TymeBank has announced the appointment of Karl Westvig as its new CEO. Incumbent Coenraad Jonker will step down to turn his full attention to his role as executive chairman of Tyme Group, where he will drive the growth of the multi-country digital banking group.
The changes are effective on October 1, 2024.
TymeBank chairman Thabani Jali said they felt the changes were necessary as the bank was 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,” Jali said.
“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.
Westvig, currently TymeBank’s chief executive for retail and business banking, brings a wealth of leadership, lending and fintech expertise as well as a proved track record to his new role.
As a founder member of various local and international finance companies, including the RCS Group and Retail Capital (now a division of TymeBank), Westvig has built a legacy of strong teams and successful start-ups. Retail Capital has not only provided funding to the SME sector directly, but through embedded fintech solutions, Westvig successfully launched finance products by partnering with over 10 industry-leading and listed companies.
His adventurous approach to business and leadership pioneered financial inclusion for SMEs in the South African market.
Since joining TymeBank’s leadership team, Westvig has been instrumental in spearheading business banking and charting the bank’s lending proposition.
“TymeBank’s rapid growth has been phenomenal, and I’ve clearly joined a talented team with a strong foundation,” Westvig said.
“My focus will be to realise our professed goal of being the top three bank in terms of customer satisfaction, growth in customer numbers and shareholder returns.”
Westvig also thanked Jonker for his exemplary leadership – successfully steering the bank to break even during an extremely tough economic period, saying he firmly positioned TymeBank as a credible alternative to legacy banking in the country.
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.
Currently valued at close to $1 billion (R18.bn), TymeBank is one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa. Tyme Group now has 12.5 million customers.
BUSINESS REPORT