The fastest growing banking institution, TymeBank has named Karl Westvig as its new chief executive officer. Westvig takeover from the current chief executive officer (CEO), Coenraad Jonker.
According to the bank, Jonker will turn his full attention to his role as executive chairman of Tyme group, where he will drive the growth of the multi-country digital banking group. The changes are effective Tuesday, 1 October 2024.
“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,” said TymeBank chairman, Thabani Jali.
Westvig, currently TymeBank’s chief executive for retail and business banking, brings a wealth of leadership, lending and fintech expertise, as well as a proven track record to his new role. As a founder member of various local and international finance companies, including the RCS group and Retail Capital (now a division of TymeBank), Westvig has built a legacy of strong teams and successful start-ups.
“Firstly, a huge thank you to Jonker 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 this country is truly inspiring. I am excited about taking up this assignment at such a pivotal time for the business,” said Westvig.
The bank’s co-founder, Jonker has served as TymeBank chief executive officer 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 three 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,” said Jonker.