TymeBank appoints new CEO for South Africa

Digital banking group TymeBank has appointed a new chief executive officer for South Africa, as it makes a move to expand into other markets.

Coen Jonker, the co-founder of Tyme and TymeBank, takes over as TymeBank’s CEO in South Africa, effective 1 July 2022. Jonker has vast retail banking, fintech and deal-making experience and expertise both in South Africa and in several Asian markets.

TymeBank’s current CEO, Tauriq Keraan, moves to group executive: growth projects, responsible for leading Tyme’s establishment in new territories as part of the group’s geographic diversification strategy.

Jonker will focus on the recruitment of several new senior hires to support the bank’s growth trajectory, further transforming the bank’s leadership team and leading selected strategic acquisitions.

Three will be a three-month handover period, the bank said.

Other executive changes include David Pfaff, Tyme Group’s current CFO, who will take over from Jonker as Tyme Group CEO from 1 July. In his new role, Pfaff will move to Tyme Group’s head office in Singapore where he assumes responsibility for the group’s international growth strategy

Cheslyn Jacobs, who is currently responsible for TymeBank’s sales and service function, will be appointed chief commercial officer of TymeBank, accountable for revenue generation. The appointment takes effect from 1 June.

TymeBank Chairman, Thabani Jali, noted that the bank has nearly five million customers, and is on course to break even in 2023.

“We believe the time is right to redeploy key executives into positions that will let the group take advantage of opportunities that are opening up in new territories,” he said.

“Tauriq has been instrumental in making TymeBank a South African success story, having assimilated a multitude of unique learnings in the shaping of the bank’s business model through the formative period of its lifecycle. He is, therefore, the ideal person to lead Tyme Group’s establishment in new territories and shape the customer experience across the group,” Jali said.

The bank said it has started testing its banking platform in the Philippines and is preparing to launch its digital bank to the market in the second half of 2022.

It has also applied for a digital banking licence in Pakistan, and if successful, will operate in a combined market size of approximately 400 million people, it said.

Read: ARC pumps more money into TymeBank – with Rain on track for R1 billion in earnings

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