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.

The Money Show’s Bruce Whitfield interviewed TymeDigital CEO Sandile Shabalala and Johan van der Merwe, co-CEO of ARC.

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:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Billionaire Patrice Motsepe’s ARC to form South Africa’s first black-owned bank


Recommended

by NEWSROOM AI
Read More
Can South Africa and Nigeria kiss and make up? Because there’s money to be made

Can South Africa and Nigeria kiss and make up? Because there’s money to be made

The relationship is complicated and strained. Dianna Games reports back from the SA-Nigeria Investment Conference in Sandton.

TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

'Elephant in the room is labour law and the labour movement'

'Elephant in the room is labour law and the labour movement'

The Money Show's Bruce Whitfield interviews economists Andrew Levy (Andrew Levy Employment) and Dr Azar Jammine (Econometrix).

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Get the best bits of ‘The Money Show’ emailed to you daily, soon after it ends

Get the best bits of ‘The Money Show’ emailed to you daily, soon after it ends

Do you enjoy listening to Bruce Whitfield’s The Money Show, but miss it sometimes?

Popular articles
Col’Cacchio serves first pizza topped with cannabis oil in South Africa

Col’Cacchio serves first pizza topped with cannabis oil in South Africa

The pizzas will be available at selected restaurants in the franchise from Tuesday.

Honeymoon scuppered: Local man describes being scammed R60K by Destiny Holidays

Honeymoon scuppered: Local man describes being scammed R60K by Destiny Holidays

CapeTalk listener Paul had planned his honeymoon, and he and 32 others, lost over R2m to a seeming fly-by-night travel agency.

'China Town traders are tax compliant and it's dangerous to pick on one group'

'China Town traders are tax compliant and it's dangerous to pick on one group'

Steve Kruger of the China Town Trust responds to complaints that stores are not properly registered for tax purposes.

Investec gives staff unlimited leave days and freedom to wear what they want

Investec gives staff unlimited leave days and freedom to wear what they want

The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.

What NOT to do at the scene of a road accident

What NOT to do at the scene of a road accident

Western Cape traffic chief Kenny Africa explains what you should do if you're the first responder at the scene of an accident.

Motorist describes miraculously escaping Franschhoek Pass rock fall

Motorist describes miraculously escaping Franschhoek Pass rock fall

Survivor Mark Thackwray believes he has been a second chance at life.

Cape Town man found alive in eSwatini, believed dead for 6 years

Cape Town man found alive in eSwatini, believed dead for 6 years

His family believed he had died and performed a memorial service for him but now they are struggling to get him back home.

Gauteng waitress gets R18,000 tip for 'amazing service'

Gauteng waitress gets R18,000 tip for 'amazing service'

A waitress at The Beerhouse in Fourways who received the generous donation wants to finish her matric and become a paramedic.

[WATCH] Looks like 'Mabena' found his way to Sona and Mzansi had a good chuckle

[WATCH] Looks like 'Mabena' found his way to Sona and Mzansi had a good chuckle

The name Mabena has become synonymous with out of step and clumsy soldiers, and it seems one made an appearance at Parliament.