South Africa’s first fully licensed digital-only bank, TymeBank, is due to go live in 500 Pick n Pay and Boxer stores next week. PHOTO: Supplied

JOHANNESBURG - African Rainbow Capital (ARC) on Tuesday announced former KwaZulu Natal High Court deputy judge president Thabani Jali as the new independent non-executive director and chairperson of its TymeBank.

Jali retired in January this year as member of the group executive at Nedbank where he held the position of chief governance and compliance officer and group company secretary. He also served as executive chairman of PriceWaterhouseCoopers.

Patrice Motsepe's ARC in November 2018 acquired the controlling stake of TymeBank, the country’s first fully digital bank. 

Through its subsidiary ARC Financial Services, ARC is the majority shareholder in TymeBank and currently holds a 73 percent interest. Other shareholders include the founders of TymeBank, as well as employees of TymeBank.

The bank has gone on a rapid drive and had more than 400,000 people that had signed up for its offering since its launch in February, through its more than 500 bank-enabled kiosks in the market.

ARC also announced the appointments of Tom Boardman as non-executive director and deputy chairperson of TymeBank and Philip Wessels as independent non-executive director to shore up its board.

Boardman is the former chief executive of Nedbank and retired from this executive position in 2010. Wessels was previously chief risk officer and then group executive for retail and business banking at Nedbank until his early retirement in 2016.

- African News Agency (ANA)