African Bank has confirmed the appointment of Zweli Manyathi as its permanent Group CEO, following approval from the Prudential Authority.
He takes up the role permanently after serving as interim CEO since March 2026.
Zweli Manyathi’s rise to African Bank Group CEO
Manyathi joined African Bank’s board in September 2022 as an executive director and Chief Executive: Business & Commercial.
He brings more than 40 years of experience across retail, business and commercial banking.
Before joining African Bank, Manyathi served as CEO of Business and Commercial at Standard Bank. He oversaw the division’s strategic direction and contributed to financial service delivery.
Earlier in his career, Manyathi held key executive roles at FNB, serving as CEO of both its Branch Banking and Corporate Banking divisions.
Manyathi holds a Bachelor of Commerce Honours in Financial Management from the University of South Africa.
He also completed a Senior Executive Programme through Wits and Harvard’s business schools, as well as a Professional Development Programme at the City University of New York.
Why African Bank appointed Zweli Manyathi now
Manyathi takes on the permanent African Bank CEO role at a difficult time for the lender.
The bank reported a net after-tax loss of R624 million for the six months ended March 31, 2026.
African Bank is also considering a Section 189A retrenchment process that could affect 1,200 employees and result in the closure of 90 branches, according to its half-year financial results.
The board said Manyathi’s appointment “supports continuity within a strategically critical executive role” and forms part of its succession planning.
It also described him as having the turnaround experience needed to help the bank navigate its current challenges.
What’s next for African Bank under Manyathi
As permanent Group CEO, Manyathi is expected to shift African Bank’s focus from acquisitions towards consolidation and cost control.
The bank plans to tighten spending across areas including IT, procurement and lease agreements.
Its planned listing, which would reduce the South African Reserve Bank’s shareholding, has also been pushed back to 2030.
That comes as African Bank faces a separate retrenchment process that could affect 1,200 employees and 90 branches. Read more about African Bank’s retrenchment process. Read more about African Bank’s retrenchment process.
The appointment comes as pressure mounts across South Africa’s banking sector, with lenders grappling with rising credit losses and tightening margins across the industry.
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