South African digital bank TymeBank has appointed Karl Westvig as its new CEO, effective 1 October 2024.

Coenraad Jonker, the current CEO, will focus on his role as Executive Chairman of Tyme Group, overseeing the growth of the multi-country digital banking group.

Westvig, presently TymeBank’s Chief Executive for Retail and Business Banking, brings extensive leadership experience in lending and fintech.

He has previously founded various finance companies, including RCS Group and Retail Capital, which is now part of TymeBank.

Jonker, a co-founder of TymeBank, has been CEO for over two years, during which the bank reached profitability in December 2023.

Valued at nearly US$1 billion, TymeBank is one of the fastest-growing digital banks globally and the first in Africa to achieve profitability.

Tyme Group currently serves 12.5 million customers.

Westvig said,

“TymeBank’s rapid growth has been phenomenal, and I’ve clearly joined a talented team with a strong foundation.

 

My focus will be to realise our professed goal of being a top three bank in terms of customer satisfaction, growth in customer numbers and shareholder returns.”

Jonker added,

“I am grateful for what we have managed to achieve together at TymeBank. GOTyme Bank is already the fastest growing bank in the Philippines with three million customers.

 

We have now entered Vietnam with our first product and aim to be live in Indonesia by the end of the year. Our ambition is to list the business in 2028.”