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 -  New entrant into local banking, TymeBank, has re-jigged its executives at board and company level as it targets half a million signed up customers a mere three months after its launch.

The bank, which yesterday(tue) declared that it had more than 400 000 clients, said it was confident it would reach the 500 000 milestone by the end of July as it also announced yesterday the appointment of Thabani Jali as an independent non-executive director and chairperson.

Jali, a  former KwaZulu-Natal High Court Deputy Judge President, retired in January 2019 as member of the groupexecutive at Nedbank where he had held the position of chief governance and compliance officer and group company secretary. He also served as executive chairman of PwC.

TymeBank also announced that its chief executive (CEO),  Sandile Shabalala, had tendered his resignation for personal reasons, the most important of which was to spend more time with his family.

Shabalala, who held the position of CEO for close to three years, led TymeBank through its development phases and its public launch in February. 

"The leadership changes are effective immediately,"the bank said in a stock exchange news service  announcement.

The bank said it would announce the appointment of a new CEO in due course, subject to feedback from the Prudential Authority at the SA Reserve Bank while Shabalala served his notice period. 

"Deputy CEO of Tymebank, Tauriq Keraan, will manage the transition period alongside Shabalala until a new CEO has been appointed, "it said.

Other appointments to the board include Tom Boardman as non-executive director and deputy chairperson as well as  Philip Wessels as independent non-executive director.
African Rainbow Capital (ARC), through its subsidiary ARC Financial Services, is the majority shareholder in TymeBank and currently holds a 73 percent  interest. 

Other shareholders include the  founders of TymeBank as well as employees.

Tymebank, South Africa's first  fully licensed digital operator, was launched to much fanfare this year, going live in 500 Pick n Pay and Boxer stores.

At the time the bank claimed 50 000 clients had signed up to its platform, which it said offered customers a full-service bank account for less than half the cost of the nearest equivalent product from any of the traditional banks.

Analysts have endorsed the bank's rapid growth also given that it has no physical branches.