Incoming TymeBank CEO Cheslyn Jacobs has announced that the bank now serves 12 million customers, a milestone that positions it alongside South Africa’s largest banking institutions and underscores the rapid rise of digital banking in the country. This achievement comes amid intensifying competition in South Africa’s financial sector, historically dominated by the Big Four—Absa, Standard Bank, Nedbank, and FirstRand (FNB).
While these incumbents have long held sway, Capitec has emerged as a formidable challenger, now boasting nearly 25 million clients, making it the country’s largest bank by customer base. Standard Bank follows with just under 20 million active clients, including those outside South Africa, while Absa and FNB each serve more than 12 million customers. TymeBank’s latest milestone puts it within striking distance of these giants.
A Market in Flux
The surge in TymeBank’s customer base reflects broader shifts in South Africa’s banking landscape. New entrants—particularly digital-first banks—are aggressively targeting consumers and SMEs with simplified, low-cost solutions. Established brands such as Discovery, Old Mutual, Shoprite, and Pepkor have launched or are planning banking services, while standalone challengers like Bank Zero and global players such as Revolut are entering the market. Meanwhile, fintech innovators like Yoco and iKhokha are disrupting niche segments, adding another layer of competition.
The table below shows the number of active clients at banks in South Africa. It should be noted that some banks may define “active clients” differently than others, and that these figures are based on all the banks’ latest results.
| Bank | Clients |
| Capitec | 24.99 million |
| Standard Bank | 19.25 million |
| Absa | 12.8 million |
| FNB | 12.37 million |
| TymeBank | 12 million |
| Nedbank | 7.3 million |
| Discovery Bank | 1.25 million |
TymeBank’s Growth Story
Founded in 2019 as a fully digital bank, TymeBank is backed by African Rainbow Capital, the investment firm chaired by billionaire Patrice Motsepe. In less than five years, the bank has achieved profitability—a feat that places it among the fastest-growing digital banks globally and the first African digital bank to reach this milestone.
Jacobs, who will assume the CEO role in early 2026, celebrated the achievement in a recent post:
12 million customers is a milestone bigger than banking. It’s proof that world-class solutions can be built right here at home. One in four adults in South Africa chooses TymeBank—a vote of confidence that we can stand shoulder to shoulder with the best while staying true to our principles of access, simplicity, fairness, and trust.
He added that the milestone strengthens TymeBank’s commitment to innovation and inclusion:
This doesn’t mean the work is done. If anything, hitting 12 million customers pushes us to keep showing up for the people who trust us.
Key Drivers of Success
TymeBank attributes its rapid growth to a hybrid model that combines digital channels with in-store kiosks at major retailers, enabling consistent customer acquisition of around 150,000 new accounts per month. This approach helped the bank reach its first profitable month in December 2023, less than five years after launch.
In December 2024, TymeBank celebrated another milestone—a $1.5 billion valuation following a successful capital raise. The bank’s owners have hinted at plans for a primary listing on the New York Stock Exchange, complemented by a secondary listing on the JSE.
Looking Ahead
TymeBank’s strategy focuses on deepening its product offering beyond basic transactions. The bank plans to scale longer-tenor loans, insurance, investment products, and eventually mortgages—services that remain scarce in its operating markets. While acknowledging regulatory and technical hurdles, TymeBank sees automation and AI-driven underwriting as critical to managing risk and scaling responsibly.
