TymeBank appoints new CEO

The board of directors at TymeBank have announced the appointment of a new chief executive officer (CEO), Tauriq Keraan.

Keraan previously held the position of deputy CEO. “He has played an instrumental role in the bank’s development, having been a member of the team that led to Tyme’s inception in 2012 and having played a critical role in the market launch of TymeBank in 2019,” the digital bank said in a statement on Wednesday (7 August).

He succeeds former CEO Sandile Shabalala who resigned in June for personal reasons. Keraan takes the reins as the bank reached the 600,000 customer mark, five months after its official launch in February.

The leadership change is effective immediately.

Dr Johan van Zyl, co-chief executive officer of African Rainbow Capital, the controlling shareholder of TymeBank said: “Tauriq takes the reins at an important point in TymeBank’s evolution as he has to ensure customer enrolment is sustained over the coming months and beyond.

“Given his experience, both as a member of the team that launched TymeBank, and as someone who has worked in the space of digital innovation for more than a decade, both the TymeBank board and ARC, believe he will lead his executive team to implement the business strategy successfully.”

TymeBank offers a low to no fee EveryDay bank account offering, and a GoalSave product that is distributed through digital channels and Pick n Pay and Boxer stores.

“Our customer enrolment numbers and activity rates are ahead of our business case and the business is likely to sustain this momentum over the coming months. Over the next 6 to 12 months, we will also deepen the way in which we meet customers’ needs by launching an account for small businesses, responsibly offering consumers unsecured credit as well as serving a million consumers by year-end,” said Keraan.

TymeBank management previously communicated that the overall market size of its target segment is estimated at about 20 million people of which it is aiming to acquire 2 million over a three-year period.

“We’re achieving this through digital banking innovation that uses cutting-edge technology, alternative distribution models and deep data-driven insights to better understand customers’ behaviour and needs and meet them in a relevant, responsible and cost-effective way,” Keraan concluded.

Read: TymeBank CEO steps down

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TymeBank appoints new CEO