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Patrice Motsepe

Billionaire Patrice Motsepe to form South Africa’s first Black Owned Bank

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Billionaire Patrice Motsepe is one of South Africa’s richest men. He’s also the first Black African on the Forbes list. In 2016, he launched a private equity firm, African Rainbow Capital (ARC), focused on investing in Africa. Last week, it was announced that ARC is set to acquire TymeDigital, a South African bank with a strong Fintech focus.

Patrice Motsepe
Patrice Motsepe and wife, Precious Moloi-Motsepe

The acquisition would make him the owner of the first Black owned Bank in South Africa.

TymeDigital‚ which allows customers to access funds via their mobile phones. The bank aims to roll out transactional banking in the fourth quarter of 2018, intending to become a fully fledged digital bank for those who cannot easily access formal banking services.

Targeted client segments include unbanked and underserved clients as well as small and medium enterprises. Competitive technology allows the bank to on-board clients with greater ease relative to its competitors and keep bank charges more affordable than what SA banking clients pay in general.

The sale of TymeDigital is still subject to regulatory approval and potential sale price adjustments – and as a result, the financial effect of the sale currently cannot be reliably estimated – however it is not expected to have a material impact on the group’s results, it said.

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