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Coen Jonker. Picture: SEBABATSO MOSAMO
Coen Jonker. Picture: SEBABATSO MOSAMO

TymeBank announced a leadership shake-up on Monday, redeploying CEO Coenraad Jonker to oversee its overseas expansion in his new role as executive chair of Tyme Group. 

Jonker will be succeeded by Karl Westvig, who now serves as TymeBank’s CEO for retail and business banking. Westvig brings extensive leadership experience in lending and fintech, along with a proven track record, to his new role, the bank says.

The bank is valued at close to $1bn, making it one of the world’s fastest-growing digital banks and the first to reach profitability in Africa. Tyme Group now has 12.5 million customers.

“I think the big job that I had in the last two years was to get the business to profitability to make sure that the business is commercially sustainable, and we are at a point where the commercial sustainability of the business is in place,” Jonker said.

His strategic placement overseas fed into the objectives of the businesses to be internationally listed by 2028, he said.

“I will be based in Singapore and supporting the growth of the business in the Philippines. We are currently the fastest-growing banks in the Philippines and we have just entered Vietnam with our first product, so I will be supporting the team in building the business there.”

He said the appointment of Westvig was a positive point that showed that the bank could build a cohesive team to accelerate the growth of the business. 

Westvig said one of the key points he would focus on was the lending side of the business and fixed loan product that the bank was expanding with The Foschini Group

Under Coen’s leadership we got to break even in December, the first objective is that we are that we are comfortable for this financial year which is our starting point and continuing to grow our customer base and we want to become the most loved brand in SA,” he said. 

TymeBank chair Thabani Jali said: “TymeBank has reshaped the banking landscape in SA and is on course to reach 10-million customers this year. We believe the time is right to redeploy key executives into positions that will best serve both TymeBank and the group.

“Coen’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 Karl can build on Coen’s accomplishments and help us to further grow market share in SA,” Jali said.

Jonker has served as TymeBank CEO for just over two years, leading the company to its milestone of reaching profitability in December 2023.

“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 3-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,” Jonker said. 

TymeBank in December turned a profit for the first time since going to market in February 2019. This is a remarkable milestone for a bank that started operations less than five years ago with no branches, legacy systems or an established customer base. It now boasts more than 8.5-million customers.

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