As of August 31, 2025, the Prudential Authority has officially approved the appointment of Nomkhitha Nqweni as the chair of Old Mutual Bank, marking a significant milestone in South Africa’s financial sector. With an illustrious career spanning over two decades, Nqweni brings a wealth of experience and leadership to her new role, poised to steer the bank toward greater heights.
Nqweni’s journey in the financial services industry began in 1997 at Alexander Forbes, where she started as an assistant manager. Her dedication and expertise quickly propelled her forward, leading to her appointment as Managing Director of Alexander Forbes Financial Services Holdings a decade later. This role showcased her ability to navigate complex financial landscapes and laid the foundation for her subsequent achievements. From 2010 to 2019, she served as the Chief Executive Officer of Absa’s Wealth and Investments division, a position that underscored her strategic acumen and commitment to growth.
Beyond her executive roles, Nqweni has demonstrated a strong commitment to governance and diversity in the corporate world. Since 2014, she has been an independent non-executive director at Mahau Women’s Investment Holdings, contributing to initiatives that empower women in business. Her influence expanded further with her appointments to the boards of Vodacom Group in 2020 and Old Mutual Group in 2021, reflecting her reputation as a trusted leader in South Africa’s corporate landscape.
Nqweni’s leadership extends beyond traditional financial roles. Her tenure at Absa and her ongoing directorships highlight her ability to balance profitability with social responsibility. Her extensive experience positions her uniquely to address the evolving challenges facing OM Bank, including digital transformation and inclusive financial services. As chair, she is expected to leverage her background to foster innovation while maintaining the bank’s stability and reputation.
This appointment comes at a pivotal time for OM Bank, as the financial sector continues to adapt to global economic shifts and local demands. Nqweni’s proven track record and strategic vision make her an ideal candidate to lead the institution into the future. Her leadership is likely to inspire confidence among stakeholders and set a benchmark for excellence in South African banking.