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South African fintech TymeBank Plans to Change to GoTyme
South African fintech TymeBank plans to change its name to GoTyme sometime in the first half of 2026. This change is part of the company’s plan to grow bigger and improve the way it serves its customers. Since it started in 2019, TymeBank has done really well, and now it wants a new name that better fits where it is headed.
Pontsho Ramontsha, who handles communications at TymeBank, said they are still working out the details of this rebranding. She mentioned they will share the full story once everything is ready and approved. The news about TymeBank planning to change to GoTyme was first shared quietly with investors last week.
TymeBank wants to change to GoTyme because the company is growing up and wants to show it cares about all kinds of customers, no matter their economic background. Since launching, TymeBank has hit some big milestones. For example, in December 2019, it became the first digital bank in South Africa — and Africa — to start making a profit. That’s a big deal because most digital banks worldwide are still losing money.
Coenraad Jonker, who used to be TymeBank’s CEO and now is Executive Chairman of Tyme Group, said less than 5% of digital banks globally actually make a profit. He said the company is really proud, especially since only about half of the world’s top 100 digital banks are making money.
In October 2024, Jonker stepped down as CEO to focus on helping TymeBank grow internationally. Karl Westvig, who was running retail and business banking, took over as CEO. Last December, TymeBank raised $250 million, making it Africa’s 9th unicorn company with a $1.5 billion value. Most of this money came from Nu Holdings, a big financial company in Latin America. Tyme Group is owned by billionaire Patrice Motsepe’s African Rainbow Capital.
TymeBank’s plan to change to GoTyme makes sense because GoTyme is already a name the company uses in other countries. Tyme Group, based in Singapore, runs as TymeBank in South Africa but goes by GoTyme in the Philippines, Indonesia, and Vietnam. South Africa has helped the company grow a lot, with over 10 million customers so far.
GoTyme started in the Philippines in late 2022 and quickly got 3.6 million customers in just a year and a half. There, Tyme Group works with a local partner called Gokongwei Group. The whole Tyme Group now has over 15 million customers and wants to keep growing, especially in Vietnam. They also just started in Indonesia and are looking to buy other companies there. They plan to spend a lot to get a banking license in Indonesia and compete with big local banks like Bank Mandiri and Bank Rakyat Indonesia, plus tech-backed banks.
Jonker said the company’s main goal is to become the top retail bank in the Philippines and try to do the same in Indonesia. In the next few years, they want to focus on making customers happy, improving how they run business, and getting ready to list on the stock market. They also want to keep making good profits in South Africa.
Recently, TymeBank joined forces with South Africa’s Department of Home Affairs to help people get smart ID cards and passports more easily. Soon, customers will be able to apply for these ID documents right from TymeBank’s kiosks and app. CEO Karl Westvig said this is proof that both TymeBank and the government want to help South Africans and boost the economy.
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TymeBank’s goal has always been to offer easy, affordable banking using smart technology, so everyone in South Africa can use their services. Changing the name from TymeBank to GoTyme shows the next step in their journey and how serious they are about helping more people. This new name will also connect South Africa with the other countries where they work.
TymeBank’s plan to change to GoTyme is a fresh start for the company. It means they’re ready to grow more, reach new customers in South Africa and other parts of Asia, and build a strong global brand for the future.
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