Millions of previously unbanked citizens suddenly needed a secure, reliable way to receive money.
Today more than 7.5 million people still receive the monthly, R370 grant. For TymeBank, serving these South Africans isn't a short-term profit opportunity but a nation-building mandate. But doing so comes with real, rising costs.
SRD recipients are often young and unemployed, living in peri-urban or rural areas with limited access to formal financial services. They are not financially excluded by choice, but by circumstances. Besides not having a steady income, they may also be dealing with challenges, such as lack of proper documentation and poor digital literacy. Bringing them into the banking system is critical to achieving financial inclusion, digital transformation and long-term economic resilience.
For many SRD recipients, TymeBank is their first formal banking experience. That means: