‘Take Your Money Everywhere’ (TYME) is a start-up in South Africa, which specializes in full-scale mobile-only banking, that provides services you’d expect from a conventional walk-in bank. A digital banking service that lets South Africans above the age of 16 register with only an ‘ID card and a cell phone’. What’s more, customers can send, receive, deposit and withdraw money in addition to purchasing prepaid electricity and airtime vouchers.
TYME revealed their excitement of the acquisition as evidenced by a statement on their website: “We are delighted to announce that the Commonwealth Bank of Australia has acquired 100% of TYME. This acquisition is a logical continuation of CBA’s strategy to pursue capability led growth outside Australia and one that reinforces CBA’s core strength in innovation and technology. There is a natural alignment starting with TYME’s vision of financial inclusion and CBA’s vision to excel at securing and enhancing the financial wellbeing of people, businesses and communities.”
TYME sets itself apart from other banking applications in that it has key accreditation solutions that enable people to open bank accounts on their mobile phones from remote localities without entering into a physical bank to do so –KYC identification included.
“The strength of our business enables us to invest for the long term. We bought new capability, through the acquisition of TYME, a South African based global leader in designing, building and operating digital banking systems. TYME gives us new opportunities in our emerging markets footprint, as well as providing capability to enhance innovation in our core markets.” -the CBA Chief Executive Officer, Ian Narev added.
TYME is a South African based technology company that designs, builds and operates digital banking ecosystems.