GoTyme Bank to expand financial services

A customer handing a credit card to a cashier during payment. Indoor setting with a bright, modern aesthetic. Photo: RDNE Stock project/Pexels

GoTyme Bank, South Africa’s digital lender, plans to grow into the nation’s third-largest bank by 2027 through a broader suite of financial tools. Among its upcoming offerings are a new credit card and an upgraded version of its buy-now-pay-later service, MoreTyme.

The roadmap includes expanded personal lending through a partnership with Sanlam and a new rewards proposition, subject to regulatory and licensing approvals. GoTyme Bank CEO Cheslyn Jacobs explained that the strategy is not just about adding more products, but about building a deeper relationship with customers.

GoTyme Bank is building ways to give customers simpler access to various investment and digital assets. The bank said it expected to become South Africa’s third-largest bank by monthly active users in the first quarter of 2027, with over 13 million customers.

Spending on its virtual cards has risen 240% year-over-year, including 65% growth in the most recent quarter. GoTyme Bank estimates that customers are already saving more than R150 million (US$9 million) a year because qualifying instant payments are free.

According to Cheslyn Jacobs, scale and innovation matter, but ultimately customers need to feel the benefit. The bank’s growth is changing the economics of everyday payments for customers, with almost 70% of payments made by GoTyme customers now instant and free.

Cheslyn Jacobs added that the bank wants the industry to copy its free instant payments model, making it the standard. GoTyme Bank Group Executive for Operations Nolwazi Nzama said the bank’s ambition is to make digital banking simpler without making it feel distant.

Customers should not have to choose between great technology and great service, and the bank is on track to have 140 Customer Hubs operational across the country by year-end, complementing its digital channels with face-to-face support. The bank’s goal is to provide a seamless experience, making both self-service and human support possible.