Leadership Changes at TymeBank

TymeBank, a digital bank with Patrice Motsepe’s African Rainbow Capital as the anchor investor, has announced a significant leadership transition. The current CEO, Coenraad Jonker, will step down to focus on his role as executive chairman of Tyme Group. In his place, Karl Westvig will assume the position of CEO, effective from 1st October 2024.

Thabani Jali, the chair of the company, highlighted that Jonker's move is part of preparing the group for its upcoming growth phase in anticipation of a potential public listing. Jali expressed confidence in this strategic decision, believing it will better serve both TymeBank and the group as a whole.

Jonker, who held the CEO position for more than two years, successfully led the company to profitability in December 2023. This achievement marks a significant milestone for TymeBank, positioning it as one of the fastest-growing digital banks globally, as well as the first African digital bank to achieve this level of success.

Westvig, the current chief executive for retail and business banking at TymeBank, is set to bring his proven track record and expertise to his new role as CEO. With a background in leadership, lending, and fintech, Westvig is known for building strong teams and successful startups.

Looking ahead, Jonker has voiced his vision for the future of TymeBank, aiming for a public listing by 2028. He emphasized the bank's growth, mentioning its expansion into the Philippines with three million customers and its plans to enter Vietnam and Indonesia.

Westvig, appreciating Jonker's leadership, is enthusiastic about taking on the CEO role at a crucial juncture for the business. He is committed to realizing TymeBank's objectives of becoming a top-three bank in customer satisfaction, customer numbers, and shareholder returns.

The transition in leadership at TymeBank signifies a strategic move aimed at propelling the bank towards further growth and market penetration.