Tymebank appoints new independent non-executive director to the TymeBank Board
DURBAN - South African digital bank, TymeBank, has announced the appointment of Karabo Morule as new independent non-executive director to the TymeBank Board.
Morule, a qualified actuary, most recently served as Managing Director of Personal Finance at Old Mutual Limited from January 2016 to January 2020 and had served in other senior executive roles at Old Mutual since April 2010.
Prior to her employment at Old Mutual, she worked for JP Morgan, the global investment bank, in both its Johannesburg and London offices. She has experience on several company boards and was also recently appointed as non-executive director at the Centre of Excellence for Financial Services, a think tank focused on the role of financial services.
Morule said, "TymeBank has, in a relatively short space of time, successfully established itself as a result of a highly compelling customer value proposition. The bank’s ethos of broadening access to affordable financial services, while still building a sustainable commercial enterprise, is something that resonates strongly with me. I’m delighted to be appointed to the TymeBank Board and look forward to contributing to the bank’s on-going success".
She has a Bachelor of Business Science degree (cum laude) in Actuarial Science and Finance, and also a Postgraduate Diploma in Actuarial Science, both from the University of Cape Town. Furthermore, she is an alumnus of Harvard Business School, having completed the Advanced Management Programme in May 2019.
She is a Fellow of the Actuarial Society of South Africa and the Institute and Faculty of Actuaries, and in 2014 was recognised as one of the Mail & Guardian 200 Young South African leaders who are shaping the country's future. She became a member of the World Economic Forum’s Forum of Young Global Leaders in 2018.
"TymeBank is delighted to have Ms Morule appointed to the TymeBank Board as an independent non-executive director, given her vast experience in financial services. We look forward to the innovation and energy that this new generation of directors will bring as the bank advances with its strategy," said TymeBank Board Chairperson Thabani Jali.
The TymeBank Board comprises the following members:
1. Thabani Jali, Independent Non-executive Chairman
2. Thomas (Tom) Boardman, Non-executive Deputy Chairman
3. Philip Wessels – Independent Non-executive director
4. Meeneshree (Charmaine) Padayachy – Non-executive director
5. Coenraad Jonker – Non-executive director.
6. Tauriq Keraan – Chief Executive Officer and Executive director
7. Amal Desai – Chief Financial Officer and Executive director
Morule’s appointment is made at a time when the bank prepares to navigate the potential impact of Covid-19 on its operations. TymeBank management, with the support of its Board, will assess any impact as a result of Covid-19 on the bank’s operations and formulate an appropriate response to the benefit of customers.
Tauriq Keraan, TymeBank Chief Executive said, "As a digital bank, TymeBank is well positioned to maintain its quality of service to customers during the Covid-19 outbreak. To further support our Covid-19 response, we have decided to keep the savings rate we pay customers at up to 10 percent per annum on 10 days withdrawal notice until June. This is despite the two repo rate cuts of 100 basis points each announced by the Reserve Bank on 19 March and 14 April".
TymeBank, which has 1.6 million customers currently, has also zero-rated its SendMoney product, which allows TymeBank account holders to send money free of charge to any recipient that has a South African cellphone number.
BUSINESS REPORT ONLINE