Cape Town – GoTyme Bank, backed by South African billionaire Patrice Motsepe’s African Rainbow Capital, has surpassed 13 million customers in South Africa, marking another milestone in its expansion as it positions itself to become one of the country’s biggest banks.
The digital bank, formerly known as TymeBank before its January 2026 rebranding, reported strong financial growth, with net customer advances increasing by 126% to R5.08 billion, while customer deposits climbed 27% to R9.69 billion.
According to Billionaires.Africa, the bank’s total income increased by 25% to R2.72 billion, while net interest income rose 13% to R1.4 billion. Fee income also jumped 41%.
The performance comes as GoTyme expands its digital banking services and strengthens its position in South Africa’s competitive financial services market.
Major contributor
Speaking at a media briefing in Johannesburg, chief executive Cheslyn Jacobs expressed confidence in the bank’s growth trajectory.
“I honestly believe we will become the top three bank in the last quarter of 2026,” Jacobs said.
However, the bank’s 13 million customer milestone should be distinguished from its monthly active customer base, which stands at just over eight million. According to ITWeb, GoTyme expects to become South Africa’s third-largest bank by monthly active users in the first quarter of 2027.
Digital payments have been a major contributor to its growth. The bank said the number of customers using PayShap, South Africa’s instant payment system, increased by more than 250% year-on-year, with approximately 26% of the country’s PayShap cellphone payments originating from GoTyme accounts.
Almost 70% of payments made by its customers are now instant and free, saving customers an estimated R150 million annually in transaction fees.
Personal lending
“We don’t want free instant payments to remain a GoTyme competitive advantage forever. We want the industry to copy us. Instant should be the standard, and we believe free should be the standard too,” Jacobs said, according to Daily Investor.
The bank is also expanding its physical presence to complement its digital operations. It plans to have 140 customer hubs across South Africa by the end of 2026, following its decision to withdraw kiosks from Pick n Pay stores and redirect its footprint towards busier retail locations, including Boxer and TFG outlets.
Looking ahead, GoTyme plans to introduce a credit card in 2027, expand its personal lending offering through its partnership with Sanlam, improve its MoreTyme buy-now-pay-later service and introduce a new customer rewards programme.
The expansion builds on the bank’s rapid growth since launching in South Africa in 2019. In March 2026, technology partner BPC reported that the bank had already surpassed 12 million customers, highlighting the pace at which it has attracted consumers through its affordable digital banking model.
Motsepe’s African Rainbow Capital remains the largest shareholder in Tyme Group, the Singapore-based parent company, holding approximately 40%. The group also operates GoTyme in the Philippines, taking its combined customer base across the two markets beyond 21 million.
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Compiled by Betha Madhomu
