TymeBank, a fast-growing digital firm backed by Patrice Motsepe’s African Rainbow Capital, has redeployed CEO Tauriq Keraan to oversee its international expansion.
The relative newcomer is making progress in the Philippines with the imminent launch of GOTyme Bank and submitted its application for a digital banking licence in Pakistan in the first quarter of 2022.
Keraan has been appointed group executive for growth projects, responsible for leading TymeBank’s establishment in new territories as part of its geographic diversification strategy.
Coen Jonker, co-founder of Tyme Group and TymeBank, will replace Keraan as CEO. His priorities are the recruitment of several new senior roles to support the bank’s growth trajectory in SA, as well as leading selected strategic acquisitions, the bank said in a statement on Tuesday, without giving details.
Tyme Group’s CFO David Pfaff will take over from Jonker as Tyme Group CEO. Cheslyn Jacobs, who is responsible for TymeBank’s sales and service function, will be appointed chief commercial officer of TymeBank, accountable for revenue generation.
The leadership changes take effect from July 1, save for Jacobs’s appointment, which starts in June.
“This is an exciting time for the group and having personally spent the last 13 years building and scaling digital banking businesses in SA, I look forward to playing a more active role in establishing Tyme Group as a leading global digital banking player,” Keraan said.
TymeBank, founded 38 months ago, has almost 5-million active clients and is expected to break even in 2023.
The digital bank is among a handful of new entrants that are looking to open up the retail banking market that is currently dominated by Capitec Bank. Before Capitec’s growth, the traditional big-four banks — Standard Bank, Absa, Nedbank and FirstRand’s FNB — dominated the landscape.
Correction: An earlier version of this story published on May 24 erroneously stated that TymeBank will break even in 2022. The company is expected to break even in 2023.
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