Mary Vilakazi: First female CEO of South Africa’s $30 billion lender, FirstRand

Mary Vilakazi’s rise to the top of South Africa’s banking sector reflects a career built steadily across auditing, insurance, mining services, and financial services. Today, she leads FirstRand, a $30 billion banking giant and one of Africa’s most valuable financial institutions, with operations in South Africa, key sub-Saharan African markets, and the United Kingdom. As chief executive officer, she oversees one of the continent’s most influential lenders, positioning the group at the center of Africa’s expanding financial services industry.

Alexandra upbringing with Rotary scholarship

Her journey began in Alexandra, a township outside Johannesburg, where she was born and raised. Her academic potential emerged early, supported by a Rotary Fund scholarship that enabled her to attend primary school in Alexandra. She matriculated from St. Enda’s Secondary School in Braamfontein, Johannesburg, before enrolling at the University of the Witwatersrand. There, she earned a Bachelor of Commerce degree in 1999. PwC, which awarded her a bursary to complete her education, became the foundation of her professional career, where she completed her articles of clerkship and qualified as a chartered accountant in 2002.

Although her initial interest leaned toward banking, Vilakazi developed a specialization in insurance during her time at PwC. She remained with the firm and, in 2005, became a partner in its Cape Town office, marking an early leadership milestone. Her career then expanded beyond traditional corporate environments when she joined Mineral Services Group as chief financial officer between 2008 and 2011, a mining services consultancy that offered exposure to a more entrepreneurial operating environment. She later transitioned to consulting while remaining on the group’s board, a period that preceded her return to Johannesburg in May 2014 to join MMI Holdings, a JSE-listed financial services group.

Turning point FirstRand COO move

At MMI Holdings, Vilakazi was appointed head of balance sheet management, with an understanding that she would be considered for the chief financial officer role. In July 2015, she was promoted to chief financial officer, where she played a key role in implementing the merger between Metropolitan Holdings and Momentum Group. Her influence within the organization led to her appointment as deputy chief executive officer in July 2017. In the months that followed, she was considered as a potential successor to then-chief executive Nicolaas Kruger.

However, in February 2018, the company announced that Kruger would be succeeded by an external candidate, while Jeanette Marais was appointed as a second deputy chief executive alongside Vilakazi. That period marked a turning point. Later in 2018, Vilakazi joined FirstRand as group chief operating officer. In that role, she became responsible for diversification strategies in insurance and investment management, as well as overseeing subsidiaries across broader Africa and central group functions. Her leadership responsibilities expanded across the group’s financial services operations, positioning her as a central figure within the organization.

Breaking barriers, delivering strong growth

In April 2024, Vilakazi was appointed chief executive officer of FirstRand, succeeding Alan Pullinger. Her appointment made her the first female CEO of the lender and the second Black leader to head the organization. The milestone underscored her rise through South Africa’s financial sector and placed her at the helm of a group whose portfolio includes FNB, WesBank, RMB, Aldermore, and Ashburton. Under her leadership, FirstRand has delivered strong financial results despite global macroeconomic and geopolitical challenges.

For the six months to December 2025, the group reported normalized earnings of R23.2 billion ($1.41 billion), an 11 percent increase, supported by topline growth. Net interest income rose 8 percent, while non-interest revenue increased 12 percent. Total assets grew from R2.54 trillion ($154.5 billion) on Dec. 31, 2024, to R2.68 trillion ($163.03 billion) as of Dec. 31, 2025. Shareholders’ equity increased from R227.6 billion ($13.84 billion) to R244.83 billion ($14.9 billion). Reserves also expanded, rising from R199.75 billion ($12.15 billion) to R214.4 billion ($13.04 billion), reflecting the group’s continued financial strength.

Alexandra to $30 billion FirstRand CEO

From Alexandra to leading a $30 billion lender, Mary Vilakazi’s career reflects a steady rise through some of South Africa’s leading financial organizations. Today, as chief executive officer of FirstRand, she oversees one of Africa’s most influential banking groups, guiding its integrated businesses and strengthening its presence across South Africa, broader Africa, and the United Kingdom. Her compensation reflects these expanded leadership responsibilities. For the 2025 fiscal year ended June 30, 2025, Vilakazi received a total guaranteed package of R11.2 million, up from R9.4 million ($0.57 million) in 2024. The package included a cash component of R10.7 million ($0.65 million), compared with R8.97 million ($0.54 million) in the prior year.