South Africa’s new banking CEO who started working in food delivery
Cheslyn Jacobs is the new CEO of TymeBank, but he comes from a modest upbringing in the Cape Flats of Cape Town.
Jacobs grew up in the Cape Flats and said he didn’t start with a roadmap to the boardroom.
“I didn’t see many boardrooms that seemed to have space for me. But that’s the thing, you don’t always need permission, but you must be persistent,” said Jacobs.
Jacobs’ first job was in food delivery, with his first pay cheque working out to R2,500. He gave half to his grandparents, saved 25%, and spent the remaining 25%.
The new CEO holds a Bachelor of Commerce (BCom) degree in Industrial Psychology from the University of the Western Cape. He worked as a Computer Lab Assistant at the university.
After briefly working at Safmarine, he joined Standard Bank. During his first years at Standard Bank, he progressed from a graduate role to a Business Support Manager.
He then started working as a consultant for Deloitte in 2012 before joining Tyme as the Head of Distribution and Training.
TYME (Take Your Money Everywhere) was originally a Deloitte consulting project funded by MTN.
TYME partnered with MTN, Pick n Pay and Boxer to bring banking services to millions of underbanked South Africans. The company now also works with The Foschini Group (TFG).
Jacobs held several other roles before becoming the Head of Sales and Services in 2019, when TymeBank launched. He was then promoted to TymeBank’s Chief Commercial Officer in 2022.
As the Chief Commercial Officer, he was accountable for driving revenue generation and business growth.
The Tyme Group promoted Jacobs to CEO of TymeBank, effective January 1, 2026.
The bank said that 40-year-old Jacobs will lead the next generation, which will have an accelerated focus on innovation, customer experience, and sustainable growth.
“My story is a reflection of what’s possible when opportunity meets intent,” said Jacobs.
“And if sharing it reminds even one young South African that their dreams are not defined by where they start, then I’ll continue telling it.”
Expansion plans for the bank
Jacobs will lead a bank that has already seen remarkable growth, with TymeBank having R7 billion in deposits, 1,000 kiosks and 15,000 retail points across the country.
The company’s 12 million customers also make it the nation’s third-largest bank by customer base. It was also the first digital bank in South Africa to achieve profitability, reaching this milestone in 2023.
The bank is now poised for a new era, with plans to change its name to GoTyme in the first half of 2026.
This aligns the South African operations with those of GoTymeBank, which is also owned by the TymeGroup, based in the Philippines.
TymeBank said that the name change reflects its evolving brand and aims to reflect its growth, maturity and focus on customers across a broader ecosystem.
For local customers, TymeBank is also collaborating with Sanlam to offer unsecured personal loans that are bundled with credit life cover.
Sanlam indirectly owns a portion of TymeBank through its stake in African Rainbow Capital Holdings, which in turn owns African Rainbow Capital Financial Services. The deal will see TymeBank take on Capitec’s position.
The broader Tyme Group has also announced a partnership with Visa, with the card giant helping expand TymeBank’s services in South Africa.
This will be through enhanced card issuance programmes and value-added services.
Visa will also provide tailored support for the banking group across its marketing, product development, and infrastructure enhancement.
TymeBank are also working with the Department of Home Affairs to bring Smart ID and passport services to its clients in South Africa.
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