TYME, a banking technology solutions provider has sold its shares in Namibia’s EBank, the country’s only branchless bank.
Local financial services group, Pointbreak has bought a TYME’s 38.3% stake in the bank, which the two companies jointly established last year.
Pointbreak now owns a 77.5% in the bank with the remaining 22.5% owned by other local individuals.
Mike Mukete, CEO of Ebank said in Windhoek that the transaction has received approval from both the Namibian Competition Commission and the Bank of Namibia and follows the recent 100% acquisition of TYME, by Commonwealth Bank of Australia.
“Our positive and ongoing relationship with TYME has been cemented in a long-term master service agreement, which provides for sustainable product development capabilities as well as key technological support,” said Mukete.
He said the partnership has produced a state of the art, low cost banking platform that provides easy banking services.
Since its launch EBank has shown steady growth, driven primarily by the easy to use send money solution to a cell phone number. Clients can also deposit, withdraw or make payments at various retail outlets.