As Absa Group prepares for a significant leadership transition, the resignation of Chairperson Sello Moloko marks the end of a pivotal era for the South African banking giant.
Effective July 15, 2025, Moloko’s departure leaves behind a complex legacy defined by bold moves, strategic progress, and internal turbulence.
Driving Strategic Growth and Sustainability
Appointed in April 2022, Sello Moloko brought a wealth of financial expertise to Absa, having held senior roles at institutions such as Old Mutual and Thesele Group.
Under his guidance, the bank accelerated its shift toward sustainability and digital transformation.
One of Moloko’s landmark achievements was Absa’s R100 billion commitment to sustainable finance, positioning the bank as a key player in green financing across Africa.
This move aligned with global environmental, social, and governance (ESG) trends and reinforced Absa’s reputation among impact-conscious investors.
Moloko also championed geographic expansion. Notably, Absa established a strategic office in Dubai to deepen financial connectivity between Africa and the Middle East. This move aimed to capture trade finance opportunities and enhance cross-border banking services for African clients operating internationally.
Backing African Innovation and Agri-Tech
Moloko prioritized innovation and financial inclusion, particularly in agriculture. A notable initiative during his tenure was Absa’s investment in Khula, a mobile marketplace connecting farmers with buyers, input suppliers, and financial services.
This partnership was a key step in supporting South Africa’s smallholder farmers and promoting agritech solutions that can be scaled across the continent.
Leadership Turmoil and Governance Hurdles
Despite these successes, Moloko’s time as Chair was not without controversy. His resignation follows a turbulent period marked by internal leadership changes and governance questions.
In early 2025, Absa CEO Arrie Rautenbach announced his sudden retirement amid internal investigations and mounting pressure from stakeholders.
Reports surfaced of a probe by law firm ENS regarding alleged whistle-blower leaks, described by some insiders as a “witch-hunt.”
While Moloko cited personal reasons for stepping down—focusing on family, community, and business interests—the timing has prompted industry speculation.
The resignation adds to a series of executive departures that have raised questions about board cohesion and internal oversight at Absa.
A Stronger Pan-African Footprint
Moloko was also instrumental in strengthening Absa’s pan-African presence. His 2025 visit to Ghana underscored the bank’s commitment to expanding its influence in key African markets.
Through infrastructure financing and corporate lending, Absa positioned itself as a catalyst for regional development and intra-African trade.
What’s Next for Absa?
Following Moloko’s exit, René van Wyk—a seasoned banking executive and former interim CEO—is set to assume the chairmanship, pending regulatory approval.
With Van Wyk at the helm and a new CEO, Kenny Fihla, taking over leadership in June 2025, Absa faces a critical moment of renewal and reflection.
The bank’s next chapter will likely focus on stabilizing governance structures, rebuilding investor confidence, and accelerating digital innovation to compete more effectively across the African banking landscape.
Conclusion
Sello Moloko’s tenure as Chairperson of Absa Group will be remembered for its bold ambitions and mixed outcomes.
While he steered the bank through an important phase of sustainable growth and regional expansion, internal friction and leadership instability have left a lasting imprint.
As Absa charts its course forward under new leadership, the foundations laid by Moloko—particularly in sustainability and continental outreach—will serve as both a legacy and a challenge to build upon.
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