According to Moneyweb, GoTyme Bank plans to grow its client base to 30 million by 2036, a figure that would make it the largest retail-banking lender in South Africa by number of customers.
GoTyme, which recorded 13 million clients this year, the second-largest count in the country, became Africa’s first profitable standalone digital bank earlier in 2026. The bank’s chief executive, Cheslyn Jacobs, said the goal is to have one in two South Africans as customers. Reaching 30 million would more than double its current base and push it ahead of Capitec, which reported 26.6 million personal and business clients as of 31 August.
Partnerships and competitive landscape
The growth plan relies heavily on a partnership with Sanlam, the continent’s largest insurer. Jacobs explained that the alliance will allow both firms to take deposits, offer unsecured personal loans and provide life-cover products as early as next year. Sanlam expects to add 2 million to 4 million banking clients by 2030 and to expand its loan book to R10 billion, up from an estimated R6 billion in 2025.
GoTyme is also watching the moves of Pepkor Holdings, Africa’s biggest clothing and mobile-phone retailer. Pepkor plans to launch an independent lender, potentially using its 6 000 South African stores as distribution points for digital-banking services. Jacobs noted that Pepkor’s existing retail footprint and device sales give it a captive customer base that could be leveraged for banking.
These collaborations aim to create a “win-win” situation: Sanlam can sell its insurance proposition to GoTyme’s 13 million customers, while GoTyme can market its banking services to Sanlam’s 9 million policyholders.
Ownership, funding and valuation outlook
GoTyme is majority-owned by billionaire Patrice Motsepe’s African Rainbow Capital Investments. The group signs roughly 400 000 new clients each month and reports a combined customer base of more than 23 million across South Africa and the Philippines, where it runs a joint venture with the Gokongwei Group.
International backing includes China’s Tencent Holdings and a 2024 fundraising round that attracted a $150 million investment from Nu Holdings, a leading Latin-American financial firm. The round valued GoTyme’s global operations at $1.5 billion.
Jacobs said the bank is working toward a future listing, but the timing and valuation will depend on market conditions. He hinted that a valuation above $15 billion would be a “watermark” for a potential IPO, although the current figure was not disclosed. The CEO added that the business must demonstrate consistent year-on-year growth before a listing can be pursued, estimating a three-to-five-year horizon.
Implications for the sector
If GoTyme reaches its target, the competitive dynamics of South Africa’s retail-banking market could shift dramatically. A larger digital-only lender would increase pressure on traditional banks to accelerate their own digital transformation and could spur further partnerships between banks and non-bank entities such as insurers and retailers.
For investors, the ambition signals a potential new avenue for capital allocation in the fintech space, especially given the bank’s profitability and backing from high-profile shareholders. However, the path to a public listing remains uncertain, and market volatility could affect both the timing and the price at which shares might be offered.
Regulators have not commented on the specific growth plan, but any expansion that involves taking deposits and extending unsecured credit will fall under the oversight of the Reserve Bank. Ongoing scrutiny of digital-banking models means GoTyme will need to maintain robust risk-management practices as its loan book expands.
In the short term, the bank’s focus will be on converting Sanlam’s insurance customers into banking clients and preparing for the possible entry of Pepkor’s lender. Success in these areas will be a key indicator of whether the 30 million-customer goal is realistic.
For readers tracking the retail-banking sector, the story is filed under Markets & Finance.
