David Pfaff is the new CFO of Tyme and is set to drive the group’s new consumer credit agenda, while also devoting his time to its Asia growth plans.
Pfaff, who also assumed the role of CEO of Tyme’s South African operations from the beginning of the month, previously served as chief operating officer and chief financial officer at clothing retailer Truworths.
TymeBank also announced the appointment of two new board members, Tina Eboka and Mogomotsi (Kele) Boakgoma as independent, non-executive directors.
Eboka previously served as a member of the executive committee at Standard Bank. Boakgoma was managing director of Innovation Services at Accenture.
In a statement, Tyme says Pfaff’s appointment follows the recent deal between TymeBank SA and Tyme that secured about R1.6 billion in foreign investment from two new international shareholders.
The new investors are Apis Growth Fund II, a fintech private equity fund managed by Apis Partners and JG Summit Holdings, a conglomerate owned by the Gokongwei family and one of the largest in the Philippines.
TymeBank SA is a member of the Tyme group of companies, which is headquartered in Singapore. As part of the arrangement of bringing the two new shareholders onboard, international expansion in select emerging markets will become a strategic growth priority.
Pfaff is expected to divide his time between Singapore and SA to cover all his responsibilities.
At Tyme’s international operations, Pfaff will be tasked with “ensuring the financial health of cross-border growth” initiatives in select geographical parts of South-east Asia.
The company says in SA, Pfaff is expected to impart his expertise with the implementation of TymeBank’s consumer credit product, labelled MoreTyme, given his extensive experience in retail credit.
This product, the bank says, is akin to lay-buy and will see TymeBank’s qualifying customers buying retail products but advancing only 50% of the purchase price upfront and the balance being settled over a 30-day and 60-day period – without paying interest.
“Given the relatively poor performance of the South African economy, as well as how the onset of the COVID-19 pandemic has exacerbated the already ailing economy, TymeBank opted not to offer customers unsecured loans last year. Instead, the bank has rejigged its suite of credit products to customers and MoreTyme is expected to become a real hit with the bank’s customers.”
Pfaff will work alongside TymeBank CEO Tauriq Keraan, who will remain in his position as CEO and continue to report to the TymeBank board.
“TymeBank continues to achieve exceptionally high customer satisfaction through its single view of the customer, its world-class technology and its easy-to-use applications, whilst still maintaining its significant cost advantage for all South Africans. Having just successfully completed our capital raise, we are gearing up for significant customer growth and uptake in our products over the short- to medium-term.
“As TymeBank management, we are clear on the drivers of future growth. We are delighted that David is on-board, as his skill set and vast retail experience will deliver insights from which the bank will benefit immensely,” says Keraan.
Commenting on the appointment, the majority shareholder of TymeBank, Dr Patrice Motsepe, chairman of African Rainbow Capital, which controls TymeBank, says: “TymeBank is democratising banking in South Africa and has achieved many significant milestones, after having launched a mere two years ago. The opportunity of continued client acquisitive growth remains strong, as we plan on having many more South Africans benefit from the TymeBank value proposition.
“At the same time, the bank is preparing for the rollout of key products for the benefit of customers. David is widely credited for his vast experience and skills in retail finance, which is critical to ensure TymeBank’s continued success. We look forward to the contribution that he’ll make and wish him every success.”
Pfaff said of his appointment at Tyme: “I am excited to join such an innovative and exciting company that will change banking as we know it. Consumers will support a bank that offers superior customer service with cost-effective banking fees. Such easy-to-use and affordable banking is what will appeal to all South Africans.”
TymeBank chairperson and former judge Thabani Jali welcomes the new additions: “On behalf of the board, I want to say how delighted we are to welcome these two exceptional individuals, whose extensive experience and expertise will help guide the bank’s journey to new heights, for the benefit of all South Africans.”
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