The Land and Agricultural Development Bank of South Africa (Land Bank) has appointed Jabu Mphambo as acting CEO, effective from February 9, 2023, following the resignation of Themba Rikhotso earlier this year.
Mphambo, who joined Land Bank in November 2022 as Chief Banking Officer, has significant experience in various sectors including banking, agriculture, and financial services. His diverse portfolio encompassed client coverage, structured investments, commercial banking, legal services, product development, client insights, and distribution channels. This extensive experience positions him well to lead the bank as it navigates current challenges.
Having over 16 years of senior executive experience, Mphambo held leadership roles at institutions such as Standard Bank, Absa, and Nutun. He is a Chartered Accountant and Chartered Financial Analyst, with an MBA from the Gordon Institute of Business Science. He was also recognized as a finalist for the 2019 South African Institute of Chartered Accountants Top-35-under-35 awards.
Focus on Strategic Priorities
In an interview with Farmer’s Weekly, Mphambo expressed confidence that his prior involvement in the bank’s strategic direction will ensure a smooth transition. “The foundation laid by Rikhotso provides continuity and strategic clarity,” he stated. He aims to maintain momentum and uphold the institutional strength while fostering a culture of accountability and performance.
Mphambo also highlighted the importance of staff engagement during this transitional phase. “Our people play a crucial role in maintaining stability,” he remarked, emphasizing the bank’s commitment to client service quality and operational excellence.
Supporting Farmers through Strong Initiatives
Under Mphambo’s interim leadership, the Land Bank is dedicated to enhancing its support for farmers, particularly through high-impact initiatives designed to broaden financial access. This includes advancing its partnership model to better support emerging farmers.
“We are also set to launch the Farmer Academy, which will equip emerging farmers with essential skills for building sustainable agricultural businesses,” Mphambo noted. The bank aims to expand its lending capacity and offer affordable finance through blended finance partnerships with the Department of Agriculture, which combines grant funding and commercial finance.
Navigating Challenges and Opportunities
Mphambo acknowledged the complexities currently faced by both farmers and the Land Bank, including external pressures such as the ongoing outbreak of foot-and-mouth disease and adverse macroeconomic conditions. However, he views these challenges as opportunities for the bank to innovate and serve the sector more effectively.
“In the past year, we’ve noticed an increase in the uptake of blended funding solutions, which we expect to strengthen as farmers seek flexible financing options,” he shared. There has also been a renewed interest from commercial farmers in partnering with the Land Bank, indicating restored confidence in the institution’s offerings.
Commitment to Long-Term Goals
As acting CEO, Mphambo is committed to executing the bank’s long-term strategy during this leadership transition. He emphasizes the disciplined execution of their three-phase strategic plan, which is pivotal for the bank’s recovery and growth.
“Our mandate is clear: to transform and develop the agricultural sector sustainably. My priority is to ensure consistent and focused execution of this mandate, strengthening governance, maintaining financial resilience, and enhancing the bank’s developmental impact,” he concluded.
