Karl Westvig to become the next CEO of TymeBank
He is currently the CEO of TymeBank's retail and business banking businesses.
Motheo Khoaripe speaks to Karl Westvig, incoming CEO at TymeBank.
Listen to the interview in the audio player below.
South Africa's digital lender, TymeBank, has announced that CEO Coenraad Jonker will step down to shift his focus to a new role as executive chairman of Tyme Group.
The bank, which launched in 2019, has appointed Karl Westvig as his successor, effective from 1 October.
Westvig was the chief executive of TymeBank's retail and business banking operation
TymeBank chair Thabani Jali confirmed that Jonker would prepare the group for its next growth phase in preparation of a public listing in 2028.
Jonker was at the helm when the company announced reaching its first profitability in December 2023.
Speaking to Motheo Khoaripe on The Money Show, incoming TymeBank CEO Karl Westvig says they're looking forward to the next phase of their continued growth.
"The bank is now 5-years-old in South Africa, closing in on 10 million customers, and we have some incredible partners in the likes of Pick n Pay, Boxer, the Foschini Group and ZCC. So we're well setup for success going forward." - Karl Westvig, incoming TymeBank CEO
"The beauty of a digital bank, it has a fixed cost structure that doesn't grow substantially on a year-on-year basis, but the revenues grow as you add customers, transactions and add some assets to it in terms of lending." - Karl Westvig, incoming TymeBank CEO
"...Once you build up momentum, it actually becomes a very profitable business once you get to that break even point. That's where we are right now." - Karl Westvig, incoming TymeBank CEO
Scroll up to listen to the full interview.