GoTyme Bank said its income rose by 25% to R2.72 billion, Daily Investor reported. The bank shared the figures at a media briefing on 29 October, where it also set out its product plans for 2027.
Net interest income grew by 13% to R1.4 billion, according to the bank. Daily Investor reported that customer deposits supported this growth. Deposits rose by 27% to R9.69 billion.
“What stands out is not one isolated number. It is the breadth of the momentum we are seeing across the bank,” CEO Cheslyn Jacobs said.
“More customers are trusting us with their money. Our lending business has expanded substantially. Income is growing and so is client activity,” Jacobs said. Jacobs said the results show the bank is moving into a new phase of scale.
Customer advances doubled to R5.08 billion as the bank pushed to grow its loan book, the report said.
Daily Investor said the bank’s approach mirrors that of many digital banks around the world. These banks focus on non-interest revenue to drive their income. This money comes from fees and commissions on transactions, forex conversions and the use of systems such as ATMs.
The report said this type of revenue uses far less capital than lending. It is also less affected by changes in interest rates.
GoTyme Bank has 13 million customers. TymeBank became GoTyme Bank in a rebrand that came with a new banking app, and four million customers have moved onto it.
Daily Investor reported that the bank is on track to become South Africa’s third-largest bank by monthly active users by the first quarter of 2027.
“We are operating at a meaningful scale and with that comes greater responsibility to give customers an experience that gets better as we grow,” Jacobs said.
The bank estimates that customers save more than R150 million a year because qualifying instant payments are free. It said almost 70% of payments made by its customers are now instant and free.
The number of customers using PayShap rose by more than 250% year-on-year. The bank said about 26% of South Africa’s PayShap cellphone payments come from GoTyme accounts.
African Rainbow Capital, owned by billionaire Patrice Motsepe, is the majority shareholder and controls the bank, the report said.
“It is a deeper relationship with customers, across payments, savings, credit, rewards, investment and service, while keeping the experience simple and valuable,” Jacobs said of the bank’s plans.
In 2027, the bank plans to launch a credit card and a new rewards programme, and to improve its buy-now-pay-later product. It will also launch its partnership with Sanlam, which it said will greatly increase personal lending.
Source: this article is based on reporting by Daily Investor. Image: Daily Investor. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.