Motsepe-Backed GoTyme Bank gives employees equity stake

GoTyme Bank, the South African digital lender backed by billionaire Patrice Motsepe, is giving employees a direct ownership stake in the business as it pushes ahead with expansion across Africa and Asia.

The bank this week rolled out the share plan to its 2,000 employees worldwide, from senior executives to entry-level staff, and has begun holding internal sessions to explain how the program works and what it could mean for workers over time.

“We want our staff to think and act like owners,” Chief Executive Officer Cheslyn Jacobs said on the sidelines of an event in Johannesburg on Thursday. “The business is still growing very quickly, and we believe this can make a real difference in people’s lives.”

Digital Banking group scales across multiple markets

GoTyme Bank is the South African business of Tyme Group, which says it operates one of the world’s fastest-growing digital banking platforms. The group is majority-owned by African Rainbow Capital Investments, founded by Motsepe, and is also backed by China’s Tencent Holdings.

The bank serves more than 21 million customers across South Africa and the Philippines, where it operates a joint venture with the Gokongwei Group. Tyme Group also has operations in Hong Kong, Indonesia, Vietnam and Singapore.

Profit growth and IPO path under review

Tyme Group was valued at $1.5 billion in 2024 after a fundraising round that included a $150 million investment from Nu Holdings, one of Latin America’s largest financial technology firms.

Jacobs declined to provide an updated valuation but said the company expects to report record annual profit for the year ending June. He added that the group is adding roughly 450,000 customers each month across South Africa and the Philippines.

The lender is still considering a future stock market listing, though executives say the approach has become more measured.

“We’ve said publicly that we’d like to do this before the next decade,” Jacobs said. “But we’ve also learned that these things are difficult to predict. Our focus now is on being listing-ready within the next three to four years and doing it only when the timing is right.”

According to Jacobs, the company would consider listing in any major global market once it approaches 50 million customers and reaches what management considers the right valuation.

“The last valuation was $1.5 billion,” he said. “If one day it became 10 times that amount, that would obviously be exciting.”

GoTyme Bank rebrand signals broader expansion

Earlier this year, Tyme Group completed the rebranding of its South African operation from TymeBank to GoTyme Bank, a move aimed at aligning the business more closely with its international operations.

The digital lender offers banking services through a mobile app, self-service kiosks and debit cards, with products focused on savings, payments and money management.

Motsepe, founder and chairman of African Rainbow Minerals, became Africa’s first Black billionaire to appear on the Forbes rich list in 2008 after building his fortune in mining. Forbes estimates his net worth at about $3.7 billion.

In 2016, he launched African Rainbow Capital, an investment company focused on financial services, technology and infrastructure opportunities across Africa.