TymeBank urges Department of Home Affairs to halt fee hike on Identity Verification Services
Loading player...
GUEST - Coenraad Jonker, Co-founder and CEO of Tyme Group
TymeBank has issued a strongly worded open letter to the Minister of Home Affairs, calling on the Department to urgently reverse its gazetted decision to implement a 6,500% increase in identity verification fees, effective 1 July 2025. The bank describes the move as a "crippling" blow to financial inclusion and digital progress in South Africa.
The open letter highlights the critical role of the Department of Home Affairs’ identity verification services in onboarding customers, ensuring anti-money laundering compliance, and expanding financial services to excluded populations
TymeBank has issued a strongly worded open letter to the Minister of Home Affairs, calling on the Department to urgently reverse its gazetted decision to implement a 6,500% increase in identity verification fees, effective 1 July 2025. The bank describes the move as a "crippling" blow to financial inclusion and digital progress in South Africa.
The open letter highlights the critical role of the Department of Home Affairs’ identity verification services in onboarding customers, ensuring anti-money laundering compliance, and expanding financial services to excluded populations
