Johannesburg. South Africa’s leading digital bank, TymeBank, announced key leadership changes today with the appointment of a number of leading business figures as board members, including former KwaZulu Natal High Court Deputy Judge President and banking executive Thabani Jali as its Independent Non-executive Chairperson of the Board of Directors.
The Bank also announced that its Chief Executive Officer (CEO) Mr Sandile Shabalala has tendered his resignation for personal reasons, the most important of which is to spend more time with his family. Mr Shabalala held the position of CEO for close to three years. He led TymeBank through its development phases and its public launch in February this year. Since launch the Bank has acquired more than 400 000 customers and is well on its way to acquiring 500 000 by July this year.
The TymeBank board will announce the appointment of a new CEO in due course, subject to feedback from the Prudential Authority at the SA Reserve Bank. Mr Shabalala will serve his notice period. Mr Tauriq Keraan, deputy CEO of TymeBank, will manage the transition period alongside Mr Shabalala until a new CEO has been appointed.
The following board members were appointed:
Mr Jali retired in January 2019 as member of the Group Executive at Nedbank where he held the position of Chief Governance and Compliance Officer and Group Company Secretary. Prior to his role at Nedbank, he was executive chairman of PriceWaterhouseCoopers. He was formerly Deputy Judge President of the High Court of South Africa (KwaZulu-Natal Division). He also served as Chairman of the Competition Commission Inquiry into Bank Charges and the National Payment System.
Up to now the TymeBank Board has been led by Mr Coenraad Jonker as Acting Chairperson. He will remain on the Board as a Non-executive Director.
African Rainbow Capital (ARC) is the majority shareholder in TymeBank and currently holds a 73% interest. Other shareholders include the founders and employees of the Bank.
ARC Chairperson Mr Patrice Motsepe commented as follows:
“We welcome the appointment of the new board members. They are all highly respected for their roles in championing good corporate governance practices. As the controlling shareholder of the Bank, we look forward to Mr Jali’s leadership and contribution as Chairperson.
“We thank Mr Sandile Shabalala for his contribution as CEO for close to three years and for leading the team thus far. We also wish him well with his future plans.”
As newly appointed Chairperson of the TymeBank Board of Directors, Mr Jali commented:
“As someone who strongly believes in good governance and building an inclusive economy, the TymeBank ethos of financial education and financial inclusion resonates with me. TymeBank management have demonstrated over a relatively short period of time that business success is possible while making more people part of the financial system. The board’s role is clear: we oversee implementation of the agreed strategy within a context of sound corporate governance practices.”
Mr Shabalala commented:
“For close to three years my leadership position at TymeBank has offered my team and me numerous exciting challenges, on which we have delivered successfully. In preparing the Bank for its launch and launching it earlier this year, we can safely say we have done so with flying colours.
“With the Bank having acquired more than 400 000 customers already over a four-month period – and nearing 500 000 customers in the next month – it is clear that it is poised for significant growth over the next year or two. The bank is performing beyond expectations on key financial and customer metrics. I am truly proud of the Bank’s achievements thus far and it leaves me with a deep sense of accomplishment.
“Taking into account the invaluable experience I gained at TymeBank and my vast years of banking experience I believe that now is the right time to take a break, spend time with my family, and thereafter figure out how do I make meaningful contributions to the wider world out there and further my passion of driving inclusion and upliftment of communities. I thank every member of the TymeBank family for their support throughout my journey thus far.”
Mr Keraan, as deputy CEO, commented as follows:
“TymeBank management will continue to implement the agreed business strategy. Our offering to customers remains compelling and we are working hard to on-board between 20 000 and 30 000 new customers each week.
“Our sights are set firmly on commercial success. In terms of our business case, we plan to achieve this in about three years. TymeBank can only be successful if we continue to make the experience of our customers as easy and as seamless as possible – and if we do so at a competitively priced offering compared to our competitors.”
TymeBank is expected to reach a client base of 500 000 by July and 1 million customers by December 2019. From a market with a potential size of 21 million customers in predominantly LSM 5, 6 and 7, the Bank has set itself a target of reaching 2 million customers over the next two years.
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