Westvig will replace incumbent CEO Coenraad Jonker, who co-founded TymeBank and who will now focus his attention on his role as executive chairman of Tyme Group, where he will focus on international expansion.
Westvig is currently TymeBank's chief executive for retail and business banking.
"As a founder member of various local and international finance companies, including the RCS Group and Retail Capital now a division of TymeBank, Westvig has built a legacy of strong teams and successful start-ups," the company said in a statement on Monday.
He said his focus as CEO will be growing TymeBank into one of South Africa's top three banks in terms of customer satisfaction, customer growth numbers and shareholder returns.
Jonker said subsidiary GOTyme Bank in the Philippines has signed up three million customers. "We have now entered Vietnam with our first product and aim to be live in Indonesia by the end of the year."
