Sanlam and Tyme Bank have announced a joint venture to offer unsecured personal loans with built-in credit life insurance. The partnership will see Sanlam Personal Loans (SPL) transfer its lending operations to a new entity (JVCo), while Tyme Bank acquires a 50% stake for R31.5 million. Additionally, Tyme will purchase half of SPL’s existing R5 billion loan book for approximately R400 million. The collaboration aims to leverage Tyme Bank’s digital reach—with 11 million customers and 15,000 retail points—and Sanlam’s insurance expertise to create a competitive lending platform.
The deal includes profit-sharing on credit life insurance, with Tyme Bank set to receive 50% of related earnings. Sanlam highlights the strategic fit, noting Tyme’s advanced fraud prevention and digital banking infrastructure will enhance loan distribution. The joint venture plans to develop a new lending system on Tyme’s platform, targeting both customer bases for cross-selling opportunities.
Pending regulatory approvals, the transaction is expected to finalize by March 2026. This move positions the partners to tap into South Africa’s growing demand for accessible digital credit while combining Sanlam’s financial strength with Tyme’s tech-driven distribution network.