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Monday, 08 July 2024 16:45

TymeBank appoints Karl Westvig as the Chief Executive Officer.

By Lehlohonolo Lehana.

Photo Credit: Mike Turner.

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

In a statement, the bank says current CEO Coenraad Jonker will turn his full attention to his role as executive chairman of Tyme Group, where he will drive the growth of the multi-country digital banking group. 

The leadership changes come as TymeBank looks to expand its product offerings and services for consumers and commercial clients, as it transforms into a "full-service" bank.

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.

According to TymeBank, Westvig has a wealth of leadership, lending, and fintech expertise. He has built a legacy of strong teams and successful startups.

"Firstly, a huge thank you to Coenraad for his exemplary leadership — successfully steering the bank to break even during an extremely tough economic period while also firmly positioning TymeBank as a credible alternative to legacy banking in the country is truly inspiring," said Westvig.

"I am excited about taking up this assignment at such a pivotal time for the business."

He added that his priority will be realising TymeBank's goal of being a top-three bank regarding customer satisfaction, customer numbers, and shareholder returns.

Jonker said TymeBank wants to list the business publicly in 2028.

"I am grateful for what we have managed to achieve together at TymeBank. At a group level GOTyme Bank is already the fastest growing bank in the Philippines with three million customers," he said.

"We have now entered Vietnam with our first product and aim to be live in Indonesia by the end of the year."

TymeBank is currently valued at nearly $1 billion (R18.2 billion), and it is one of the fastest-growing digital banks in the world. It is also the first digital bank to reach profitability in Africa.