South African digital challenger TymeBank has promoted its Chief Commercial Officer, Cheslyn Jacobs, to CEO, effective January 1, 2026.
Jacobs, a member of the bank’s founding team, will replace Karl Westvig, who is stepping down after a tenure that saw the bank achieve unicorn status. Westvig will remain with the company in an advisory capacity.
The appointment signals a new phase for the 11-million-customer bank, which is shifting focus to sustainable growth and market consolidation as it matures.
Jacobs is a Tyme veteran, having joined the business in 2012, long before its official 2019 bank launch. He has held several leadership positions, including Head of Sales and Services, and was promoted to CCO in 2022, where he was responsible for revenue generation.
“Cheslyn’s deep understanding of our customers, strategy and people uniquely positions him to lead TymeBank into its next era,” said Thabani Jali, chairman of TymeBank Holdings. “It’s time to compete even harder for market share as we mature as a business.”
A Short but Pivotal Tenure
Westvig’s appointment as CEO was part of a major strategic move for TymeBank. He joined in January 2023 after TymeBank acquired Retail Capital, the SME funding fintech he led, in December 2022.
By October 2023, Westvig had replaced co-founder Coenraad Jonker as bank CEO, allowing Jonker to focus on his role as Executive Chairman of the Tyme Group.
Jali credited Westvig with being “pivotal in integrating the Retail Capital business into the Tyme ecosystem,” a move that significantly bolstered TymeBank’s business banking operations.
Next Stop: NYSE
The leadership transition comes as TymeBank prepares for its next major strategic push.
This international growth is part of a longer-term strategy aimed at a public listing. TymeBank has stated its goal is to list on the New York Stock Exchange (NYSE) by 2028, with a potential secondary listing on the Johannesburg Stock Exchange (JSE).
The appointment of an internal commercial leader like Jacobs suggests a strategic shift from rapid, acquisition-led growth to a focus on operational excellence and sustainable profitability ahead of its public market ambitions.
TymeBank stated that Jacobs and Westvig will work together for three months from January 1 to “ensure a seamless transition.”