GoTyme signs up 2.3 million PH clients

MANILA —The Gokongwei-backed GoTyme Bank has reached more than 2.3 million users in the Philippines as of January, going over double the number of local account holders since it began operations here in October 2022.

GoTyme, a partnership between the Gokongwei group and the South Africa- and Singapore-based Tyme, said it is onboarding an average of 250,000 customers per month over the past three months.

The joint-venture company said this is significantly ahead of the Tyme Group’s South Africa operation, which has acquired 1.6 million customers within the same timeframe or over the past 15 months.

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“We are proud of our sister bank in South Africa and we see this as further validation that our unique retail distribution model is a major accelerator in building a sustainable digital bank,” GoTyme Bank chief executive Nate Clarke said in a statement.

“This gives us even more confidence that GoTyme is on the right track to build one of [the] largest retail banks in the country and fulfill its mission of unlocking the financial potential of all Filipinos,” he added.

GoTyme said it sees further growth in the future, citing that 32 percent of the population is predicted to have embraced digital banking by 2027, auguring well for the business.

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The company said Filipinos have only begun to embrace digital banking alternatives, adding that Filipinos associate convenient and efficient customer service with direct interactions with people rather than chatbots. INQ