South African digital bank TymeBank, has inked a deal with Network International, enabler of digital commerce across Africa and the Middle East, to empower small and medium enterprises (SMEs) to accept card payments.
Since TymeBank’s successful entry into the South African consumer banking market, the financial institution is now planning to build accessible and affordable payment solutions for the SME market.
The digital-only bank offers a modern alternative to traditional banking brands and aims to make banking more accessible and affordable to all South Africans having already recruited 2.2m consumers in the past two months.
“TymeBank continues to enhance and expand its provision of affordable (low cost) banking and financial services to the South African market,” said Dieter Botha, Chief Technology and Operations Officer, TymeBank South Africa.
Network International have already enabled TymeBank to become the first new card acquirer in South Africa for more than a decade and have now implemented a solution with both local processing and connectivity to international card schemes.
Network will provide a full end-to-end acquiring solution to TymeBank, including the N-Genius payment and processing capability through the company’s integrated omni-channel technology platform, Network One.
This will enable TymeBank to expand its offering to power digital payment acceptance among South African SMEs.
Andrew Key, Managing Director, Network International Africa, said, “Our engagement with digital banking pioneer, TymeBank not only broadens our foothold in South Africa, but also carries inherent synergies that will positively impact digital payment penetration in the country.”
Network International has been at the forefront of driving digital payments acceptance across Africa and the Middle East, offering end-to-end payment solutions to a growing customer base in over 50 countries.