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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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.
