New action for South African businessman Patrice Motsepe, who has just invested – with his financial firm African Rainbow Capital (ARC) – in the creation of a digital bank in Johannesburg called “TimeDigital”. The facility has already received operating authorization from South Africa’s bank, the South African central bank, said a news release issued to the press.
Currently holding 10% of the bank’s capital with the option to acquire an additional 5%, ARC is sharing the newly created facility with Commonwealth Bank, one of Australia’s four largest 90%), according to the same source.
Views on the financial sector in the Hemisphere
In South Africa, the new Motsepe stake is attracting a lot of interest in the business world as TymeDigital is the first bank authorized by the central bank since 1999. As its founders intend to make a real financial center with, among others, training courses for the financial education of young people and women entrepreneurs throughout the country. Objective: to prepare one of its targets which is none other than the active population with little or no banking. In its agenda, TymeDigital plans to launch its first banking product by mid-2018.
With a fortune estimated at $ 1.81 billion, Patrice Motsepe ranks 16th in the 2017 ranking of the 25 richest Africans of Forbes magazine. His fortune, he built it in the mining sector, with African Rainbow Minerals, a conglomerate he formed in the early 2000s from several companies and has interests in the gold, ferrous metals, platinum and base metals. Today, Soweto’s native businessman has extended his influence in the financial sector, notably with African Rainbow Capital, which he co-founded in 2016. By early September, he had succeeded in introducing the company on the Johannesburg Stock Exchange.
For now, the exact amount of its investment in TimeDigital has not been revealed, but for Motsepe, this represents one more step in the implementation of its ambitions for the African financial sector.
“Our investment is an essential part of our plans to create an empowered pan-African financial services group. […] Promoting technology to provide access to financial services is one way we plan to expand and deepen financial inclusion in South Africa and other emerging markets “.