TymeBank’s incoming CEO Cheslyn Jacobs has identified his top priorities for the digital bank – to elevate its position to become among SA’s top three retail banks, while investing in employees and customer experience.
Last week, the digital bank announced it had received approval from the South African Reserve Bank’s Prudential Authority to appoint Jacobs as its new CEO, effective 1 January 2026.
Jacobs succeeds Karl Westvig, who has been with TymeBank’s leadership since 2023 and will continue to serve in an advisory capacity.
During an interview with ITWeb, Jacobs pointed out that fostering a thriving workplace environment that values and nurtures its people is his top priority, noting a high-performance culture will ensure operational efficiency and ultimately lead to business growth.
“Our ambition hasn’t changed with the leadership transition. What matters most are our teams. TymeBank has 1 800 employees across the country, including field ambassadors and sales staff, to our contact centre teams.”
This number excludes technology services teams which are based in Vietnam and support the entire group, he notes.
“Over the last year, we’ve added more people than at any other time in our history, but it’s not just about numbers − it’s about having the right people in the right roles to drive growth.”
According to Jacobs, his philosophy centres on unlocking the potential of staff in order to positively impact productivity and innovation.
“Internally, we’ve created platforms to boost our teams’ capabilities. We have built a culture that is caring, empowering and ambitious − one where people dream big, punch above their weight, and can be their best selves both at work and at home.”
Having joined TymeBank at the age of 26, before its launch, when the company had only 17 employees, Jacobs will now lead the business into its next growth phase at 40 years old.
“I’ve grown up in this business, and I am committed to making it a place where our people can flourish.”
TymeBank continues to grow at pace, on-boarding between 135 000 and 150 000 customers monthly, bringing the total close to 12 million customers signed up to date, Jacobs stated.
The bank became profitable in December 2023, achieving its first monthly profit less than five years after its launch in February 2019. It is the first digital bank in SA to become profitable.
It attributes this to its focus on affordable and accessible digital banking, strategic partnerships with retailers, and continuous innovation across its platforms.
“We are still the most affordable bank in South Africa, and our growth is a testament to the value our people bring to customers every day,” he said.
Central among his top priorities is meeting TymeBank’s target to become one of the top three retail banks in SA, within the next five years.
Introducing new products and enhancing customer service will be key to strategically helping the bank meet this target, he commented.
“Enhancing customer experience will be TymeBank’s sustainable differentiator. We are upgrading our app with new features, including adding Apple Pay, and improving the overall look and feel. How customers feel about us will be a defining factor in our growth.”
Introducing credit cards is on the short-term roadmap, and the bank is also working on expanding its lending capabilities. Vehicle and property finance are not priorities for now, he continued.
According to Jacobs, the bank’s SME lending business, operating through its Retail Capital division, is thriving, with 80 000 small and medium enterprises already funded.
Retail Capital uses a merchant cash advance model, providing funding against business turnover and cash flow rather than requiring traditional collateral.
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