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Motsepe’s TymeBank adds finance heavyweight to its board

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Karabo Morule has joined the TymeBank board as independent non-executive director.
Karabo Morule has joined the TymeBank board as independent non-executive director.

Digital bank TymeBank has announced the addition of Karabo Morule to its board as a new independent non-executive director.

Morule joins existing members Thabani Jali, chairperson of the board; Thomas Boardman, non-executive deputy chairman; Philip Wessels, independent non-executive director; Meeneshree (Charmaine) Padayachy, non-executive director; Coenraad Jonker, non-executive director; Tauriq Keraan, TymeBank CEO and executive director; and Amal Desai, CFO and executive director.

In a statement, Jali expresses the bank’s delight in having Morule join the board, especially given her vast experience in financial services. “We look forward to the innovation and energy this new generation of directors will bring as the bank advances with its strategy.”

A former senior Old Mutual executive, Morule boasts 15 years’ experience in the financial services industry.

At Old Mutual, she served as MD of personal finance from January 2016 to January 2020, becoming the first woman to lead that business. She also served in other senior executive roles at the company since April 2010.

Prior to Old Mutual, she worked for JP Morgan 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 holds a Bachelor of Business Science degree (cum laude) in actuarial science and finance, and a post-graduate 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 also a fellow of the Actuarial Society of South Africa and the Institute and Faculty of Actuaries, and became a member of the World Economic Forum’s Forum of Young Global Leaders in 2018.

Commenting on her appointment, Morule says: “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.”

TymeBank has seen a rapid rise in customers since its official launch last year and now counts 1.6 million citizens as its customers.

According to the bank, the new board member’s appointment is made at a time when it is preparing 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, it states.

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