African Bank has named Zweli Manyathi as its interim Group Chief Executive Officer with effect from 6 March 2026, subject to the necessary regulatory approvals, as the South African lender manages a leadership transition following the departure of Kennedy Bungane, who leaves after five years at the helm of the institution. The appointment of an internal candidate to the interim position reflects the board's emphasis on continuity and the importance of maintaining strategic momentum through what is inherently a period of institutional uncertainty.
Bungane's tenure at African Bank coincided with the implementation of the institution's Excelerate 25 transformation strategy, a multi-year programme that sought to reposition the lender as a more diversified, resilient, and digitally capable financial services provider following the challenges that had defined an earlier chapter in the bank's history. His five years in the role were marked by sustained organisational effort to rebuild and extend the bank's commercial footprint, and his exit represents the natural conclusion of a leadership cycle rather than any abrupt break in strategic direction.
MANYATHI BRINGS BROAD BANKING EXPERIENCE
Manyathi steps into the interim chief executive role carrying credentials that span both African Bank's own operations and the wider South African banking sector. Within the institution, he most recently served as Chief Executive of Business and Commercial Banking, a position that gave him direct operational responsibility for one of the bank's key revenue-generating divisions and a detailed understanding of the organisation's strategic priorities, risk appetite, and client relationships. That familiarity with the institution's inner workings is a material asset for an executive taking on the interim leadership role during a succession process.
Before his career at African Bank, Manyathi held senior positions at Standard Bank and First National Bank, two of South Africa's largest and most established banking institutions. The breadth of experience he accumulated across different types of banking organisation — including both large universal banks with extensive corporate and retail franchises and a more specialised lender like African Bank — gives him a comparative perspective on business models and risk frameworks that may prove valuable as the bank considers its strategic options in the period ahead.
REGULATORY APPROVAL AND SUCCESSION PROCESS
The appointment is subject to approval from the Prudential Authority, South Africa's banking regulator, which is the standard requirement for material changes to the senior leadership of licensed deposit-taking institutions. The interim designation makes clear that the board has not concluded a permanent succession process and that Manyathi's appointment is intended to provide stable and credible leadership for the bank while the search for a long-term chief executive is conducted. The regulatory approval requirement means that some time will elapse between the announcement of the appointment and Manyathi formally taking up the role.
African Bank operates as a specialist lender with a primary focus on personal and business banking in South Africa, serving a segment of the market that has historically been underserved by the country's large universal banks. The leadership transition occurs in a macroeconomic environment that presents both challenges — in the form of sustained pressure on consumer affordability — and opportunities, as digital delivery channels continue to lower the cost of reaching and serving customers at the lower end of the income spectrum. Manyathi will need to sustain the progress made under Bungane's Excelerate 25 programme while simultaneously overseeing the process that will determine who leads African Bank on a permanent basis.