Investment holding company African Rainbow Capital (ARC), which was founded by billionaire SA businessman Patrice Motsepe, announced on Sunday that TymeBank, in which ARC has a majority shareholding, has entered into a partnership with the Zion Christian Church (ZCC) to offer a banking proposition to its members.

The ZCC is the largest African-initiated church in Southern Africa, with membership of about 12 million. About nine million ZCC members are based in South Africa of which about six million are adults.

The partnership with TymeBank introduces the ZCM (Zion City Moria) Membership Card, which will serve as both a membership card as well as the member’s bank debit card.

Among the benefits offered by the card are extra Smart Shopper rewards on Pick n Pay purchases; zero-rated data for SmartApp and internet banking; and security access control;

 The first phase of the partnership is a pilot run with a smaller group of ZCC elders taken through TymeBank’s kiosk-based process, supported by Zetnet agents.

Zetnet Mobile is a mobile and digital services company, managed by Shafick Jardine and Trevor Theledi, which is owned by the church. The company drives the church’s digitisation mandate, distribution and mobile telephony products and services.

Motsepe said at the launch, which took place at the church’s headquarters in Moria, Limpopo, that, as the majority shareholder in TymeBank, ARC is very proud of its partnership with the ZCC to provide a competitive and low-cost banking product to the members of the ZCC

He pointed out that ARC, which is entering its fifth year as a business, has made a number of key investments to drive financial inclusion. For instance, in the life insurance industry it partnered with Rand Mutual Assurance and African Rainbow Life; in healthcare it partnered with Afrocentric; in pension fund administration it partnered with Alexander Forbes and in banking it launched TymeBank.

“All of these investments, along with many others, challenge the status quo in terms of the often relatively high cost base that makes it very challenging and unaffordable for ordinary people to enrol for financial products or services. It is through participation in the formal economy that people are afforded the opportunities to improve their lives, the lives of their families and their communities,” said Motsepe.

He pointed out that ARC, which is entering its fifth year as a business, has made a number of key investments to drive financial inclusion. For instance, in the life insurance industry it partnered with Rand Mutual Assurance and African Rainbow Life; in healthcare it partnered with Afrocentric; in pension fund administration it partnered with Alexander Forbes and in banking it launched TymeBank.

“All of these investments, along with many others, challenge the status quo in terms of the often relatively high cost base that makes it very challenging and unaffordable for ordinary people to enrol for financial products or services. It is through participation in the formal economy that people are afforded the opportunities to improve their lives, the lives of their families and their communities,” said Motsepe.

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