TymeBank has named Karl Westvig as its new CEO, beginning October 1, 2024. The current CEO, Coenraad Jonker, will become Executive Chairman of the Tyme organization to focus on building the multi-country digital banking organization.
TymeBank Chairman Thabani Jali expressed trust in Jonker’s new job, citing his important leadership during the bank’s expansion to over 10 million customers this year.
Jali stated, “Coen’s leadership has positioned Tyme Group for its next growth phase and eventual public listing. We are confident Karl will build on this momentum and further enhance our market share in South Africa.”
As TymeBank’s Chief Executive for Retail and Business Banking, Karl Westvig has a wealth of experience leading fintech and lending initiatives. In addition to spearheading financial inclusion for SMEs in South Africa, he built other prosperous finance companies, such as Retail Capital, which is currently a part of TymeBank.
“I am honored to lead TymeBank at this pivotal time,” Westvig remarked. “My focus will be on achieving our goals of top-tier customer satisfaction, customer growth, and shareholder returns.”
Co-founder Coenraad Jonker, who guided TymeBank to profitability in December 2023, gave a reflection on the company’s accomplishments and future goals, which include expanding Tyme Group into Vietnam and Indonesia and aiming for a 2028 listing.
Jonker’s accomplishments in overcoming financial obstacles and establishing TymeBank as a respectable substitute for conventional banking were emphasized by Westvig.
“I am proud of what we’ve accomplished at TymeBank,” said Jonker. “Our expansion into the Asia-Pacific underscores our commitment to growth and innovation in digital banking.”
The leadership transition underscores TymeBank’s strategic evolution and ambitions in the digital banking landscape, setting the stage for continued growth and expansion both domestically and internationally.
