Making the most of opportunities has been an important stepping stone for Mary Vilakazi, the CEO of FirstRand — South Africa's biggest banking group.
FirstRand, boasting a R400-billion market capitalisation, is a leading financial services group whose divisions include First National Bank (FNB), Wesbank, and Rand Merchant Bank (RMB), employing around 50 000 people globally.
"Growing up I would not have said I would be CEO of the largest bank in South Africa, but it is [the outcome of] a series of opportunities I was fortunate to have. I got opportunities along the way and that is what made the difference,” Vilakazi says. “I always say I was not the brightest or the most gifted, but I managed to get opportunities, whether it is a bursary or someone offering me vacation work or a school programme — all of those things are important because without access to them I would not be here.”
Vilakazi joined FirstRand in 2018 as group chief operating officer and took over as CEO in April 2024, becoming the first woman to serve at the helm of the group. Her track record speaks for itself: she previously served as the deputy CEO of MMI Holdings and chief financial officer of the Mineral Services Group.
Growing up in Alexandra, north of Joburg, Vilakazi has had a knack for business from a young age. “My mother wanted me to earn money when I was very young; it was a helpful skill. Instead of giving me pocket money, she gave me a packet of sweets to sell and said I could keep the profits,” Vilakazi says.
She describes her tenure as CEO as both challenging, owing to the unique micro-economic environment resulting from FirstRand's diverse geographic footprint, and rewarding, owing to the progress that has been made to address some of South Africa’s structural challenges.
“The micro-economic environment has not been great. It does not help that the global challenges most countries are navigating [create] an environment that is going to have higher inflation. We are seeing that coming through in the US now. I think the [US] tariffs are going to bite,” says Vilakazi. In July, US president Donald Trump imposed a 30% tariff on South African goods and produce, effective from 1 August 2025. The tariffs, if implemented, are likely to hit jobs in sectors such as vehicles, wine, manufactured goods, metals, and agricultural products.
At the same time, South Africa's rail industry is undergoing a structural shift with the government introducing third-party access to the country's 21 000km rail infrastructure. While South Africa faces a barrage of problems, including unemployment and slow growth, she believes making it easier for people start businesses and even establishing a credit-guarantee scheme for youth could help reduce the unemployment rate.
“There are several business opportunities that did not exist years ago, such as influencers. If you look at how much influencers are making in the US, there is a big business model there and it resonates with a lot of people,” she observes. “If there is a concerted effort to help young people, there should be a credit-guarantee scheme put in place to help people borrow money and build their own businesses.”
Ratings agency S&P said in July that economic risk for SA banks has reduced and that the sector has entered an expansion phase, signalling an improvement on last year with lower interest rates. Commenting on the S&P Global Ratings report, Vilakazi says the outlook for banks is positive. She adds that while there has been an improvement in household balance sheets and incomes following a reduction in inflation, interest rates are still not at a level that will allow households to have a healthy income.
FirstRand said last month it was expecting to do better in the first half of 2025 than at the start of the year. Vilakazi adds that FNB is the leading bank for small and medium-sized enterprises (SMEs) and is working hard to make it the “go-to bank” for solving customers’ problems. “SMEs in particular have done pretty well; competition is rife. If I look at how we are placed in the small-business banking sector I would say FNB has got a lot to lose because we have a big market share, we are the largest lender to SMEs, and we are fighting pretty hard when it comes to competition,” she says.
In the UK, MotoNovo Finance, FirstRand’s motor-finance business, was part of an industry-wide probe into practices related to commissions paid to car dealers. MotoNovo is appealing court of appeal rulings in favour of consumers who had taken out loans through dealerships not knowing that the dealers were receiving undisclosed commissions from MotoNovo. She says MotoNovo is awaiting the judgement, which will hopefully be made in the next month. “We believe we have a strong case,” she says.
Vilakazi, a wife and mother, says she would tell her younger self not to be so hard on herself. “I would say mistakes are part of growth — all the mistakes I have made have enriched my experience, I have learnt a lot from them and I think that is where innovation begins.” She adds, “I think when you start off as a young professional the stakes are high, and you think, ‘Oh, I can’t fail.’ It is a lot of stress. I don’t think it’s that stress that helps you succeed — you could travel the road with an easier load.”
She looks forward to one day coaching young people to reach their full potential. “I enjoy working with young people. I believe it is a secret sauce to staying young. I enjoy focusing on people’s strengths — that is a passion of mine. I get to do a bit of it in leadership, but there you are directing and shaping outcomes for a business. I think coaching is about the people and helping them succeed and grow.”
