South African banker Kwanele Ngwenya earns top leadership role at Malawi’s NICO Holdings

South African-born banker Kwanele Ngwenya, whose banking career has spanned South Africa, Botswana, Zimbabwe and Malawi, has been appointed deputy group managing director of Malawian financial services group NICO Holdings Plc, effective Aug. 1, 2026.

The promotion gives him a larger leadership role at a group with a market cap of over $800 million and forms part of the board’s long-term succession plan aimed at ensuring leadership continuity, strengthening executive oversight and supporting the group’s future growth.

Ngwenya steps into key executive power

Ngwenya has served as the group’s chief operating officer since April 1, 2025. Before moving to the corporate office, he spent eight years as chief executive of NBS Bank Plc, NICO Holdings’ banking subsidiary, where he oversaw a period of business expansion, operational improvements and stronger financial performance.

He holds doctoral and postgraduate qualifications in business and leadership and brings broad experience in banking, corporate strategy, governance, operations and organizational change. Over the course of his career, he has built a reputation for developing businesses, strengthening institutions and leading complex organizations across Southern Africa.

In his new role, Ngwenya will work alongside Group Managing Director Vizenge Kumwenda and the NICO Holdings board in shaping the group’s strategic direction. His responsibilities will include helping execute the group’s strategy, improving operational performance across its subsidiaries, strengthening collaboration within the business and supporting enterprise-wide growth while reinforcing standards of accountability, integrity and long-term value creation.

The board, management and employees welcomed the appointment, expressing confidence in Ngwenya’s leadership as the group continues to expand its operations and create value for shareholders, customers, employees and the communities where it operates.

NICO Holdings full-year profit soars

Founded in 1971 as National Insurance Company Limited, NICO Holdings has grown into a  leading financial services groups, with operations in Malawi and Zambia and investments in Mozambique and Uganda. It operates across insurance, banking, asset management and information technology services, giving it a broad presence in Southern Africa’s financial sector.

The leadership change follows a year of strong financial results under Kumwenda, despite Malawi’s challenging economic conditions. For the year ended Dec. 31, 2025, group revenue rose 74 percent to MK919.3 billion ($532.7 million) from MK529.2 billion ($307 million) a year earlier, driven mainly by growth in its banking and life insurance businesses.

Profit after tax, excluding other comprehensive income, climbed 141 percent to MK323.5 billion ($187.4 million), compared with MK134.4 billion ($77.9 million) in 2024. Profit attributable to shareholders of NICO Holdings Plc increased 133 percent to MK167.8 billion ($97.3 million) from MK72 billion ($41.73 million). The banking and life insurance businesses accounted for most of the increase, while other businesses also reported higher earnings during the year.