SOUTH AFRICA – TymeBank, a South African digital bank, appointed Karl Westvig as its new Chief Executive Officer (CEO) effective October 1, 2024.
His appointment enables the current CEO, Coenraad Jonker, to focus fully on his role as Executive Chairman of Tyme Group.
The online bank announced these leadership changes months after reporting its first-ever profit in December 2023.
Jonker, a co-founder of the bank established in 2019, served as TymeBank CEO for over two years. He now transitions to Group Chairman, emphasizing GoTyme Bank’s rapid growth in the Philippines with three million customers.
TymeBank Chairman Thabani Jali said Jonker has significantly contributed to the company’s growth, making him the ideal person for the role as the bank prepares for a public listing.
He also stated that the board is confident that Westvig can build on Jonker’s accomplishments and grow the bank’s market share in South Africa.
Westvig, currently the bank’s Chief Executive for Retail and Business Banking, brings extensive leadership experience in lending and fintech to his new role. During his tenure, the bank has made significant strides in business banking and enhanced its lending offerings.
The newly appointed CEO aims to position the bank among the top three in customer satisfaction, customer growth, and shareholder returns.
“We have entered Vietnam with our first product and aim to live in Indonesia by the end of the year. Our ambition is to list the business in 2028,” Jonker said.
Jali stated that the firm deems it reasonable to reassign key executives to roles that will benefit both TymeBank and the group optimally. He also noted that the bank will achieve 10 million customers this year. Additionally, the digital bank disclosed that it is acquiring 150,000 customers monthly.
Currently valued at about US$1 billion, TymeBank claims to be one of the world’s fastest-growing digital banks and the first to reach profitability in Africa.
In March 2024, TymeBank disclosed plans to transform into a “full-service” bank and expand its product offerings and services. This move followed Tyme’s — the neobank’s parent company — US$77.8 million funding round in May 2023.
Moreover, TymeBank reportedly raised US$150 million in funding in June 2024 to expand into new markets, including Indonesia and aims to list on the New York Stock Exchange by 2028.
While TymeBank boasts of its feats, another digital bank in South Africa, BankZero, is stepping up its market proposition, announcing that it will add three new features: Pay Many, Immediate Payments, and Phone Tap Payments for its customers.
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