South African bank moving big in international markets
The Tyme Group has signed a new deal with Visa, which is expected to expand its presence in South Africa and Southeast Asia.
The Tyme Group is the owner of TymeBank, South Africa’s first profitable digital bank, which launched in February 2019.
The bank has R7 billion in customer deposits, 1,000 kiosks, and 15,000 retail points across the country.
Its 11 million customers make it the nation’s third-largest bank by customer base in the country.
While starting out as a South African businesses, Tyme Group, which is now headquartered in Singapore, expanded to the Philippines in 2022.
The group also has its technology and product development hub in Vietnam, with plans to launch a new bank in the nation. Across its total operations, the Tyme Group serves 20 million customers.
The group has now signed a new multi-year, multi-market deal with Visa, which aims to accelerate financial inclusion and digital payment innovation in South Africa, the Philippines and Vietnam.
As part of the partnership, Visa will support Tyme Group’s expansion across multiple regions, including TymeBank in South Africa, through enhanced card issuance programmes and value-added services.
Visa will also provide tailored support for the banking group across marketing, product development and infrastructure enhancement, and data-driven financial services.
This aims to provide secure, seamless, and innovative payment services in key emerging markets.
“This multi-year, multi-market partnership reflects our shared ambition to accelerate digital adoption, broaden financial inclusion, and bring innovative, low-cost banking solutions to millions,” said Lineshree Moodley, Visa Country Manager for South Africa.
“Together, we’re helping more people take part in the digital economy by bringing the benefits of innovation, safety, and connection to every corner of our country,” said Lineshree Moodley, Visa Country Manager for South Africa.
“We’re making digital payments more inclusive, secure, and effortless for all South Africans.”
Coenraad Jonker, CEO of Tyme Group, added that the latest development is a significant milestone in the bank’s relationship with Visa and aims to bring world-class financial services to emerging markets.
“We’re excited to deepen our impact in South Africa, the Philippines and Vietnam, empowering consumers and small businesses through secure, accessible, and innovative payment experiences,” said Jonker.
A new era for TymeBank
TymeBank is set to rebrand in the first half of 2026, changing its name to GoTyme, the same name as the group’s operations in the Philippines.
Local customers will also soon be able to get their Smart IDs and passports from TymeBank’s kiosks across the country, with the bank joining the Home Affairs’ plan to expand the service.
The local division will also have a new CEO in 2026, with Chief Commercial Officer Cheslyn Jacobs assuming the role.
He will replace Karl Westwig, who will take on an advisory role.
The Prudential Authority of the South African Reserve Bank has already approved Jacobs’ appointment.
Jacobs was part of the founding team of TymeBank and joined Tyme in 2012 as a Sales and Distribution Manager.
TYME (Take Your Money Everywhere) was originally a Deloitte consulting project funded by MTN.
Jacobs would later become National Operations Manager at Tyme Infield. He was then appointed as the Head of Sales and Services in 2019, when TymeBank launched.
Jacobs, who studied a BCom in Industrial Psychology at the University of the Western Cape, was then promoted to Chief Commercial Officer in 2022.
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