TymeBank has announced the appointment of Karl Westvig as its new Chief Executive Officer. The bank’s current CEO, Coenraad Jonker, will devote his full attention to his role as Executive Chairman of Tyme Group, focusing on driving the growth of the multi-country digital banking group. These changes will take effect on 1 October 2024.
TymeBank Chairman, Thabani Jali, says “TymeBank has reshaped the banking landscape in South Africa, and the bank is on course to reach 10 million customers this year. We believe the time is right to redeploy key executives into positions that will best serve both TymeBank and the Group.”
“Coen’s contribution to TymeBank’s growth story so far makes him the ideal person to lead Tyme Group into the next growth phase in preparation for a public listing, and the board has full confidence that Karl can build on Coen’s accomplishments and help us to further grow market share in South Africa,” added Jali
Capacity to build and expand startups
Westvig, currently serving as TymeBank’s Chief Executive for Retail and Business Banking, brings a wealth of leadership, lending, and fintech expertise, along with a proven track record, to his new role. As a founding member of various local and international finance companies, including the RCS Group and Retail Capital (now a division of TymeBank), Westvig has established a legacy of building strong teams and successful start-ups. Retail Capital not only provides direct funding to the SME sector but also, through embedded fintech solutions, Westvig has successfully launched finance products by partnering with over 10 industry-leading and listed companies. His innovative approach to business and leadership has been instrumental in advancing financial inclusion for SMEs in the South African market. Since joining TymeBank’s leadership team, Westvig has played a key role in driving business banking and shaping the bank’s lending offerings.
Sterling leadership
“Firstly, a huge thank you to Coen for his exemplary leadership – successfully steering the bank to break even during an extremely tough economic period while also firmly positioning TymeBank as a credible alternative to legacy banking in country is truly inspiring. I am excited about taking up this assignment at such a pivotal time for the business,” said Westvig.
On his objectives as incoming CEO, Westvig stated: “TymeBank’s rapid growth has been phenomenal, and I’ve clearly joined a talented team with a strong foundation. My focus will be to realise our professed goal of being a top three bank in terms of customer satisfaction, growth in customer numbers and shareholder returns.”
The bank’s co-founder, Jonker has served as TymeBank CEO for just over two years, leading the company to its milestone of reaching profitability in December 2023.
“I am grateful for what we have managed to achieve together at TymeBank. At a group level GOTyme Bank is already the fastest growing bank in the Philippines with three million customers. We have now entered Vietnam with our first product and aim to be live in Indonesia by the end of the year. Our ambition is to list the business in 2028,” said Jonker
Fastest growing digital bank
Currently valued at nearly US$1 billion, TymeBank is among the world’s fastest-growing digital banks and the first digital bank in Africa to achieve profitability. Tyme Group now boasts 12.5 million customers.
