South Africa’s first mobile bank, Take Your Money Everywhere (TYME), was launched today (Thursday) by superstores Pick n Pay and Boxers and mobile operator MTN.
All South African citizens over the age of 16 are eligible to open an account with spending limits set at R1,000 (US$111) per day and R25,000 (US$2,800) per month
The account comes at no monthly fees, though it costs R1 – R9 for transfers and other services like mini-statements. MTN customers get most of the services for free.
TYME is available at Pick n Pay and Boxer stores to all South Africans. Cell phone access is enabled by dialling *120*668# to register for MobileMoney access.
Users can buy airtime, electricity and pay via a TYME account at all Pick n Pay and Boxers stores.
TYME is a distribution channel of the South African Bank of Athens Limited, an authorised financial services and registered credit provider.