GoTyme Bank targets top three South African bank status by 2027

GoTyme Bank, formerly known as TymeBank, aims to become South Africa’s third-largest bank by monthly active users by the first quarter of 2027. The Patrice Motsepe-owned digital challenger reported serving more than 13 million customers, with net customer advances increasing by 126% to R5.08 billion and deposits rising 27% to R9.69 billion.

CEO Cheslyn Jacobs noted that 2026 is positioned as a breakout year for the institution. The bank is transitioning from a digital challenger to a hybrid model that includes mall-based customer hubs to provide face-to-face support. Recent data shows a shift in consumer behavior, with more customers adopting digital services than using ATMs.

Additionally, GoTyme reported that its customers now account for approximately 26% of South Africa’s PayShap cellphone payments. The bank has challenged competitors to make instant payments free, noting that nearly 70% of its customers' payments are currently instant and free, saving them an estimated R150 million annually. GoTyme’s app is designed to automatically route payments through PayShap to ensure the lowest cost for users.