TymeBank, the digital bank in which Patrice Motsepe’s African Rainbow Capital is anchor investor, will have a new CEO from October: Karl Westvig.
Westvig will replace incumbent CEO Coenraad Jonker, who co-founded TymeBank and who will now focus his attention on his role as executive chairman of Tyme Group, where he will focus on international expansion.
Westvig is currently TymeBank’s chief executive for retail and business banking.
“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,” the company said in a statement on Monday.
He said his focus as CEO will be growing TymeBank into one of South Africa’s top three banks in terms of customer satisfaction, customer growth numbers and shareholder returns.
TymeBank chairman Thabani Jali said: “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.”
‘Ideal person’
He added that Jonker is the “ideal person to lead Tyme Group into the next growth phase in preparation for a public listing”.
Jonker said subsidiary GOTyme Bank in the Philippines has signed up 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.”
He said Tyme Group’s ambition is to list the business in 2028. The group has about 12.5 million customers. – © 2024 NewsCentral Media
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