Gen Zs might tell you that education is not the key to success, but for these women, education and determination put them in leadership roles.
These are some of the women in power at the country’s leading retail banks. Picture: iStock
For decades, the banking industry was largely defined by male leadership.
Executive offices, boardrooms, and specialised divisions such as investment banking and market risk were traditionally dominated by men, even as women made up a significant share of the broader workforce.
Around the world, women continue to face barriers to reaching senior management and C-suite positions.
That picture is steadily changing, particularly in South Africa.
SA’s traditional banking divisions led by women
The country’s five largest retail banks, Absa, Capitec, FNB, Nedbank. and Standard Bank, now boast women in some of their most influential leadership roles, reflecting a shift towards greater representation at the highest levels of decision-making.
Absa’s executive team includes Jeanett Modise, Group Chief Human Capital Officer. Capitec’s Personal Bank division is headed by Basani Maluleke, former CEO of African Bank. At FirstRand Group, the parent company of FNB, Mary Vilakazi serves as GCEO, with Lytania Johnson leading FNB as CEO.
Nedbank’s Andiswa Bata leads Business and Commercial Banking as Group Managing Executive while Standard Bank’s executive team includes Funeka Montjane, Chief Executive of Personal and Private Banking.
Women are also taking up positions that were once almost exclusively held by men. Capitec and Standard Bank are chaired by Santie Botha and Nonkululeko Nyembezi respectively, a powerful reflection of how women are increasingly shaping the strategic direction of South Africa’s financial sector.
Celebrating women in leadership
To mark Women’s Month, The Citizen invited each of the country’s five major banks to nominate a woman leader whose story reflects this progress.
Absa nominated Fatima Newman, Group Chief Compliance Officer. Nedbank nominated Buli Ndlovu, Executive Retail, Personal and Private Banking Marketing Lead.
Standard Bank nominated Naledzani Mosomane, Head of Enterprise and Supplier Development for Business and Commercial Banking South Africa. Capitec and FNB did not provide nominations by the time of publication.
Gen Zs might tell you that education is not the key to success, but for these women, education and determination put them in leadership roles.
Small moments and learning from setbacks
Newman said she often does not think about big defining moments in her career, but the small moments and learning from setbacks, because those are what truly build a career.
“Careers are built through consistently doing the right thing, learning from setbacks, taking opportunities as they arise, and trusting that those experiences shape you as a leader.”
For her, leadership is not about ego or having all the answers.
“It is about bringing people together, creating the conditions for others to thrive, and focusing on the best outcome for the organisation and its stakeholders
“Some of my greatest successes have come from surrounding myself with talented people and trusting them to contribute their strengths.”
Building a culture of doing the right thing
“For me, becoming Chief Compliance Officer is not about a title; it is about helping to build a culture where doing the right thing, integrity and trust guide decision-making,” said Newman.
Her duties include ensuring Absa Group follows laws and internal rules, stopping illegal acts and protecting the firm from harm.
“I hope this appointment reinforces for young women that leadership opportunities are becoming more accessible. Senior roles are still often male-dominated, but I am encouraged by the talented women across banking and corporate South Africa who are building deep expertise and bringing fresh perspectives.”
Lesson: Every choice also involves a trade-off. Saying yes to one opportunity often means saying no to something else. Be intentional, understand the sacrifices required, and make sure your choices align with what matters most personally and professionally.
Advice: If young women take away one message, it is this: success is built one day at a time. Stay curious, invest in your growth, be resilient, and remember that meaningful careers are built in the small moments long before they are recognised in the big ones.
From Soweto to building a marketing career
Ndlovu, Marketing Lead, said trust cannot be built through advertising alone. “It is built through the experience a customer has with you, particularly when times are difficult.”
Her duties include shaping and executing marketing strategies for the bank.
Ndlovu’s strategies drive client acquisition, engagement, and retention by translating business goals into multi-channel campaigns across digital, direct, and traditional touchpoints.
“For banks, this means moving beyond thinking about customers in terms of products and transactions and thinking about the role we play in people’s lives.
“A person’s relationship with their bank can affect whether they can send their child to school, whether they can start a business, whether they can weather an unexpected financial shock or whether they can achieve a long-held dream.”
She highlighted that she feels responsible for creating opportunities for others.
“South Africa has given me extraordinary opportunities. Coming from Soweto and building a career across some of the country’s biggest brands and businesses, I know the power of opportunity. So I feel a responsibility to create more of it for others.”
Reinventing oneself multiple times
Ndlovu said she has deliberately reinvented herself several times throughout her career.
“I have moved across industries, learned new disciplines, gone back to university, and continued to invest in understanding technology, data, behavioural science, and now artificial intelligence.
“Not because I want to collect qualifications, but because the world we live in keeps changing.”
She has worked in the Fast-Moving Consumer Goods sector (FMCG), telecommunications, and financial services.
“Continuous learning has made me more curious, more humble and, I think, a better leader. It has also taught me that you don’t have to know everything.
“You need to know how to ask better questions, surround yourself with people who know things you don’t, and remain open to changing your mind.”
Lesson: I have learned that the moment you believe you have figured everything out is probably the moment you become irrelevant, which is why I operate with a daily mantra that “every day is a school day”.
Advice: Build a career, not just chase a job title. Develop a point of view. Become known for something. Take on assignments that stretch you. Find people who will open doors for you, but also become the kind of person who opens doors for others.
From a family of entrepreneurs
Mosomane, as Head of Enterprise and Supplier Development for Business and Commercial Banking, deals with many of the challenges businesses and entrepreneurs face. She noted that access to finance remains one of the biggest barriers for women-owned businesses.
“It is estimated that there is a US$42 billion funding gap for women-owned businesses in Sub-Saharan Africa, highlighting the significant barriers that women entrepreneurs continue to face in accessing finance,” she said.
“Addressing this challenge requires the creation of an enabling ecosystem that supports women-led businesses in a meaningful and targeted way.”
Coming from a family of entrepreneurs, she understands the challenges businesses face.
Defining moment
Mosomane said the defining moment in her career was the opportunity to work across Standard Bank’s Africa Regions.
“I witnessed first-hand the vibrancy, innovation, and resilience of entrepreneurs and SMEs operating across the continent, often navigating complex challenges while continuing to create value and drive economic growth.
“This experience sparked a deeper curiosity and strengthened my commitment to understanding the diverse needs of businesses across different markets and demographics.
“I want the next generation of women in banking and business to see that leadership is not defined by traditional expectations, but by the value you create, the people you empower, and the courage you show in breaking new ground.”
Lesson: The importance of building a strong, multidimensional network that can support and enhance your growth as a leader.
Advice: Become multidimensional. Finance is not just about numbers. The numbers often result from decisions, activities, and inputs across the business. It’s essential to develop a deep understanding of the business you support.
