TymeBank has reached a significant milestone by securing 10 million customers in less than six years, making it South Africa’s fastest-growing bank in 2024. This digital-first bank has also amassed R7 billion in customer deposits, cementing its position as a leader in the local banking industry.
Karl Westvig, who took over as CEO of TymeBank on 1 October 2024, commented on this achievement, calling it a testament to the bank’s mission to provide accessible financial services to South Africans. “This achievement is a testament to our team’s dedication to providing equitable banking that meets the evolving financial needs of South Africans,” Westvig said.
The Leadership Shift and New Vision
Westvig’s appointment followed the decision of former CEO Coenraad Jonker to focus on his role as executive chairperson of Tyme Group. Jonker led the bank through its formative years, and now Westvig, with his extensive experience in leadership, lending, and fintech, will steer the bank towards its next growth phase. Westvig emphasised that reaching profitability is a crucial milestone, achieved in what he called “record time.”
“We managed to get the business to break even while serving the poorest in our communities,” Westvig explained. “This feat holds the potential to shift how banks worldwide address the need for financial inclusion across various economic sectors.”
Future Growth and Strategy
The bank is not just content with the progress it has made. TymeBank is planning to refine its customer experience while also shifting focus towards more affluent market segments. By offering a world-class banking app and enhanced digital services, the bank aims to attract a broader and wealthier clientele.
Through strategic partnerships with retailers like The Foschini Group (TFG), Pick n Pay, and Boxer, TymeBank offers convenient banking options, allowing customers to open bank accounts in-store. This collaboration has been a key factor in its rapid customer acquisition.
Westvig stressed that the bank is not interested in short-term product expansion but is instead focusing on growth opportunities in the medium and long term. The unsecured lending market, as well as transactions and savings products, are at the forefront of this strategy. In addition, the bank is working on a credit card offering, which is expected to drive growth for the group.
Empowering Small Businesses
TymeBank’s acquisition of fintech company Retail Capital has bolstered its offerings for small and medium-sized enterprises (SMEs). This includes financing over R12 billion to small businesses across South Africa. The bank views this as an essential part of its mission to support the local economy and help entrepreneurs thrive.
As TymeBank continues to grow, its focus remains on innovation, inclusivity, and providing world-class banking services to all South Africans.
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