End of an era for Patrice Motsepe-backed TymeBank

Cheslyn Jacobs has been selected to lead TymeBank as its CEO after the bank received approval from South Africa’s financial sector watchdog.

Jacobs, who is set to take the helm from 1 January 2026, will succeed Karl Westvig, who has been with the bank’s leadership since 2023. The company said Westvig will continue to serve in an advisory capacity.

On Monday, 3 November, TymeBank confirmed that it has received approval from the Reserve Bank’s Prudential Authority for this boardroom shakeup.

In a statement, the bank noted that Jacobs is a founding TymeBank team member who brings a wealth of institutional knowledge and leadership experience, having played an integral role in building the business. 

Jacobs has a BCom in Industrial Psychology from the University of the Western Cape and a Postgraduate Diploma in Business Management from the University of Pretoria’s Gordon Institute of Business Science. 

He previously worked at Standard Bank and Deloitte, but joined Tyme in 2012 as Sales and Distribution Manager, later becoming National Operations Manager at Tyme Infield. 

He was appointed Head of Sales and Services in 2019, the year TymeBank launched, and was promoted to Chief Commercial Officer in 2022, where he was tasked with revenue generation and business growth.

“His appointment marks the beginning of the bank’s next exciting chapter, which will be defined by an accelerated focus on innovation, customer experience, and sustainable growth,” the company said.

Jacobs will be the bank’s third CEO since 2022, with his predecessor, Westvig, having taken over from TymeBank co-founder Coenraad Jonker in October 2024.

“Cheslyn’s deep understanding of our customers, strategy, and people uniquely positions him to lead TymeBank into its next era,” said TymeBank chairman Thabani Jali. 

“It’s time to compete even harder for market share as we mature as a business. Under Cheslyn’s 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.”

TymeBank is owned by African Rainbow Capital, an investment holding company founded by billionaire Patrice Motsepe, who also serves as the company’s non-executive chairman.

The bank has seen significant growth since its launch in 2019, now boasting a customer base of over 11 million clients and reaching profitability in under five years.

Jali said Westvig’s leadership was crucial to reaching some of these milestones and strengthening the bank’s commercial offering and small business focus.

He explained that Westvig’s tenure bolstered the bank’s customer base and built a solid foundation for sustainable growth.

“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, particularly with the Sanlam partnership,” Jali said.

When Jacobs begins his tenure at the start of 2026, he will work closely with Westvig for three months to ensure a seamless transition while maintaining this momentum.

“It’s been a privilege to lead TymeBank through a period of solid growth and transformation,” Westvig said. 

“The business is now entering an exciting new phase, and I look forward to continuing to support the team as TymeBank expands its brand presence and cements key strategic partnerships.”