Nedbank has officially appointed Nomonde Hlongwa as its new Group Chief Compliance Officer (CCO), replacing Daleen du Toit, who will step down on 16 May 2025 after a decade of service at the financial institution.
Hlongwa, an admitted attorney with 18 years of legal, risk, and compliance experience, is currently serving as the CCO for Business and Commercial Banking at Standard Bank. Her extensive expertise spans multiple African markets, making her a strategic addition to Nedbank’s leadership team.
In addition to this executive shake-up, Nedbank has also announced that Iolanda Ruggiero, the Managing Executive of Nedbank Wealth, will take early retirement on 31 March 2025. Ruggiero, who has been with the bank for 23 years, has played a pivotal role in leading Nedbank Private Wealth, Wealth Management, Asset Management, and Insurance since 2015.
Nedbank CEO Jason Quinn expressed gratitude to both Du Toit and Ruggiero for their years of service, while warmly welcoming Hlongwa to her new leadership role. “We look forward to working with Nomonde and leveraging her expertise to drive our compliance strategy forward,” Quinn stated.
Nedbank Earns Global Recognition for Digital and Inclusion Strategies
Beyond its leadership transitions, Nedbank continues to make waves in the financial industry, recently receiving multiple accolades at the Euromoney 2024 Awards for Excellence. The bank was named Africa’s Best Digital Bank and South Africa’s Best Digital Bank, acknowledging its commitment to digital innovation through its multibillion-rand Managed Evolution (ME) digital transformation strategy.
Additionally, Nedbank’s focus on financial inclusion earned it further international recognition. The bank received two more prestigious awards: The World’s Best Bank for Diversity and Inclusion and South Africa’s Best Bank for Diversity and Inclusion. These accolades highlight Nedbank’s commitment to bridging the financial exclusion gap and promoting a more inclusive banking environment.
The Euromoney Awards for Excellence, a globally recognized benchmark in the banking industry for the past 30 years, celebrate institutions that stand out in an increasingly competitive and digitally-driven financial landscape.
Nedbank’s R9 Billion Digital Transformation Strategy
The bank’s recognition as the continent’s top digital bank can largely be attributed to its R9 billion Managed Evolution (ME) technology strategy, which was launched in 2016.
According to Ciko Thomas, Group Managing Executive of Retail and Business Banking at Nedbank, the ME strategy was designed to drive efficiencies by fully embracing digital transformation. “The strategy also aims to place our clients at the centre of the journey by providing them with a more integrated client experience over time,” Thomas explained.
Through this initiative, Nedbank has modernized its core banking system, with a focus on deposit and transactional products, payment modernization, and improved client onboarding and servicing. The result has been double-digit growth in digital-related metrics and stronger cross-selling efforts.
As Nedbank continues to evolve, the appointment of Hlongwa as CCO and the recognition of its digital and inclusion strategies reaffirm the bank’s position as a leader in the financial sector.
