African telecommunications provider MTN Group has partnered with retail chain Pick n Pay to launch a mobile-only bank in South Africa, called Tyme Capital.
Tyme stands for "take your money everywhere" and will enable customers to send, receive, deposit, withdraw money and purchase pre-paid airtime and electricity.
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However, in contrast with traditional banks, account balances are limited to a maximum of USD2,795 and daily debits set at a maximum USD111.
The mobile bank is a distribution channel of the South African Bank of Athens Limited and, according to the bank, there are no monthly fee and no minimum balance to activate it. To deposit and withdraw cash at all Pick n Pay and Boxer till-points there is a fee of ZAR4(USD0.45) per transaction.
The system is supposed to be an advanced method of banking, despite the simplicity of the mobile devices. Pick n Pay will provide the physical stores and cash money in and out of the system.
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