Eugene Stoop, MD
Boxer Stores Ltd

KwaZulu Cash & Carry was established in April 1977, in the centre of Empangeni, KwaZulu-Natal, South Africa. The company commenced operations as a conventional wholesaler, trading in the essential commodities, such as maize meal, rice, samp, sugar, oil and beans. Read more...





Boxer & TymeBank extend financial services to the underserved

 


[Durban, 12 March 2019]

The launch of TymeBank, South Africa’s first digital bank, aims to revolutionise the way that South Africans think of, consume and engage with banking products. Its partnership with the Pick n Pay Group and in particular Boxer, not only means that the bank will have over 500 points of presence in the Group’s stores around the country, but also highlights Boxer’s dedication to being more than just a retailer to its shoppers.

The banking landscape in South Africa is a highly competitive one, and although many South Africans have bank accounts, they are often used at a very superficial level. The launch of TymeBank provides a platform to extend financial inclusion to the previously underserved. Partnering with Pick n Pay and Boxer in particular, was an obvious choice for the bank, which shares a common vision with the retailer – keeping costs down and integrating retailing with value-added services that make sense to shoppers.

Since Tymebank’s soft launch at the end of 2018 and its official launch in Pick n Pay and Boxer stores on 25 February 2019, more than 150,000 South Africans have signed up for a TymeBank account. Its low-cost model (no monthly bank fees, unlimited free card swipes, free cash withdrawals at Boxer and Pick n Pay tills etc.) means that the TymeBank banking solution is perfectly aligned with Boxer’s vision of getting South Africans to ‘never pay more than the Boxer price’. “For years, this has been our promise to our shoppers,” explains Boxer Marketing director, Andrew Mills. “It applies not only to the products we sell on shelf, but to the services we provide. That is why we have partnered with TymeBank.

TymeBank has been built in a very cost-effective manner since we don’t have any brick-and-mortar type infrastructure,” explains TymeBank CEO, Sandile Shabalala. “It brings value back in terms of affordability.” 
Besides being expensive, Shabalala also believes that banking in South Africa presents complications and barriers to entry for ordinary South Africans. “Internationally the current trend is taking complexity out of banking. With TymeBank we take complications out. Opening an account takes less than five minutes, requiring just a thumbprint and our apps and website are intuitive. By opening up the banking platform [and bringing partners on board that go beyond banking], we will ensure that banking is integrated into people’s lifestyle.

TymeBank is financed by billionaire Patrice Motsepe and is owned by African Rainbow Capital Financial Services Holdings. Its goal is to reach 21 million customers, 85% of which it believes is underserved by the traditional banking sector.

[ENDS]

Media Contact: 
Prenella Govender
Tel: 031 275 7000
Email: prenellag@boxer.co.za