TymeBank, the fast-growing digital bank, has migrated its Tap-on-Phone customer base to the iKhokha Tap-on-Phone platform, a move that will enable its business banking customers to access a range of business tools and online payment acceptance solutions.

TymeBank is one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, with more than 8.7 million customers since its launch in February 2019. Retail Capital, a division of TymeBank, is the largest small and medium, enterprise (SME) funder of its kind in the sector.

iKhokha is a South African technology company redefining the way SMEs do business through mobile innovation. iKhokha, a start-up founded in 2012 by Matt Putman, Ramsay Daly and Clive Putman, is claimed to be one of the fastest-growing fintech companies in Africa.

The move will allow Tymebank’s business banking customers to not only use the latest in mobile payment innovation, but to also have access to iKhokha’s suite of business tools, including cash advance products, sales reports, business insights, and a host of online payment acceptance solutions, a statement said on Friday.

The ability for small businesses to accept payments on a smartphone has been revolutionary for businesses of all sizes. Tap-on-phone technology, although in its early days, has the potential to play a transformative role in driving financial inclusion throughout Africa.

Tymebank chief strategy officer Greg Illgner in a statement said, “We believe providing access to innovative solutions for South African businesses to truly fulfil their potential is a key contributor to the broader economy. To that end, iKhokha’s credentials speak for themselves. Having recently won the Best Financial App of the Year Award at the 2023 MTN Business App of the Year and being rated the segment leader by South African SMEs on HelloPeter, iKhokha is perfectly positioned to empower TymeBank business customers to thrive.”

TymeBank announced its first month of profitability in December 2023, less than five years since launching.

The arrangement with TymeBank and other leading South African financial institutions would strengthens iKhokha’s position to positively impact the lives of entrepreneurs and small business owners in South Africa, making it easier for anyone to run a business, said Illgner.

“Our small business sector is massively resilient despite a tough trading environment, and we will continue to help entrepreneurs and SMEs to believe in better business,” he said.

The iK Tap-on-Phone service, available to TymeBank customers, makes use of a business owners’ smartphones, with no transactional limits and a quick set-up. A variety of card machines are also available to those interested in upgrading.

“Feedback from merchants thus far has been positive, with many who have completed the migration reporting their satisfaction with the additional payment acceptance options, including a payment gateway for e-Commerce, QR Code and Paylink functionality, an invoice tool, a business management dashboard with daily sales analytics to allow business owners to set sales targets, performance sales tracking, sales reporting and more,” a statement said.

BUSINESS REPORT