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TymeBank has appointed Tauriq Keraan as its new CEO with immediate effect, it announced on Wednesday.
Keraan previously held the position of deputy CEO at the digital bank.
According to a statement, 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.
Keraan 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-CEO of Patrice Motsepe's investment holding company African Rainbow Capital (ARC), the controlling shareholder of TymeBank, says Keraan 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," said Van Zyl.
According to TymeBank chair Thabani Jali, Keraan will continue to build TymeBank in its efforts to deliver affordable and accessible banking to its customers.
Keraan said that over the next 6 to 12 months, TymeBank will deepen the way in which it meets customers' needs by launching an account for small businesses, responsibly offering consumers unsecured credit as well as aiming to serve 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.
"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," said Keraan.
"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."
He said TymeBank is 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.
