World Markets
VOD

South Africa's Nedbank CFO to join Vodacom

Credit: REUTERS/MIKE HUTCHINGS

South Africa's Nedbank Group Chief Financial Officer Raisibe Morathi has resigned from the lender to take up a similar role at Vodacom Group, the companies said in separate statements on Tuesday.

Recasts with Vodacom appointment

JOHANNESBURG, Aug 25 (Reuters) - South Africa's Nedbank Group Chief Financial Officer Raisibe Morathi has resigned from the lender to take up a similar role at Vodacom Group VODJ.J, the companies said in separate statements on Tuesday.

Morathi has been the group CFO at Nedbank since 2009, where she was responsible for leading a team of over 900 people involved in finance, operations and strategy.

She will join Vodacom from Nov. 1.

"Given Vodacom Group's leadership position as a mobile money provider in Africa and our accelerated growth ambitions beyond traditional telco services, Raisibe's extensive financial services experience makes her an excellent addition to the Vodacom Group Board and Executive Committee," Vodacom Group Chief Executive Shameel Joosub said.

Vodacom and other mobile operators in Africa are looking to offer lending and other financial services to the vast majority of Africans who do not have bank accounts, a move likely to threaten traditional and digital banks.

They are also seeking to expand their mobile payment apps into online market places to leverage their network and customer base.

Morathi, who will leave Nedbank on Sept.30, succeeds Till Streichert following his departure in June.

In a separate statement, Nedbank said it has appointed Mike Davis as CFO designate with immediate effect and as the group's CFO from Oct. 1.

(Reporting by Nqobile Dludla in Johannesburg and Aby Jose Koilparambil in Bengaluru; editing by Uttaresh.V and Barbara Lewis)

((abyjose.koilparambil@thomsonreuters.com; +91 80 61822683))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

VOD

Latest World Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More