South Africa: New Tymebank Chief Wants a Share of SA's Lending Market

Aug 13, 2019 | Daily Maverick; All Africa

New TymeBank CEO Tauriq Keraan wants the new digital bank to diversify into personal and business lending, a market dominated by Capitec and the other big three banks. It's a step away from TymeBank's core transactional banking business.

Tauriq Keraan, the newly appointed CEO of TymeBank, has laid out his long-term vision of diversifying the new bank into personal and business lending, which is set to make up half of its revenues in the next eight years.

Keraan, who was promoted to CEO on Wednesday 7 August to replace Sandile Shabalala, has nailed his colours to the mast, saying TymeBank's focus over the next 12 months will be to grow its loan book, which will comprise unsecured lending, a credit card product, and small businesses funding.

TymeBank, which is owned by Patrice Motsepe's African Rainbow Capital, wants to have a loan book that is worth about R2-billion by 2022, which represents nearly 1% of South Africa's total lending market (R4.2-trillion in 2018).

Since its official launch in February 2019, TymeBank has focused on transactional banking by using technology. It has also focused on the entry-level market or consumers underserved by traditional banks.

TymeBank's ambitions to focus on personal and business...

Source: All Africa