African Bank cutting jobs in South Africa

African Bank revealed that it has launched a Section 189A process as part of its consolidation strategy.

This comes as the Johannesburg-based lender faces financial strain and instability in its C-suite, with its CEO and CFO having resigned in the span of six months.

The latest resignation was CFO Anbann Chetti, who had been on African Bank’s board since August 2023.

Chetti resigned with immediate effect on 11 September 2026, six months after CEO Kennedy Bungane abruptly stepped down in March 2026.

Following Bungane’s departure, Zweli Manyathi was appointed interim, then permanent, CEO of African Bank.

On Wednesday, 16 September, African Bank announced that Manyathi has “wasted no time in making key appointments”.

The bank said it is implementing a clear plan focused on integration, efficiency, and long-term value creation, which will include job cuts and key executive appointments.

“The bank’s leadership is anchored by Manyathi, a seasoned banking executive with a proven track record across retail, business, and commercial banking,” it said. 

The group announced that it has also bolstered its executive team with key appointments, including:

• Happy Ralinala as Chief Executive of Personal Banking
• Keketso Motsoene as Chief Executive of Business and Commercial
• Dr Bongani Mageba as Chief Executive Officer of Insurance
• Linda Mthenjane as Group Chief People and Culture Officer

All of these executives have more than two decades of experience in their respective fields. 

African Bank hopes that this depth of experience in the top brass will give it the capabilities needed to implement a consolidation strategy.

“It ensures the bank has the capabilities required to integrate recent acquisitions, remove duplication, and drive efficiencies across the group,” Manyathi said.

He explained that these appointments, along with instating Given Bhutana Mabena as acting group CFO, will allow the bank to implement its strategy.

Along with these appointments, African Bank announced that it is currently implementing a strategic consolidation process, which includes a Section 189A process.

“This is a necessary step to reduce duplication and secure long-term sustainability,” Manyathi said. 

“The process is being conducted in good faith, with full disclosure and meaningful

consultation through CCMA-facilitated engagements with SASBO and non-union staff representatives.”

To further bolster its finances, Manyathi said the bank is shifting from acquisitions to consolidation and stabilisation.

“Full year 2026 is a transition year as the bank enters its consolidation phase,” Manyathi said. “The bank is positioning itself for significant benefits flowing from its consolidation strategy.”

“With the right leadership in place and a clear focus on execution, African Bank is building a resilient, efficient, and sustainable banking group.”