CFO Boitumelo Mosako to become the DBSA’s first black woman CEO


The Development Bank of South Africa has promoted CFO Boitumelo Mosako to the role of CEO.

2022 CFO Awards nominee and CFO Boitumelo Mosako has been promoted to CEO of the Development Bank of Southern Africa (DBSA), making her the first black woman appointed to the role.

“I am humbled to be stepping into this office to serve my country and my continent,” she said.

Boitumelo, who is passionate about people and looks forward to ensuring the practitioners of the DBSA is armed with all the tools, capacity and support they need to excel. She also hopes to support all the company’s partners to ensure they shore up their capabilities par excellence. “Equally important are the people who benefit from the work we do – actively paying attention to their needs to ensure that we are fit for purpose in the infrastructure we deliver,” she added.

“In this role, I hope to bring that passion into every room I walk into and, together with the DBSA team, continue to ignite transformative change towards better livelihoods in our country and across the continent,” Boitumelo explained.

Boitumelo takes up the new role on 1 April following a “seamless” handover process that kicked off in February. She joined the DBSA in 2013, but briefly left the bank in 2016 to serve as the CFO at the South African Bureau of Standards, then returned to the DBSA as CFO in 2018.

According to the DBSA, Boitumelo has continuously ensured clean audits for the bank, and has strengthened its institutions with strict governance.

“I look forward to continuing to work closely with our shareholders, the Minister of Finance and the National Treasury, as well as our partners, which includes government departments, commercial banks, other DFIs, policy makers and influencers, service providers, and our clients,” she said.

Boitumelo has experience working in the finance departments for companies like Citigroup, Life Healthcare, Triumph Venture Capital and EY. She holds a BCom Accounting Degree, a post graduate diploma in accounting, and a higher diploma in auditing from the University of Cape Town. She is a qualified CA(SA) and also holds an advanced management program from the Harvard Business School.

DBSA chairman Professor Mark Swilling said: “I am deeply proud of this admirable feat for the DBSA, to kick off a new era for the Bank under the leadership of its first woman and first black woman CEO. That this succession comes from within the bank is testament to the strength of the institution as a sanctuary for development practitioners. The shareholder, board, executives, investors, partners, clients, and collaborators stand behind her in support as she assumes her new role and meets all its critical demands.”

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