South Africa : TymeBank confirms the launch of its unsecured loan services
South Africa’s first fully digital bank TymeBank announces the launch of its unsecured loan services in July 2019. This schedule conforms to the plan presented to investors in February 2019 when the bank officially launched its activities.
This also shed a light on the ZAR200 million ($13.4 million) received days ago from Ethos, a fund that supports artificial intelligence projects.
This segment of unsecured loans demands a good analysis of the requester’s profile and the level of trust to be placed in potential clients.
TymeBank is an ambitious bank that promises to bring banking services to the unbanked in South Africa but, in the unsecured loans segment, it has a serious competitor. This competitor is Capitec Bank, leader of this segment after the downfall of African Bank.
Source: Ecofin Agency