Digital banking platforms and low-cost payment systems are expected to play an increasingly important role in enabling intra-African trade, supporting small businesses and improving financial inclusion as African economies pursue greater regional integration and economic diversification.

Speaking on May 14 during the rebrand launch of GoTyme Bank, formerly TymeBank, GoTyme Bank special projects and operations group executive Nolwazi Nzama said digital banking infrastructure could help to reduce transaction costs and improve economic participation for small businesses and informal traders across the continent.

She explained that smaller businesses and informal traders were primarily seeking efficient and affordable ways to transact, adding that payment systems needed to support economic activity instead of creating additional barriers.

“For us PayShap has been revolutionary in allowing customers to be able to make payments for free,” Nzama said, noting that several competitors still charged for the service.

She added that lower-cost payment rails would support economic productivity and trade activity by enabling customers to move money more efficiently.

“If people can trade, they are able then to be economically productive, and from that economic production . . . able to create dignity and lives, which is what we want for the African continent,” Nzama said.

The comments come as African countries place increasing emphasis on regional integration and intra-African trade under the African Continental Free Trade Area framework, while also seeking to address structural barriers such as fragmented payment systems, limited financial access and high transaction costs.

Nzama reiterated that GoTyme Bank’s digital banking model had been designed to provide banking services at lower cost without affecting profitability or accessibility.

She noted that the bank’s merchant cash advance product was also aimed at supporting traders and retailers through simpler, more transparent access to funding.

“Most customers in this segment, when they look for money, [are] trying to get [it] hassle-free,” she said.

She further indicated that cross-border payments and broader regional financial integration formed part of the bank’s longer-term priorities, although these initiatives would need to align with regulatory requirements.

“In the short term . . . we are going to make sure that we walk the journey to be able to fully enable cross-border payments and participate in that,” she said.

Nzama added that the mobility of people across African markets also presented opportunities for digital banking providers, particularly in enabling financial access for foreign nationals while complying with regulatory obligations.

GoTyme Bank forms part of the broader Tyme Group, which operates across markets including the Philippines, Hong Kong, Singapore, Indonesia and South Africa.

Nzama said that, in terms of plans to expand further into Africa, the business continued to assess opportunities with scale potential.

“I think the Asian and African continents provide that,” she said, although she noted that no definitive expansion into another African country had been confirmed.

Meanwhile, GoTyme CEO Cheslyn Jacobs said customer banking behaviour in South Africa was shifting towards digital-first platforms, with customers increasingly selecting financial products based on affordability, convenience and functionality instead of remaining with a single institution long term.

“Customers are looking for banking that feels a lot more seamless . . . that’s a lot more affordable,” Jacobs said.

He added that GoTyme Bank had expanded its cash-in and cash-out network to more than 200 000 retail points and about 1 000 kiosks nationally as part of efforts to improve accessibility.

According to Jacobs, the broader Tyme Group now serves more than 21-million customers globally, including about 13-million in South Africa.

The bank also recently became profitable in December 2024, with Jacobs describing the milestone as evidence that the digital banking model was commercially sustainable at scale.

Nzama added that while digital banking technology remained central to the business model, the bank continued investing in customer support capabilities and omnichannel engagement.

“We believe that it has never been more important for us to make banking more human,” she said.