TimeBank’s Transformation: Leadership Change and Rebranding Ahead
TimeBank, a prominent digital bank in South Africa, is gearing up for a significant overhaul, including a management transition and a rebranding. The company has announced that Cheslyn Jacobs will step in as the new CEO, taking over from Karl Westwig on January 1, 2026, although Westwig will remain on in an advisory capacity.
This transition signifies an important milestone for one of Africa’s leading fintech firms, as it positions itself for further growth, innovation, and expansion within the region.
The firm articulated that this move ushers in a fresh chapter centered on innovation, enhancing customer experience, and pursuing sustainable growth. Chairman of TimeBank Holdings, Tabani Jari, emphasized Jacobs’ strong grasp of business as a key asset.
“Cheslyn’s insight into our customers, strategies, and team places him in a unique position to guide TimeBank into this next chapter. As we evolve, it’s vital to intensify our competition for market share,” Jari noted.
Cheslyn Jacobs: The Incoming CEO
Jacobs has been with TimeBank since it started and joined Tyme back in 2012 as Sales and Distribution Manager. He worked his way up, becoming National Operations Manager and then Head of Sales and Service in 2019, coinciding with the bank’s official launch.
By 2022, he rose to the role of chief commercial officer, focusing on business growth and revenue. His promotion to CEO is seen as a logical next step in a lengthy career spent within the company.
Jacobs holds a BCom in Industrial Psychology from the University of the Western Cape and a Postgraduate Diploma in Business Administration from the Gordon Institute of Business Sciences. Before his tenure at Tyme, he gained experience at Standard Bank and Deloitte.
This combination of corporate know-how and a knack for fintech innovation might be instrumental as the digital banking platform seeks to broaden its reach beyond South Africa.
Major Rebranding: From TymeBank to GoTyme
As Jacobs steps into his new role, TimeBank is also set to undergo a substantial rebranding process. The bank will change its name to GoTyme in the first half of 2026, aiming for a cohesive identity across Tyme Group’s global operations.
Pontsho Ramontsha, who heads corporate communications at TimeBank, mentioned that the rebranding efforts are nearing completion, with more details forthcoming pending regulatory and internal approvals.
This new branding is expected to solidify TymeBank’s standing as part of the Tyme Group, which operates under the GoTyme name in markets like the Philippines, Indonesia, and Vietnam.
Since its establishment in 2019, TimeBank has quickly become one of South Africa’s fastest-growing banks, achieving profitability within its first year, a notable feat for a digital bank in Africa.
By the end of 2024, the bank had attracted over 11 million customers, a remarkable figure when considering the advantages held by traditional banks. This success can largely be attributed to a streamlined onboarding process that allows users to set up accounts quickly.
In December 2024, the bank’s parent company secured $250 million in Series D funding, led by New Holdings, which is Latin America’s largest financial firm. This funding propelled TimeBank’s valuation to $1.5 billion, marking it as the ninth unicorn in Africa.
The group is also backed by Patrice Motsepe’s African Rainbow Capital and is expanding its reach across Asia through various partnerships and acquisitions.
Importance of Leadership Change
Bringing in Jacobs as CEO at this juncture is a strategic move, coming as TimeBank shifts from its startup phase to a more established, globally integrated financial institution.
His extensive operational background, expertise in customer relations, and leadership within the Tyme ecosystem make him well-suited to drive the next phase of profitability, innovation, and international growth.
Jacobs’ appointment aligns with the bank’s increasing focus on digital identity, smart passports, and financial inclusion. Recently, TymeBank collaborated with the South African Department of Home Affairs to streamline applications for smart IDs and passports via its kiosks and mobile app.
Outgoing CEO Westvig remarked that this partnership demonstrates the organization’s commitment to leveraging technology for broader access to essential services.
As 2026 approaches, with a new leader and a new name, the goals for TimeBank, soon to be GoTyme, are clear: expand geographically, enhance profitability, and continue providing accessible banking solutions to millions.
This leadership transition signifies a pivotal evolution for the African fintech entity, as it readies itself to redefine digital banking in developing markets.
