Tymebank Customers Can Now Withdraw Cash At Kazang Pay Terminals

TymeBank customers across South Africa can now use their cards to withdraw cash at Kazang Pay-enabled terminals following a partnership between the two entities.

This makes cash withdrawals more accessible to consumers in townships, rural areas and other underserved areas that have mostly spaza shops and informal traders, they said in a statement on Thursday 13 February.

This offering turns informal traders into one-stop shops where customers can buy prepaid electricity, airtime and data as well as gaming vouchers, do daily shopping, send remittances, pay bills and draw cash, TymeBank and Kazang said.

Kazang has a national network of over 90,000 value-added services VAS devices processing around 3 million transactions daily. 60,000 of these pay points can accept card payments and allow cash withdrawals.

"This removes the need for cardholders to pay for a taxi and queue at an ATM to access their wages or social grant payout, Kazang Pays Business Manager Malcolm Visagie said.

"It also enables customers to withdraw money as needed, rather than making one large withdrawal on a monthly or weekly basis.

TymeBanks Chief Commercial Officer Cheslyn Jacobs added, "Among our 10 million customers are many who still rely heavily on physical cash for day-to-day transactions.

By working with Kazang, we can offer them more points where they can access easy withdrawals, including at shops and traders that are conveniently located in their communities.

TymeBanks partnership with Kazang, a division of Nasdaq and Johannesburg Stock Exchange-listed fintech company Lesaka Technologies , is the second targeting spaza shops countrywide.

In May last year, it announced a partnership with another local fintech group Flash, which has an established presence in the informal trading space.