Digital banking institution TymeBank has announced the appointment of Karl Westvig as its new Chief Executive Officer. This leadership transition, effective from October 1, aligns with the bank’s strategic move to broaden its range of products and services, transitioning towards becoming a comprehensive service bank.
In a recent statement, TymeBank indicated that the outgoing CEO, Coenraad Jonker, will now dedicate his efforts entirely to his role as the Executive Chairman of Tyme Group. In this capacity, Jonker will spearhead the expansion of the group’s digital banking operations across multiple countries.
The bank’s decision to restructure its leadership comes at a time when TymeBank is poised to achieve a significant milestone of acquiring 10 million customers within the year. Thabani Jali, the Chairman of TymeBank, expressed confidence in the timing of this executive realignment, emphasizing that it will optimize the leadership within TymeBank and the broader Tyme Group.
Jali praised Jonker’s pivotal role in TymeBank’s impressive growth trajectory, which has positioned him as the ideal leader to navigate Tyme Group through its forthcoming growth phase, including preparations for a future public listing. With the board’s full support, Jali is optimistic that Westvig will build upon Jonker’s legacy and drive further market share expansion for TymeBank in South Africa.
According to the digital bank, Westvig, currently TymeBank’s chief executive for retail and business banking, brings a wealth of leadership, lending and fintech expertise, as well as a proven 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), it says 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, it adds.
His adventurous approach to business and leadership pioneered financial inclusion for SMEs in the South African market, says the bank, adding that since joining TymeBank’s leadership team, Westvig has been instrumental in spearheading business banking and charting the bank’s lending proposition.
“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 the country is truly inspiring. I am excited about taking up this assignment at such a pivotal time for the business,” says Westvig.
“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.”
In January, TymeBank said it became the first digital bank to make a profit in South Africa and on the continent, after reaching its first month of profitability in December 2023. According to the African Rainbow Capital-controlled bank, the milestone, which came less than five years since it launched to the public in February 2019, marked a pivotal moment as SA’s only black-controlled bank.
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,” says Jonker.
Currently valued at close to $1 billion (R18 billion), TymeBank is one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, says the bank, which now has 12.5 million customers.
