In 2019, there were just eight black women executive directors in SA banks. This number included Basani Maluleke, who recently left African Bank. Black women's representation in the banking industry is few and far between.
In 2016, not a single bank in the Banking Association of SA's annual Transformation Report reached the target of having more than 25% black women at the board level. Only one had more than 25% black women executives.
But some banks are becoming more deliberate about promoting women into executive positions. Bidvest Bank now has a female MD. Absa has appointed a female interim CFO. And Standard Bank decided to promote three women into executive positions that require them to oversee operations in multiple African countries at the beginning of this year.