GoTyme Bank, formerly known as TymeBank, is pushing for fee-free instant digital payments across South Africa.
Following its recent rebrand, the digital bank has set its sights on changing how the industry approaches transaction fees.
GoTyme Bank PayShap free transfers now apply at every tier, with no charge regardless of transaction value.
GoTyme Bank CEO Cheslyn Jacobs argues that instant payments should be treated as a core banking service, not a premium feature.
He points out that South Africans have grown used to paying fees simply to move their own money, even as much of the digital economy has shifted toward free, instant services.
Understanding PayShap South Africa Instant Payments
PayShap South Africa instant payments launched in March 2023.
The South African Reserve Bank built the system to accelerate the country’s shift away from cash.
PayShap works through a ShapID, usually a person’s cellphone number, linked directly to their bank account.
Once a payment is sent, funds clear within seconds.
SARB Deputy Governor Fundi Tshazibana has described PayShap as an opportunity to reduce transaction costs and build trust in digital payments.
Three years after launch, the technology clearly works. The real question now is why many South Africans still pay to move their own money at all.
South Africa Digital Banking Fees 2026 Landscape
South Africa digital banking fees 2026 data shows a wide gap between providers.
According to publicly available pricing, most major banks charge between R1 and R10 per PayShap transfer.
Discovery Bank charges up to 0.5 percent of the transaction value, capped at R35.
READ ALSO:What GoTyme Bank’s Employee Ownership Initiative Means for Staff
Nedbank applies different fees depending on whether money goes to a cellphone number or directly to a bank account.
GoTyme Bank stands apart from this pattern. It remains the only large South African bank offering PayShap transfers completely free across all transaction values.
Capitec, Absa, FNB, Standard Bank, and Nedbank all charge fees that GoTyme has chosen to eliminate entirely.
Why GoTyme Bank South Africa 2026 Is Betting on Zero Fees
GoTyme Bank South Africa 2026 strategy rests on a simple argument.
Even small fees, whether R2, R5, or R10, add up quickly for people who send money regularly.
This includes South Africans supporting family members, paying domestic workers, splitting shared expenses, or paying small businesses.
Jacobs believes these charges remain a real barrier to digital adoption, even as the country works to reduce cash dependency.
“For us, offering free PayShap transfers reflects our broader philosophy of making banking simpler, more rewarding and more accessible, because that is how banking should be,” Jacobs explained.
GoTyme argues that the cost of instant payments should increasingly be absorbed by banks as part of delivering a modern service, rather than passed on to customers.
Looking to Global Models for Inspiration
GoTyme has pointed to international examples to support its case.
Brazil’s Pix system, launched in 2020, became the country’s dominant payment method by allowing instant transfers at little or no cost.
India’s Unified Payments Interface followed a similar trajectory, now processing billions of transactions monthly while keeping free instant payments the norm in that market.
Jacobs believes South Africa has already built the infrastructure needed to see similar adoption gains.
He argues that international markets have shown adoption accelerates once digital payments become simple, convenient, and affordable.
GoTyme frames the real opportunity as more than speed.
It is about making digital payments so accessible that they become the default way South Africans exchange value.
What This Means for the Industry
Whether other banks follow GoTyme’s lead toward a standardised no-fee policy remains an open question.
GoTyme believes payment infrastructure should eventually be viewed the way consumers view internet connectivity, a background service people rarely have to think about or budget around.
For now, GoTyme has backed its position with action rather than argument alone.
As competition in South Africa’s digital banking sector intensifies, pricing is becoming just as important a battleground as product features.
If GoTyme’s approach drives real customer growth, it could pressure larger banks to reconsider their own PayShap fee structures in the months ahead.
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