TymeBank CEO Quits

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TymeBank CEO Steps Down

Amid a sweeping wave of changes at TymeBank, CEO Sandile Shabalala has decided to call it quits after 3 years.

With TymeBank set to be on the way to signing up 1 million new clients by the end of the year, things are certainly going well for the digital bank. Nearly 100 000 new clients have been signing up every month as the bank has made bold moves in the industry putting increasing pressure on the established brands. African Bank, for example, has been slowly shrinking down from 1.25 million clients in 2016 to 1.04 million this year March. TymeBank, on the other hand, have been taking on over 20 – 30 000 clients each week this year. Many of the big banks have had to start offering zero fee accounts etc just to keep up.

‘Recently, there have been a number of big changes to the TymeBank board of directors’

Recently, there have been a number of big changes to the TymeBank board of directors. Now there will be one in regard to the CEO as well. As yet, Mr Shabalala’s replacement has not been announced but he will work out his notice period while Deputy CEO Tauriq Keraan will be there to keep an eye on things.

Mr Shabalala, who helped the bank grow from nothing to the position it is today has said he will now take a break to be with family before looking to come back into the employment market and pursuing new opportunities.

 

 

 

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