FirstRand CEO Mary Vilakazi wins African Banker award amid East African expansion plans
Mary Vilakazi, Group Chief Executive Officer of South African financial services group FirstRand, has won the African Banker award at the AFIS Awards 2026 in Luanda, Angola. The recognition comes as the group reports strong financial performance and pursues opportunities to expand its presence in East Africa, including a potential acquisition in Kenya.
Vilakazi took over as FirstRand Group CEO in April 2024, becoming the first woman to lead the financial services group, which operates through businesses including First National Bank (FNB), Rand Merchant Bank (RMB) and WesBank. Her leadership comes at a time when the group is balancing growth across its established markets with decisions about where to deploy capital and pursue new opportunities.
Mary Vilakazi’s rise to FirstRand’s top position
Vilakazi’s career began in Alexandra township, where she grew up and financed her education through scholarships and a bursary. She qualified as a chartered accountant and joined PricewaterhouseCoopers (PwC), becoming one of the firm’s youngest partners worldwide at the age of 27.
She later moved into the financial services sector, serving as Chief Financial Officer and Deputy Chief Executive Officer of MMI Holdings. Vilakazi joined FirstRand in 2018 as Group Chief Operating Officer before becoming Group CEO six years later, giving her experience across the group’s operations before taking its highest executive position.
Her appointment placed her at the head of one of Africa’s major financial services groups, with responsibilities spanning retail and commercial banking, corporate and investment banking, and vehicle and asset finance.
FirstRand records earnings growth and a record dividend
FirstRand reported normalised earnings of R23.2 billion for the six months ended December 2025, representing an 11% increase from the corresponding period a year earlier. The group recorded a normalised return on equity of 21.1%, while its interim dividend increased by 18%, reflecting the financial performance reported during the period.
For the financial year ended June 2026, FirstRand declared a record dividend, supported by double-digit profit growth at FNB and RMB. The results highlighted the contribution of its principal banking businesses as the group continued to manage its wider operations across different markets.
The group is also pursuing changes to its international footprint, having moved to exit its UK operations. The decision forms part of the wider strategic direction under Vilakazi’s leadership as FirstRand considers where its businesses can deliver sustainable returns.
FirstRand pursues acquisition opportunities in Kenya
Vilakazi’s leadership also comes as FirstRand explores opportunities to establish a stronger position in East Africa, with Kenya emerging as a potential entry point through an acquisition.
In October 2026, Vilakazi said that FirstRand was pursuing the acquisition of a smaller Kenyan bank, favouring a transaction that would provide an established local platform from which the group could build through organic growth. She said the group was also considering opportunities in insurance and investment banking as part of its broader ambitions in the market.
FirstRand has maintained a presence in Kenya through a representative office established in 2012, initially focusing on infrastructure and project finance opportunities. Its current acquisition ambitions would provide another route into the country’s banking sector, where established local lenders and regional financial groups are competing for market share.
The proposed expansion comes as South African banking groups strengthen their positions in East Africa. Nedbank completed its acquisition of a 66% controlling stake in NCBA in October 2026, giving it a substantial platform in Kenya and other regional markets. The transaction has placed another major South African financial institution in a position to compete across the region, alongside FirstRand’s pursuit of its own Kenyan banking opportunity.
Kenya’s banking sector is also adjusting to higher minimum capital requirements proposed by the Central Bank of Kenya, a development that has brought consolidation and potential acquisition opportunities into discussions about the industry’s future. These changes provide part of the regulatory and competitive environment in which FirstRand is assessing its expansion plans.
Vilakazi’s recognition extends beyond the African Banker award
The AFIS Awards 2026 recognition adds to a series of international distinctions for Vilakazi. In 2026, she topped Africa.com’s Definitive List of Women CEOs and was also named in Fortune’s Most Powerful Women ranking.
Her African Banker award highlights the contribution of financial services leadership to the development of African economies, particularly through banking performance, investment and the expansion of financial services across the continent.
The AFIS Awards 2026 are held in partnership with Forvis Mazars, bringing together recognition of leadership and achievement across Africa’s financial services industry.
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