Not too many years ago Nigerian financial services enterprises might have been on the radar of any number of South African ventures looking to gain strategic footholds across the continent.
The boot is now on the other foot.
Nigeria’s Access Bank has pitched a R2.8bn offer for niche financial services business Bidvest Bank. It might have been a reasonable expectation that the bank would attract a local suitor. Possibly our own financial services phoenix, African Bank, has too much on its plate to contemplate taking on Bidvest Bank?
It’s not Access Bank’s first local rodeo. The group has been operating in South Africa since 2021 when it snapped up Grobank. Just how Bidvest Bank — with its distinctive position in foreign exchange, business banking and fleet and trade financing — fits into Access Bank’s vision of becoming the “gateway to Africa” will be fascinating to watch unfold.
Coinciding with this move, Brazilian digital banking group Nubank has made a meaningful investment in Tyme Group
Coinciding with this move, Brazilian digital banking group Nubank, which is listed on the New York Stock Exchange, has made a meaningful investment in local fintech operator Tyme Group.
Tyme operates two digital banks — TymeBank in South Africa and GoTyme Bank in the Philippines.
Tyme Group completed a $250m funding round — which was encouragingly oversubscribed. Nubank took up $150m, the M&G Catalyst Fund another $50m and the remaining $50m came from existing shareholders (including Patrice Motsepe’s African Rainbow Capital).
Maybe some of the scepticism about Tyme’s ambition to become a top-three retail bank in South Africa within the next three years will burn off. Certainly, the mooted stock exchange listing for 2028 might even need to be brought forward …
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