The South African Reserve Bank’s Prudential Authority has given TymeBank the green light to appoint Cheslyn Jacobs as its CEO.
The Prudential Authority is the country’s financial institutions watchdog. Banks must ask it for approval when they want to make major changes, such as appointing new executives, merging, or changing their ownership to ensure those changes don’t put the bank or the wider financial system at risk.
The approval for Jacobs to lead TymeBank was given on Monday. He will begin his tenure on 1 January 2026, while his predecessor, Karl Westvig, will stay in an advisory capacity for three months to ensure a smooth transition and to support the bank’s ongoing growth.
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From Standard Bank to TymeBank
Jacobs’ journey in banking includes working at Standard Bank and Deloitte. TymeBank in the announcement noted that he is also a founding team member of the bank.
“Jacobs brings a wealth of institutional knowledge and leadership experience, having played an integral role in building the business,” read the announcement.
He started at Tyme in 2012 as sales and distribution manager and he was later appointed as National Operations Manager at Tyme Infield. Jacobs was appointed head of sales and services in 2019, the year TymeBank launched, and was promoted to chief commercial officer in 2022, accountable for driving revenue generation and business growth.
New chapter for TymeBank
Thabani Jali, chairman of TymeBank Holdings Limited, said Jacobs’ appointment is the beginning of the bank’s next chapter.
“It’s time to compete even harder for market share as we mature as a business. Under Jacobs’ leadership, and with our talented team reshaping banking for all South Africans, TymeBank is geared to create even greater value for our customers and partners.”
According Tyme Bank’s annual financial statement for the year ended 30 June 2025, the bank serves more than 11 million customers, with customers’ deposits increasing by 22% to R7.66 billion during the period.
Its revenue also grew by 29% to R3.11 billion during the period.
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Westvig’s time at the bank
Jali described Westvig’s tenure as “instrumental in strengthening the bank’s commercial offering and small business focus, as well as bolstering its customer base and building a solid foundation for sustainable growth”.
He was appointed CEO in 2023. “His leadership has been integral to building a strong foundation for TymeBank’s future success, and we are delighted that he will continue to contribute in an advisory role.”
“It’s been a privilege to lead Tyme Bank through a period of solid growth and transformation. The business is now entering an exciting new phase, and I look forward to continuing to support the team as Tyme Bank expands its brand presence and cements key strategic partnerships,” said Westvig.
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