TymeBank has announced that CEO Coenraad Jonker will step down to focus on his role as executive chairman of Tyme Group.
Karl Westvig will take over as CEO, effective 1 October 2024. TymeBank chair Thabani Jali says Jonker will prepare the group for its next growth phase in preparation for a public listing.
Jonker had served as CEO for just over two years and led the company to its milestone of reaching profitability in December 2023.
“We believe the time is right to redeploy key executives into positions that will best serve both TymeBank and the Group,” said Jali.
“The board has full confidence that Karl can build on Coenraad’s accomplishments and help us to further grow market share in South Africa.”
Westvig currently serves as TymeBank’s chief executive for retail and business banking, and he will bring a proven track record to his new role.
According to TymeBank, Westvig has a wealth of leadership, lending, and fintech expertise. He has built a legacy of strong teams and successful startups.
“Firstly, a huge thank you to Coenraad 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,” said Westvig.
“I am excited about taking up this assignment at such a pivotal time for the business.”
He added that his priority will be realising TymeBank’s goal of being a top-three bank regarding customer satisfaction, customer numbers, and shareholder returns.
Jonker said TymeBank wants to list the business publicly in 2028.
“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,” he said.
“We have now entered Vietnam with our first product and aim to be live in Indonesia by the end of the year.”
TymeBank is currently valued at nearly $1 billion (R18.2 billion), and it is one of the fastest-growing digital banks in the world. It is also the first digital bank to reach profitability in Africa.
Source
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