TymeBank appoints new CEO

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Tyme Group has announced a series of leadership changes following TymeBank’s rapid growth in South Africa.

At the same time, Tyme Group said it is strengthening its position as an international digital banking group.

“The group is making major advances in the Philippines with the imminent launch of GOTyme Bank, the digital bank modelled on South Africa’s TymeBank, and officially submitted its application for a digital banking licence in Pakistan in March 2022,” the company stated.

TymeBank chairman Thabani Jali said that the bank has nearly five million customers in South Africa 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,” Jali said.

The group announced the following leadership changes:

  • TymeBank’s current CEO, Tauriq Keraan, will be appointed Group Executive: Growth Projects — responsible for leading Tyme’s establishment in new territories.
  • Coen Jonker, the co-founder of Tyme and TymeBank, will be appointed TymeBank’s CEO in South Africa. His key priorities are the recruitment of several new senior hires to support bank’s growth trajectory, further transforming the TymeBank leadership team, and leading selected strategic acquisitions.
  • David Pfaff, Tyme Group’s current CFO, will take over from Coen Jonker as Tyme Group CEO.
  • 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.
Tauriq Keeran, Tyme Group Executive: Growth Projects

Keraan, Jonker, and Pfaff’s appointments all come into effect on 1 July. Jacobs’ appointment is effective 1 June.

In his new role as Tyme Group CEO, David Pfaff will move to Tyme Group’s head office in Singapore where he assumes responsibility for the Group’s international growth strategy.

There he will help execute existing and explore new retail agreements with local and international business partners.

“We have started testing our banking platform in the Philippines. The start-up team has been recruited, the leadership team has been assembled, and we are on track to launch GOTyme Bank, our digital bank to the market in the second half of 2022,” Pfaff said.

“We had previously indicated that Pakistan was under consideration as a third market and if our application for a digital banking licence in that country is successful, we will be operating in a combined market size of c. 400 million people.”

Main Image: Daily Maverick

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