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


Recommended

by NEWSROOM AI
Read More
Standard Bank says comedy of errors with bond applicant 'a once off'

Standard Bank says comedy of errors with bond applicant 'a once off'

Only when consumer journalist Wendy Knowler chased Standard Bank did they admit wrongdoing that cost a client R41 000.

Prices are rising at 4% per year on average, much more slowly than expected

Prices are rising at 4% per year on average, much more slowly than expected

The Money Show’s Bruce Whitfield interviews Kevin Lings, Chief Economist at Stanlib Asset Management.

'Nobody can now claim to be exonerated by the Seriti commission'

'Nobody can now claim to be exonerated by the Seriti commission'

Bruce Whitfield interviews David Lewis (Corruption Watch) and arms deal activist Terry Crawford-Browne.

CR17: 'Face the nation! Tell us what happened! End this PR disaster'

CR17: 'Face the nation! Tell us what happened! End this PR disaster'

There was nothing illegal, yet the CR17 leaks is a PR disaster for Cyril Ramaphosa, says communications consultant Chris Vick.

Who gets the biggest cut of the billion dollar hair loss industry?

Who gets the biggest cut of the billion dollar hair loss industry?

Stem cells and 3D printing may give hope to those tearing their hair out trying to save theirs.

Meet Fred Roed, founder of 'Heavy Chef' (SA’s most popular monthly tech event)

Meet Fred Roed, founder of 'Heavy Chef' (SA’s most popular monthly tech event)

The Money Show's Bruce Whitfield interviews the author of "The Heavy Chef Guide to Starting a Business in South Africa".

Popular articles
[WATCH] Man records every treadmill run over 8 months... and shows weight loss

[WATCH] Man records every treadmill run over 8 months... and shows weight loss

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Pilot filming aftermath of his plane crashing into ocean goes viral

[WATCH] Pilot filming aftermath of his plane crashing into ocean goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Standard Bank says comedy of errors with bond applicant 'a once off'

Standard Bank says comedy of errors with bond applicant 'a once off'

Only when consumer journalist Wendy Knowler chased Standard Bank did they admit wrongdoing that cost a client R41 000.

Autopsy report confirms Selahle died of unnatural causes in police custody

Autopsy report confirms Selahle died of unnatural causes in police custody

Tshegofatso Selahle died on Sunday after being arrested by JMPD officers for allegedly skipping a robot in Johannesburg.

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

The inspiring South African choirU2's Beautiful Day at America's Got Talent quarter-finals.

Trevor Noah – 4th highest paid comedian on Earth – made R430 million in 2018

Trevor Noah – 4th highest paid comedian on Earth – made R430 million in 2018

Trevor Noah cracked Forbes magazine’s list of highest-paid stand-up comedians in the world.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Gauteng Liquor Act prohibits passengers drinking in vehicles, says MMC Sun

Gauteng Liquor Act prohibits passengers drinking in vehicles, says MMC Sun

When you do take a taxi, drink at your destination and not in the cars, says City of Johannesburg MMC for Safety Micheal Sun.