End of an Era as High-Profile Billionaire Bank Exits SA

South Africa’s leading digital banking pioneer, TymeBank, which counts billionaire Patrice Motsepe among its major backers, is entering a transformative phase as it evolves from a domestic financial innovator into a fully fledged global banking institution. This strategic transition marks a significant turning point for the bank, with its founding visionaries and long-time executives taking on key leadership roles to steer the organisation through its next stage of international expansion.

Key Takeaways

• TymeBank’s origins trace back to Deloitte in 2012: What began as a consultancy project called “Take Your Money Everywhere” (TYME) evolved into one of South Africa’s leading digital banks, highlighting its strong foundation in innovation and technology.
• Strategic partnerships shaped its growth: The involvement of MTN and later the Commonwealth Bank of Australia (CBA) provided Tyme with critical financial backing, infrastructure expertise, and global best practices that fuelled its evolution.
• Early technology adoption gave Tyme a competitive edge: By building one of Africa’s first cloud-based core banking systems on Amazon Web Services (AWS), TymeBank positioned itself as a model for digital banking excellence across emerging markets.

From Consultancy Project to Digital Banking Pioneer

Originally, the financial technology company that would later become TymeBank was officially launched to South African consumers in 2019 under the guidance of its creators, Coenraad Jonker and Tjaart van der Walt. While this marked its formal debut in the retail banking landscape, the origins of the enterprise extend much further back. Its conceptual foundations were laid in 2012 when it began as a developmental project at the consultancy firm Deloitte. Initially branded “Take Your Money Everywhere,” or TYME, the venture functioned as a mobile money transfer service funded by telecommunications giant MTN, aimed at improving access to affordable digital financial services.

The evolution from concept to operational bank was far from straightforward. Tyme’s journey involved numerous changes in ownership and leadership, with a third founder, Rolf Eichweber, also contributing to its early development, though he was no longer involved by the time the commercial launch took place. After its separation from Deloitte, Tyme caught the attention of the Commonwealth Bank of Australia (CBA), which acquired the business in 2014 as part of its efforts to strengthen its digital banking portfolio.

The Birth of a South African Unicorn

By the end of 2018, Tyme had found its way back to South African ownership when the Tyme Digital team partnered with African Rainbow Capital (ARC), an investment group founded and chaired by Patrice Motsepe. Through this partnership, ARC purchased Tyme from CBA, positioning itself as the cornerstone investor in the restructured company. ARC continues to hold an effective majority stake, supported by an increasingly diverse group of international stakeholders who see long-term potential in TymeBank’s model of low-cost, technology-driven financial inclusion.

Did you know? ARC’s other investments include companies in insurance, agriculture and infrastructure, creating a vast ecosystem that could one day allow TymeBank to offer integrated financial services across multiple industries.

Although the company had been operating internally as a bank prior to 2019, it was only that year when TymeBank fully opened its digital doors to the public. In the short span since its launch, it has achieved what few South African start-ups have managed, transforming itself into a bona fide technology unicorn with a valuation exceeding one billion US dollars. It is now widely regarded as one of the country’s most dynamic and rapidly expanding banking institutions, revolutionising how South Africans engage with their finances.

Yet, TymeBank’s aspirations have grown well beyond its domestic success. The broader Tyme Group has spent the past several years extending its influence across Asia, establishing operations in several fast-growing markets, including Singapore, the Philippines, Indonesia and Vietnam. In these regions, the bank operates under the brand name “GoTyme,” reflecting its global vision of providing seamless digital banking experiences to millions of users. In a further step towards global unification, the company has announced that it will officially rebrand all its entities to “GoTyme” in the first half of 2026.

These global undertakings are managed by TymeGlobal, an international division founded in 2017 to consolidate the company’s overseas operations. This arm is led by founding member Coenraad Jonker, who serves as Executive Chairman and Chief Executive Officer, with Tjaart van der Walt sitting on the board as a director, ensuring continuity of the founders’ original mission.

Analyst tip: By creating TymeGlobal early on, the founders ensured that future cross-border scaling would be seamless, reducing regulatory friction and operational risk as the brand grows.

Leadership Changes in a Changing Landscape

As TymeBank’s attention increasingly shifts toward its global ambitions, the company’s local leadership structure has also undergone several noteworthy transitions. The bank’s early years were shaped under the leadership of Sandile Shabalala, who served as Chief Executive Officer from 2016 and was part of the original team that helped build the bank’s infrastructure before its public launch. After guiding the organisation through its crucial early phase, Shabalala stepped down in 2019, just after TymeBank’s commercial debut. His position was then filled by his deputy, Tauriq Keraan, who successfully oversaw the next stage of growth and customer acquisition.

Keraan continued in the CEO role until 2022, at which point he was reassigned within the broader Tyme Group to focus on developing the brand’s presence in international markets. Following his transition, company founder Coenraad Jonker stepped back into the leadership position, serving concurrently as both Executive Chairman of the Tyme Group and Chief Executive Officer of TymeBank.

However, Jonker’s tenure in the dual role was designed to be temporary. In 2024, he shifted his full attention to the global division, handing over domestic leadership responsibilities to Karl Westvig, who had previously served as Executive for Retail Banking. Westvig provided stability during a year of major internal restructuring and strategic refinement, but it has now been confirmed that he too will step down at the start of 2026.

Taking over from Westvig will be long-time Tyme executive Cheslyn Jacobs, whose appointment becomes effective on 1 January 2026. Jacobs’ leadership transition has already received formal approval from the Prudential Authority of the South African Reserve Bank, signalling a smooth and well-prepared handover of responsibilities.

The Rise of a Homegrown Leader

Jacobs’ appointment reflects TymeBank’s ongoing tradition of promoting from within and recognising the contributions of its founding team members. Having joined the company in 2012, Jacobs has been part of Tyme’s journey from its earliest experimental days. His initial role as Sales and Distribution Manager saw him directly involved in building the operational networks that enabled the bank’s early expansion. He later advanced to the position of National Operations Manager at Tyme Infield, overseeing vital on-the-ground initiatives to connect with consumers.

When TymeBank officially entered the South African market in 2019, Jacobs transitioned into the role of Head of Sales and Services, where he played a key part in refining customer engagement and scaling service delivery. His expertise in managing client relationships and digital channels led to his promotion in 2022 to Chief Commercial Officer, where he helped define TymeBank’s growth strategy in an increasingly competitive fintech landscape.

Jacobs’ academic background complements his extensive industry experience. He holds a Bachelor of Commerce degree in Industrial Psychology from the University of the Western Cape, as well as a Postgraduate Diploma in Business Management from the Gordon Institute of Business Science (GIBS). His career prior to joining Tyme included positions at Standard Bank and Deloitte, where he gained valuable insight into both traditional banking operations and digital innovation.

With Jacobs now set to take the helm, TymeBank enters 2026 as an institution at a crossroads between local consolidation and global expansion. The bank’s evolving identity, soon to be fully unified under the GoTyme brand, symbolises not just a change in name but a deepening of purpose, one that continues to blend South African ingenuity with international ambition.

Conclusion

TymeBank’s journey from a modest consultancy project within Deloitte to a billion-dollar digital banking powerhouse illustrates the transformative potential of innovation, collaboration and vision. Its early adoption of cloud technology, combined with strategic alliances with MTN and the Commonwealth Bank of Australia, provided the technical and financial foundation for its remarkable growth. Today, TymeBank stands as a testament to how South African ingenuity can compete on the global fintech stage, paving the way for a new generation of digital-first financial institutions that blend accessibility, efficiency and inclusivity.