African Bank boss Kennedy Bungane resigns with immediate effect

African Bank has announced that group chief executive Kennedy Bungane has stepped down from his position with immediate effect.

In a Sens release on Friday, the bank said Bungane also resigned as an executive director of both African Bank Limited and African Bank Holdings Limited, effective 6 March 2026.

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The boards of the bank and its holding company have appointed banking veteran Zweli Manyathi as interim group CEO, subject to regulatory approvals.

Bungane also resigned from the boards’ social, ethics and transformation committee as well as the special projects and large exposures committee.

Zweli Manyathi, interim CEO at African Bank. Image: via LinkedIn

Manyathi, who joined the boards in September 2022, currently serves as chief executive of African Bank’s business and commercial banking division. He has worked alongside Bungane and the group executive committee for the past four years.

He previously oversaw the integration of Grindrod Bank and Sasfin Bank businesses into African Bank and led the launch of its digital lending capabilities aimed at strengthening its business and commercial banking proposition and expanding into the SMME sector.

Read: Finance minister greenlights African Bank’s R3.2bn Sasfin deal

Before joining African Bank, Manyathi held senior leadership roles at Standard Bank Group and First National Bank, including chief executive of business and commercial banking at Standard Bank and chief executive of branch and corporate banking at FNB.

Chair Thabo Dloti said the board is confident that Manyathi, together with the executive team, will guide the group through its next phase of development.

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The boards thanked Bungane for his role in developing and implementing the bank’s Excelerate strategy, which sought to transform African Bank from a mono-line unsecured lender into a diversified personal and business bank supported by data and digital capabilities.

During this period the group expanded organically into new business areas and completed several acquisitions, including UBank, Grindrod Bank and parts of Sasfin Bank’s business.

The board said the group will now focus on consolidating the organic and inorganic growth achieved over the past five years, while driving efficiencies and streamlining its customer offering.

“The board is committed to a smooth transition and we are confident that Zweli provides a safe and skilled pair of hands,” Dloti says.