Patrice Motsepe’s challenger digital bank, TymeBank, has announced a big management shake-up, with CEO Tauriq Keeran moving into the role of group executive for growth projects.

In his new position, Keeran will be responsible for taking TymeBank into new markets around the world as part of a “geographic diversification strategy”.

Keeran will be replaced in the CEO role by Coen Jonker, a co-founder of Tyme Group and TymeBank.

The branchless TymeBank, which was launched in early 2019, has enjoyed strong growth in South Africa and is increasingly being seen as a credible challenger to the country’s big retail banks. It has signed up almost five million customers since launch a little over three years ago.

“The group is making major advances in the Philippines with the imminent launch of GOTyme Bank, the digital bank modelled on South Africa’s TymeBank, and officially submitted its application for a digital banking licence in Pakistan in March 2022,” the group said in a statement.

The bank is on course to break even in South Africa by next year, said chairman Thabani Jali in a statement. “We believe the time is right to redeploy key executives into positions that will let the group take advantage of opportunities that are opening up in new territories.”

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Jonker’s key priorities as CEO of TymeBank in South Africa will be hiring senior executives and leading selected acquisitions.

David Pfaff, Tyme Group’s current chief financial officer, will take over from Coen Jonker as Tyme Group CEO. He will move to Tyme Group’s head office in Singapore where he will assume responsibility for the group’s international growth strategy.

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Cheslyn Jacobs, who is currently responsible for TymeBank’s sales and service function, will be appointed chief commercial officer of TymeBank, accountable for revenue generation.