The woman who ran one of South Africa’s largest banks and joined its biggest competitor

Basani Maluleke became the first black woman to be CEO of a major bank in South Africa in 2018 after taking the helm of African Bank. However, she soon left to join the bank’s biggest competitor, Capitec.

Starting out getting a BCom in Accounting in 1998 at the University of Cape Town, Maluleke went on to receive an LLB in 2001.

Looking to follow in her father’s footsteps, she became an attorney. However, she quickly realised that this was not something she wanted to do.

She eventually found a job spec in corporate finance that combined finance expertise and law at Rand Merchant Bank (RMB).

With her accounting and law background, she believed it was the perfect job for her. Although there was a steep learning curve, she learned a lot about banking.

In 2009, she furthered her education and interest in business management by studying for an MBA at the Kellogg School of Management in Illinois, United States.

With her MBA, she returned to South Africa and joined RMB’s sister bank, FNB, as Head of Private Clients. The job wasn’t the right fit for her, so she left after a year and returned to corporate finance.

She then joined African Bank as an independent non-executive director in 2015. In July 2017, she officially started working as the Group Executive Head of Operations for the bank.

Shortly after, in March 2018, African Bank announced that Maluleke would take over as the CEO of the bank. This made her the first black woman to run a major bank in South Africa.

The group’s board believed that Maluleke was integral to the turnaround of the bank after it was placed under curatorship in August 2014 amidst reckless lending and rising debts.

Under her tenure, African Bank expanded its digital banking offerings and revitalised its brand following a challenging period for the group.

The bank was also rated number one in customer satisfaction in the 2019 South African Customer Satisfaction Index.

Move to Capitec

However, after three years as the CEO of African Bank, she announced her resignation in January 2021. Seven months later, she revealed that she would be joining Capitec.

African Bank and Capitec operate in the retail mass market, where Capitec is the dominant player, with over 23 million customers. African Bank, on the other hand, has roughly 5 million customers.

Maluleke said that the decision to join Capitec was easy for many reasons, including the group having the best operations engine of any bank in South Africa.

She initially started as the divisional executive of business solutions in October 2021 and moved into the role of divisional executive of operations in July 2022—a position she still holds.

Speaking to BusinessTech, Capitec said that Maluleke plays a crucial role in shaping the bank’s operational strategies and enhancing client experience.

She oversees a wide range of critical areas for the bank, such as managing the distribution network of branches, sales call centres, and the cash device estate.

She is also responsible for the management of Capitec’s corporate offices and facilities, which are designed to ensure seamless operations for the business at all levels of the organisation.

“Her leadership ensures that every interaction, whether in-branch or through digital channels, is designed with a clear focus on simplicity, transparency, affordability, and personalisation,” said Capitec.

“Basani’s passion lies in empowering clients, enabling them to make informed decisions that best suit their financial needs, while always striving to improve and innovate the way Capitec engages with its valued clients.”

In March 2024, she became part of the group’s executive committee for a 1-year term as part of the group’s annual executive development programme.