TymeBank is planning to expand its services to target the middle-class market, aiming to create valuable product offerings and utilise effective distribution channels, including potential partnerships with entities like the Foschini Group. According to incoming CEO Karl Westvig, key growth areas include the introduction of short-term lending products such as personal loans, including buy now, pay later options, as well as business loans. Additionally, the bank is prioritising medium- to long-term growth in unsecured lending, transactions and savings, while also focusing on creating a robust credit card offering for the global market. Westvig will take over as TymeBank’s CEO from Coenraad Jonker, who has stepped down to focus on his role as executive chairperson of Tyme Group.
