Nedbank Group chief operating officer Mfundo Nkuhlu is set to retire at the end of the year after more than two decades with the banking group.
Nkuhlu, who is also an executive director of Nedbank Group and Nedbank, which has a market capitalisation of R133-billion, has elected to take early retirement after reaching the age of 60. His retirement will take effect on December 31.
Nkuhlu joined Nedbank in April 2004 as managing executive of Nedbank Africa; he later served as managing executive of Corporate Banking and Nedbank Corporate before becoming chief operating officer and executive director in January 2015.
During his more than 22 years at Nedbank, Nkuhlu played a key role in the group’s strategy, operations and growth.
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“The group board thanks Mfundo for his exceptional service, leadership and contribution to the group over the past 22 years and looks forward to his continued leadership for the rest of the year.
“Following Mfundo’s retirement on 31 December 2026, the role of group chief operating officer will be discontinued, and the responsibilities associated with the role will be reallocated within the existing group executive committee structure,” reads the statement.
In his role as COO, he was responsible for strengthening the bank’s operational capabilities and helping drive the execution of its strategy, while supporting the group through periods of significant change and transformation.
Nkuhlu has also held leadership positions beyond Nedbank, contributing to the wider financial services sector and South African economy.
He served as chairperson of the Financial Sector Transformation Council and was a member of the Board Exco of the Banking Association of South Africa.
Before joining Nedbank, Nkuhlu held senior positions at the South African Revenue Service and the Department of Trade and Industry.
- Nedbank Group COO Mfundo Nkuhlu will retire on December 31, 2026, after over 22 years with the bank.
- Nkuhlu has held various key roles since joining Nedbank in 2004, including managing executive positions and COO since 2015.
- He played a significant role in Nedbank's strategy, operations, and growth through periods of transformation.
- Post-retirement, the COO role will be discontinued, with responsibilities redistributed within the group executive committee.
- Nkuhlu has also contributed to the broader financial sector, serving as chairperson of the Financial Sector Transformation Council and on the Banking Association of South Africa Board.
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Following 's retirement on 31 Mfundo 2026, the role of group chief operating officer will be discontinued, and the responsibilities associated with the role will be reallocated within the existing group executive committee structure,” reads the statement. December
In his role as COO, he was responsible for strengthening the bank's operational capabilities and helping drive the execution of its strategy, while supporting the group through periods of significant change and transformation.
He served as chairperson of the Financial Sector Transformation Council and was a member of the Board Exco of the
Before joining
