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South Africa: TymeBank Appoints Karl Westvig as New CEO

TymeBank Appoints Karl Westvig as New CEO
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TymeBank, the South African digital banking pioneer, has announced the appointment of Karl Westvig as its new CEO. This leadership change comes as the bank gears up for significant growth and strategic initiatives.

Co-founder Tauriq Keraan, who has led TymeBank since its inception in 2019, transitions to the role of Group Chairman. Keraan’s new focus will be on the rapid expansion of GoTyme Bank in the Philippines, which has already amassed three million customers.

Thabani Jali, TymeBank’s Chairman, praised Keraan’s substantial contributions to the bank’s growth, highlighting his suitability for the chairman role as the bank prepares for a public listing. Jali expressed confidence in Westvig’s ability to build on Keraan’s achievements and further increase TymeBank’s market share in South Africa.

Westvig, previously the Chief Executive for Retail and Business Banking, brings extensive leadership experience in lending and fintech to his new role. Under his leadership, TymeBank has made significant advancements in business banking and expanded its lending offerings.

The newly appointed CEO aims to position TymeBank among the top three banks in customer satisfaction, customer growth, and shareholder returns. “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,” Keraan stated.

Jali noted that the reassignment of key executives is strategically timed to maximize benefits for both TymeBank and the broader group. He also mentioned that the bank is on track to reach 10 million customers this year, currently acquiring 150,000 new customers monthly.

Valued at approximately $1 billion (R18 billion), TymeBank is one of the world’s fastest-growing digital banks and the first to achieve profitability in Africa. In March 2024, TymeBank announced plans to evolve into a “full-service” bank, expanding its product offerings and services. This strategic shift followed a $77.8 million funding round by Tyme, the bank’s parent company, in May 2023.

TymeBank is also reportedly raising $150 million in funding as of June 2024 to support its expansion into new markets, including Indonesia, with plans to list on the New York Stock Exchange by 2028.

Meanwhile, another South African digital bank, BankZero, is enhancing its market position by introducing three new features for its customers: Pay Many, Immediate Payments, and Phone Tap Payments.

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