South Africa’s first mobile-only bank called 'Take Your Money Everywhere' or Tyme has officially launched today, as its website has gone live this morning.

The mobile-only bank is a distribution channel of the South African Bank of Athens, an authorised financial services and registered credit provider. Mobile operator MTN, and retailers Pick n Pay and Boxer are also involved in the venture.

The bank's website is http://tyme-capital.net/.

Services on offer from Tyme include being able to send money to anyone with a South African cell phone number, buying prepaid airtime and electricity, depositing or withdrawing cash at any Pick n Pay or Boxer till-point, paying for goods at any of these retail chain stores, receiving mini-statements and having access to SMS notifications for all transactions.

Signing up for the bank’s services requires that customers be 16 years or older, and have a valid South African identification document number. No monthly fees or minimum balances are required for a Tyme account either.