INSTACASH has appointed Muzi Dlamini as its new Board Chairman, with Bheki Khumalo joining as a board member, as the fintech firm moves to reinforce its leadership at a time of growth in the digital payments sector.
Managing Director Mandla ‘Cheeks’ Nxumalo said the new appointments are expected to provide the oversight needed as the company expands and navigates increasing regulatory and technological demands. He added that strong governance remains key as the sector continues to evolve.
Dlamini brings more than 16 years of experience in leadership, corporate governance, risk management and regulatory compliance. He previously served as Chief Executive Officer of the Eswatini Competition Commission and held senior roles at Insika Financial Services, Sanlam, Fairlife Benefit Services and Metropolitan Life Swaziland.
He is currently an independent consultant in anti-money laundering (AML) and financial systems security. His past roles include Head of the Monitoring Unit at the Financial Intelligence Unit (FIU), AML reporting officer at the Central Bank of Eswatini, and finance officer responsible for policy and planning at the Ministry of Finance.
Khumalo joins the board with specialised expertise in financial intelligence, including anti-money laundering, countering the financing of terrorism (CFT) and financial investigations, which is expected to support the company in meeting compliance requirements.
Founding Chairman Mbuso Simelane said the appointments come as fintech companies across Africa face increasing pressure, noting that many startups struggle to survive beyond their early years due to high compliance costs and technological challenges. He said the new board will focus on ensuring continuity and sustainable growth.
Nxumalo said the company is confident the new leadership will guide INSTACASH through its next phase, adding that the firm is positioned to expand its services while maintaining trust in the market.
INSTACASH is licensed and regulated by the Central Bank of Eswatini and operates as an electronic money transfer service provider across mobile networks in the country.
Discussion about this post