👋Sim Tshabalala to step down in 2027, 💸First Rand Eyes Kenya, 🔥Nedbank says goodbye to Ecobank, Vodacom's Masiv Deal and more

The Banking Brief – Edition: Friday, 15 August 2025

Audience: African & Global Fintech Leaders
Read Time: 8 minutes

Hi I’m Elly, a data analyst at Standard Bank Group. Whew! It’s been a super busy week for Nedbank. A short recap if you missed yesterday’s news and some news on stablecoins - I know some of you cringe when you hear crypto - but I’ve included an explainer for context.

Enough chitchat, let’s dive in! - Elly

Golden Nuggets

• Standard Bank CEO Sim Tshabalala and CFO Arno Daehnke to retire by end of 2027, beginning a planned leadership transition at Africa’s largest bank (Moneyweb).

• FirstRand (FNB) eyes entry into Kenya’s banking market, targeting opportunities created by new Central Bank capital rules pushing consolidation (Kenyan Wall Street).

• Nedbank sells entire 21.2% stake in pan-African lender Ecobank for $100 million to Bosquet Investments, ending a long strategic partnership (Moneyweb).

• Shoprite Group partners with Absa Rewards, enabling customers to earn up to 60% cashback when shopping at Shoprite, Checkers, LiquorShop, and via Sixty60—cashback paid monthly, no points or vouchers (Moneyweb).

Main Stories

Standard Bank’s Sim Tshabalala to Step Down in 2027

Why it matters: After leading Africa’s largest bank through transformative growth, CEO Sim Tshabalala will retire by the end of 2027, with CFO Arno Daehnke stepping down simultaneously. The bank posted an 8% earnings increase for H1 2025, setting a strong foundation for new leadership (Moneyweb).
Zoom in:This planned transition allows for a phased handover, signalling stability despite leadership change. Tshabalala’s tenure since 2013 was marked by digital innovation, record profits, and pan-African expansion.
And? Watch for careful succession planning with a focus on continuing digital transformation and regional growth strategy.

FirstRand (FNB) Targets Kenyan Market on Capital Rule Changes

Why it matters: Kenya’s banking sector faces a shakeup with the Central Bank increasing minimum capital requirements dramatically. This has prompted FirstRand to consider entering Kenya, aiming to leverage the opportunities created by this regulatory shift (Kenyan Wall Street).
Plus: CEO Mary Vilakazi cited Kenya as a promising market amid the consolidation wave triggered by capital hikes. FNB's expansion there would place it against incumbents Equity Bank and KCB, bringing its strong product suite including vehicle financing and wealth management to East Africa.
Be Smart: This move could accelerate Kenya’s banking consolidation and tech-led service delivery evolution. Remember Kenya has been leading the way with a tech savvy population - one of the highest interest penetration in the region, and the highest digital adoption through M-PESA and Airtel money.

Nedbank Sells Ecobank Stake for $100 Million

Why it matters: Nedbank exits its 21.2% stake in Ecobank, marking the end of a nearly 17-year-old strategic alliance as part of its refocus on Southern and East African markets (Moneyweb).
Zoom in: The stake was acquired by Bosquet Investments, led by financier Alain Nkontchou. Regulatory constraints and currency risks contributed to the decision. Ecobank’s management sees this as a chance for refreshed strategy and a pivot to new investors.
What’s next? : Expect renewed Ecobank governance and possible shifts in its pan-African strategy alongside Nedbank’s narrowed regional focus. We’re already seeing Nedbank’s refocus on Southern Africa with the Ikhoka Acquisition plans.

Shoprite Joins Forces with Absa Rewards in Cashback Deal

Why it matters: South African shoppers get a big boost as Shoprite Group joins Absa Rewards, offering customers up to 60% cashback during the launch phase when paying with qualifying Absa debit or credit cards.
Zoom in: From 16 August, cashback applies at Shoprite, Checkers, Checkers Hyper, LiquorShop, and via Sixty60. After two months, cashback rates will standardise at up to 30%, with no points or vouchers—just real cash paid monthly into Absa’s Rewards wallet. The move complements Shoprite’s Xtra Savings programme, which already delivers over R1bn(!) in instant monthly cash savings to customers.
Next Moves: This partnership leverages Absa’s customer data showing Shoprite and Checkers as top retail spend categories, aiming to deepen customer loyalty and drive higher spend. Expect to see other banks copy-pasting.

The Scoop:

• Absa Business Banking has partnered with Network International to drive innovation in African digital payments.

• Moove, the Uber-backed vehicle financing platform, is expanding its services for gig drivers across Africa.

• The buy-now-pay-later platform PayJustNow has reached 2.6 million users, underscoring its leadership in South Africa’s alternative lending space.

• Ghana-based fintech Affinity Africa secured an $8 million seed round to scale its MSME financial services.

• The Canada Africa Fintech Summit this month is fostering important cross-border investment connections for African fintechs.

• 4G Capital hit a milestone by issuing 5.5 million loans and was named “Best Fintech” at the African Banker Awards.

• Mobile payments provider Wave Money secured $137 million in debt financing to expand its reach to over 20 million users across Africa.

• South African consumers redeem over R1 billion monthly in instant cash discounts through the Shoprite Xtra Savings programme.

Startup Spotlight

M-Kopa
Kenya-based fintech revolutionising asset finance and mobile payments with ~$400m annual revenue. 5m+ customers and 30,000 agents, M-Kopa excels in enabling access to smartphones, solar energy, and productive assets in low-income segments, driving financial inclusion and economic empowerment across Africa.

What to Watch

• The Africa Tech Festival, taking place from 11 to 13 November in Cape Town, will spotlight pan-African fintech innovation and policy discussions at the Cape Town International Convention Centre.

• GITEX Nigeria, happening from 1 to 4 September in Abuja and Lagos, will showcase the latest breakthroughs in payments, regtech, and digital banking across the region.

• The Wits Global Fintech Conference, scheduled for 3 to 4 September in Cape Town, will offer deep dives into emerging fintech trends and investment opportunities.

One More Thing: Vodacom’s Masiv Deal Goes Through

Vodacom South Africa has recently been given the green light to acquire a co-controlling stake of between 30% and 34.95% in fibre operator Maziv, which owns key infrastructure players Vumatel and Dark Fibre Africa.

Why now? This follows over three years of regulatory scrutiny, culminating in approval by the Competition Appeal Court, despite earlier resistance from the Competition Tribunal.

So what? The revised merger conditions, agreed upon between Vodacom, Maziv, and the Competition Commission, include commitments to increased capital expenditure over five years, maintaining competitive pricing, and expanding fibre infrastructure to underserved areas, including townships, clinics, libraries, and police stations.

+ This

On August 15, 1971, US President Richard Nixon made a surprising announcement called the "Nixon Shock." He said that the US dollar would no longer be directly exchangeable for gold. Before this, under the Bretton Woods system, countries could trade US dollars for a fixed amount of gold, which helped keep the value of money stable worldwide.

By stopping this gold exchange, Nixon broke the promise the US had made and moved the world toward a system where currency values fluctuate freely based on supply and demand, called floating exchange rates. This change gave countries more control over their own money policies, like how much money to print or what interest rates to set.

The Nixon Shock caused big changes in international banking and currency trading. It ended the old system of fixed money values and introduced more uncertainty but also more flexibility in how money works globally. Because of this, August 15 became an important date in financial history.
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