TymeBank’s new CEO committed to delivering affordable, accessible and dignified banking
7 August 2019: TymeBank, South Africa’s leading digital bank, through its Board of Directors today announces the appointment of its new Chief Executive Officer (CEO), Tauriq Keraan.
Tauriq previously held the position of deputy CEO. He has played an instrumental role in the bank’s development, having been a member of the team that led to Tyme’s inception in 2012 and having played a critical role in the market launch of TymeBank in 2019. He succeeds former CEO Sandile Shabalala who resigned in June for personal reasons. Tauriq takes the reins as the bank reached the 600 000 customer mark, five months after its official launch in February.
Dr Johan van Zyl, co-Chief Executive Officer of African Rainbow Capital, the controlling shareholder of TymeBank comments:
“Tauriq takes the reins at an important point in TymeBank’s evolution as he has to ensure customer enrolment is sustained over the coming months and beyond. Given his experience, both as a member of the team that launched TymeBank, and as someone who has worked in the space of digital innovation for more than a decade, both the TymeBank board and ARC, believe he will lead his executive team to implement the business strategy successfully.”
Mr Thabani Jali, Chairman of TymeBank, comments:
“We are pleased that Tauriq will take up the position of CEO of TymeBank as it will ensure continuity in the business. He is a seasoned executive who will continue to build TymeBank in its efforts to deliver affordable and accessible banking to our customers. Under Tauriq’s leadership, management will continue implementing the bank’s existing strategy.”
TymeBank offers consumers a compelling value proposition in terms of its current low to no fee EveryDay bank account offering and attractive GoalSave product that is distributed through digital channels and Pick n Pay and Boxer stores.
“We have a highly capable and committed team as well as a strong and supportive board to ensure we deliver on our strategic priorities. Our customer enrolment numbers and activity rates are ahead of our business case and the business is likely to sustain this momentum over the coming months. Over the next 6 to 12 months, we will also deepen the way in which we meet customers’ needs by launching an account for small businesses, responsibly offering consumers unsecured credit as well as serving a million consumers by year-end.”
TymeBank management previously communicated that the overall market size of its target segment is estimated at about 20 million people of which it is aiming to acquire 2 million over a three-year period.
Tauriq comments further:
“TymeBank is geared to meet the needs of consumers in this market segment responsibly and affordably. This will facilitate financial inclusion, which is core to TymeBank’s ethos. Since I first started working in the space of financial inclusion and digital banking over 10 years ago, helping people improve their financial well-being through affordable, accessible and dignified banking has been a passion of mine.
“We’re achieving this through digital banking innovation that uses cutting-edge technology, alternative distribution models and deep data-driven insights to better understand customers’ behaviour and needs and meet them in a relevant, responsible and cost-effective way.”
The leadership change is effective immediately.
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About Tauriq Keraan:
Tauriq Keraan, a digital banking veteran, is passionate about financial inclusion and improving physical, financial and emotional access to banking services. Tauriq obtained an MSc (Materials Engineering) from the University of Cape Town and he has spent 10 years building and scaling digital banking businesses in South Africa. He played a key role in the inception of Tyme, as well as its subsequent sale to Commonwealth Bank of Australia in 2015 and then to African Rainbow Capital in 2018.
Tauriq was appointed to the position of deputy CEO in 2018. In this role, he drove cross-functional execution and had line accountability for strategy, partnerships, data science, innovation, stakeholder engagement and operations. He also played a critical role in the market launch of TymeBank in 2019.
Tauriq is married with two children. He also takes an active role in serving the needs of abandoned, abused and orphaned children.
TymeBank is South Africa’s first digital bank. It is owned by ARC Financial Services Holdings (Pty) Ltd, a company within Patrice Motsepe’s Ubuntu-Botho Investments stable. TymeBank has no branches and its core banking system is hosted securely in the Cloud. This reduces its overheads and delivers significant cost-savings that are passed on to its customers. Through a distribution partnership with Pick n Pay and Boxer, TymeBank has kiosks located at stores across the country. Customers can open a FICA compliant bank account at these kiosks in under five minutes. No documentation is required. Once signed-up, customers can automatically become Smart Shopper members – Pick n Pay’s rewards programme – and will earn one point for every R3 spent everywhere and every time they swipe their TymeBank card, not just in Pick n Pay. They will earn double Smart Shopper points when they use their TymeBank card to swipe and pay inside a Pick n Pay store. TymeBank’s unique GoalSave tool, allows customers to earn a great interest rate of up to 10% per annum on their savings. For more information visit www.tymebank.co.za.