TymeBank is a South African digital bank aimed at the lower income market. TymeBank does not have any physical bank branches and relies on an Android banking App.
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Nigeria, Kenya, Egypt, and South Africa capture 92% of startup funding in Africa. Only 0.7% of Q1 2025 funding went to women-led startups.
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TymeBank is taking the South African government to court over a 6,500% increase in ID verification fees. The fee hike raises the cost of verifying an ID from R0.15 to R10, significantly impacting financial inclusion.
TymeBank threatens legal action over 6,500% spike in ID verification fees
TymeBank plans to sue the Department of Home Affairs over a 6,500% increase in identity verification fees. The cost of identity checks will rise from 15 cents to 10 rands, significantly impacting onboarding costs for low-income customers.
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West Africa raised $587 million in startup funding in 2024, with Nigeria alone accounting for nearly $400 million. East Africa attracted $725 million in funding in 2024, with Kenya securing $638 million, marking a significant lead over West Africa.
South African fintechs Paymenow, TymeBank, Omnisient make FT’s Africa fastest-growing companies list
Paymenow ranked sixth in the FT Africa’s Fastest-Growing Companies 2025 ranking, with a 3756.1% absolute growth increase from 2020 to 2023. Paymenow's revenue surged from $0.14 million in 2020 to $4.86 million in 2023, and its employee count grew from 7 to 38.
