TymeBank announces new CEO as it eyes public listing

 ·8 Jul 2024

Digital banking group TymeBank has announced the appointment of Karl Westvig as its new Chief Executive Officer.

The bank’s current CEO, Coenraad Jonker, will turn his full attention to his role as Executive Chairman of Tyme Group. The changes are effective 1 October 2024.

TymeBank Chairman Thabani Jali said the group is on course to reach 10 million customers this year and the time is right to “redeploy key executives into positions that will best serve both TymeBank and the Group”.

“Jonker’s contribution to TymeBank’s growth story so far makes him the ideal person to lead Tyme Group into the next growth phase in preparation for a public listing, and the board has full confidence that Westvig can build on his accomplishments and help us to further grow market share in South Africa.”

Westvig is currently TymeBank’s Chief Executive for Retail and Business Banking. He has been a founder member of various local and international finance companies, including the RCS Group and Retail Capital (now a division of TymeBank).

Since joining TymeBank’s leadership team, Westvig has been instrumental in spearheading business banking and charting the bank’s lending proposition, the group said.

The bank’s co-founder, Jonker has served as TymeBank CEO for just over two years, leading the company to its milestone of reaching profitability in December 2023.

Currently valued at close to US$1 billion, TymeBank is one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa.

Tyme Group now has 12.5 million customers.

Read: TymeBank raising R2.7 billion – with eyes on JSE and New York listings

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