TymeDigital, SA's new bank with no physical branches

TymeDigital has been granted a licence by the SA Reserve Bank to operate.

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JOHANNESBURG - South Africa is set to have its first new bank since 1999.

TymeDigital has been granted a licence by the SA Reserve Bank to operate.

Last month, South Africa's African Rainbow Capital said it would buy a 10% stake in the company, which is owned by the Commonwealth Bank of Australia.

This is to challenge the dominance of the other big banks.

TymeDigital says it aims to launch a full-service digital bank.

It says that it believes there is space in the market to serve emerging middle-class consumers and under-serviced small and micro businesses.

However, the bank says it will not have physical branches.

Instead, through a 10-year partnership with Pick n Pay, the group will create points of presence, with this operation to be expanded.

The licence is scheduled to be published in the government gazette on Friday.

The bank says that it hopes to be operational by the second quarter of next year, although it will talk to customers before that.