, expand its personal lending through a partnership with Sanlam, and enhance its existing buy-now-pay-later service, MoreTyme, alongside the launch of a new customer rewards program.

The bank’s rapid growth, already exceeding 12 million customers in March 2026, is supported by its technology partner, BPC, and its parent company, the Singapore-based Tyme Group, which holds approximately 40% ownership through African Rainbow Capital.

This expansion extends beyond South Africa, with GoTyme operating in the Philippines, resulting in a combined customer base exceeding 21 million across both markets.

The bank’s ambition clearly signals a significant shift in the South African banking landscape, driven by innovation and a focus on accessible digital services.

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