Billionaire Patrice Motsepe’s ARC to form South Africa’s first black-owned bank
Billionaire Patrice Motsepe’s African Rainbow Capital (ARC) will soon own 100% of TymeDigital, forming South Africa’s first black-owned commercial bank.
VBS Mutual Bank, although black-owned, is not a commercial bank.
TymeDigital will aim to provide affordable and accessible banking services through partners of which Pick n Pay and its Boxer stores are the largest.
The bank will aggressively target unbanked and underserved South Africans as well as small and medium-sized businesses.
Listen to the interviews in the audio below (and/or scroll down for quotes from it).
It’s a great opportunity for us… This is the first one [black-owned bank]… Patrice wants a very particular type of bank where he can bring in the unbanked and underserviced…Johan van der Merwe, African Rainbow Capital
We talk a lot about the underserved sector… We want to broaden the reach of financial services… it is about providing excellent service… that people are willing to pay for… it’s about providing value for money…Sandile Shabalala, TymeDigital
We’re aiming to open the bank towards the latter part of this year… we’re very close.Sandile Shabalala, TymeDigital
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning: