TymeBank announces Karl Westvig as new CEO, following Coenraad Jonker’s step down in October

Avatar
TymeBank incoming CEO, Karl Westvig
TymeBank incoming CEO, Karl Westvig

TymeBank, the digital bank in which Patrice Motsepe’s African Rainbow Capital is the anchor investor, has announced that CEO Coenraad Jonker will step down to focus on his role as executive chairman of Tyme Group. Karl Westvig will assume the role of CEO, effective 1 October 2024, TechCentral reports.

The company’s chair Thabani Jali stated that Jonker will prepare the group for its next growth phase in anticipation of a public listing.

TymeBank has reshaped the banking landscape in South Africa, and the bank 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,” Jali said.

The board has full confidence that Karl can build on Coenraad’s accomplishments and help us to grow market share in South Africa further.

Jonker, who served as CEO for over two years, led the company to profitability in December 2023.

This milestone marks a pivotal moment for South Africa’s only black-controlled bank – making it one of the fastest-growing digital banks globally and the first African digital bank ever to reach this milestone,” the bank said in a statement.

Jonker expressed pride in the achievement, emphasising, “Having achieved our first month of profitable operations in a significantly shorter timeframe is a South African success story that our 8.5 million customers can share with pride.”

Outgoing TymeBank CEO Coenraad Jonker
Outgoing TymeBank CEO Coenraad Jonker

Westvig, who is currently TymeBank’s chief executive for retail and business banking, brings a proven track record to his new role.

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

Jali first praised Jonker, calling him the “ideal person to lead Tyme Group into the next growth phase in preparation for a public listing.”

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.”

Westvig added that his priority will be realising TymeBank’s goal of being a top-three bank in terms of customer satisfaction, customer numbers, and shareholder returns.

Jonker shared his vision for TymeBank’s future, aiming for a public listing 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.

TymeBank hits profitability after 4 years, becoming first South African digital bank to do so
TymeBank’s incoming CEO, Karl Westvig

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


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Register for Technext Coinference 2023, the Largest blockchain and DeFi Gathering in Africa.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!