Tyme Group, which is one of the world’s fastest-growing digital banking groups, has announced a series of leadership changes including appointing Coen Jonker as TymeBank CEO in South Africa as it embarks on the next chapter of its growth strategy.
This follows TymeBank’s rapid growth in South Africa, where the bank is becoming entrenched as the credible alternative to legacy banks as it continues to make a real difference in the lives of consumers with its low–cost banking offering, high levels of customer satisfaction, and the successful introduction of several products and services since launching in February 2019.
At the same time, Tyme Group, which has always aspired to be a multi–country business, 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.
“TymeBank in South Africa has nearly five million customers, and the bank 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,” TymeBank Chairman, Thabani Jali, said.
Other appointments include:
- TymeBank’s current CEO, Tauriq Keraan, will be appointed Group Executive: Growth Projects, responsible for leading Tyme’s establishment in new territories as part of the
group’s geographic diversification strategy. - David Pfaff, Tyme Group’s current CFO, will take over from Coen Jonker as Tyme Group
CEO; and - 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.
With the exception of Cheslyn Jacobs’ appointment, which is effective 1 June, the leadership changes come into effect on 1 July, with the benefit of a three–month hand–over from TymeBank’s outgoing CEO Tauriq Keraan to his successor, Coen Jonker.
“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,” added Jali.
“First, a huge thank you to Tauriq for his outstanding leadership – growing our customer base to nearly five million, growing the bank’s net operating income 12–fold through the pandemic, achieving consistently high customer satisfaction levels, and successfully positioning TymeBank as a credible alternative to legacy banking in South Africa,” Tyme Group co-founder and incoming CEO Coen Jonker, said.
Jonker’s key priorities are the recruitment of several new senior hires to support the bank’s growth trajectory, further transforming the TymeBank leadership team, and leading
selected strategic acquisitions.
“We look forward to building on his accomplishments by continuing to enhance TymeBank’s unique value proposition for the benefit of South Africans across the economic spectrum. The team and I will remain focused on growing market share and introducing additional and exciting products and services,” Jonker said.
Edited by Zintle Nkohla
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