Nonkululeko Nyembezi is the First Black Woman Named as Chairman to Africa’s Biggest Lender

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By Aria Bendix

THE FINANCE INDUSTRY is tough--it's even tougher for Black women.

In the US, it was found that Black women made up just 2% of the country CFPs (certifi ed fi nancial planners). The numbers are disparate in the fi nance's global community as well, including South Africa. Fortunately, a recent announcement illustrates a slowly turning tide.

In May Bloomberg reported that Nonkululeko Nyembezi had been appointed as Chairmandesignate eff ective. According to a statement, she'd replaced well-respected executive Thulani Gcabashe, who will retire after the annual general meeting on May 31.

“It is hugely signifi cant to us that the Standard Bank will shor tly have its fi rst female chairman, and that this chairman is a black African woman,” Chief Executive Offi cer Sim Tshabalala said in a statement.

Previously, Nyembezi served as chairman of the JSE Ltd., South Africa’s leading stock exchange, and was previously was the head of steel fi rm ArcelorMittal South Africa Ltd.

The move moves to usher in a new era for South Africa, as their fi nancial sector has been scrutinized to expand its DEI footprint in boards and executive leadership. According to Bloomberg, Public Investment Corp., the country's biggest and most investor, called out Absa Group Ltd., the third-biggest bank, for choosing a caucasian man as its company head.

“It’s a great, positive step for transformation for the banking sector,” said Nolwandle Mthombeni, a banking analyst at research and consulting fi rm Intellidex. “Hopefully we can work toward bringing in new and diff erent faces for board appointments in future so that transformation can be even more meaningful.” https://www.msn.com/en-us/money/companies/ nonkululeko-nyembezi-is-the-fi rst-black-womannamed-as-chairman-to-africa-s-biggest-lender/ ar-AA10z1Kg Image credit: dut.ac.za, kapitalbiz.co.za