1. What’s driven your bold career pivots from law to finance to operations?
While practising law, I often felt like I was documenting the work of others rather than shaping it. I wanted to be part of creating something new and seeing it through to fruition. That curiosity led me into corporate finance and, eventually, retail banking, the bigger leap. Retail banking allows me to be directly in the real economy, with real people, impacting their lives for the better. That alignment with my values, being able to bank on better outcomes for individuals and families, is what has driven my journey.
2. How did you navigate being the “only one in the room” as a pioneering leader?
I never relish it. It can be difficult, and I always feel the weight of it. I try to remind myself that the more I show up in a way that gives other people in the room the confidence that there should be more people in the room like me, and ensure that I champion the careers of others who look different from the majority around the table, then I’m doing my job.
3. What does “banking on yourself” mean to you personally?
In many ways, it’s about believing and making sure that tomorrow will be better than today. It’s important to stay optimistic and to determine for yourself what the right things to do are and do them.
4. What excites you most about your impact at Capitec?
Capitec’s purpose is to make a meaningful impact in people’s lives, which resonates deeply with me as it mirrors how I was raised. I am so grateful that I have the opportunity to do just that every day when I wake up and come to work. It’s a privilege to work in a space that fully aligns with my values.
5. What’s a major challenge you’ve faced, and how did you overcome it?
I think the major challenges are always about people. Leading people well is the most challenging part of leadership, because people are unpredictable and respond to things in surprising ways. But the more you can create an environment where people feel like they belong and that there is a path for themselves in your business or in your team, that’s the magic.
6. How do you define inclusive, modern leadership in finance?
Coming from a group that’s often marginalised, it’s even more important to me that I model what inclusion looks like. That means listening to voices that might otherwise go unheard and making sure we broaden representation in every room or on every panel.
7. How did studying at UCT and Kellogg shape your leadership approach?
I first studied accounting at UCT but eventually moved into law, which I absolutely loved. Studying constitutional law in the years after ’94 was especially powerful. It forced me to think deeply about the country we want South Africa to be. It was about defining equality and what rights, like access to water, healthcare, or education, should really mean. That gave me a platform to reflect on the society I want to live in, and the role I want to play in shaping it. Kellogg added a different dimension by broadening my perspective globally and sharpening how I apply those values in complex environments.
8. Where do you see the biggest opportunities for financial inclusion?
The basics are what people most struggle with. It’s budgeting, not becoming overly indebted, or figuring out how to support your family while also investing in yourself. The opportunity lies in helping people understand their finances well enough to know what they can and can’t spend, and think more long-term about their money, and consider how the decisions they make today will shape their future.
9. How do you maintain resilience in a high-pressure role?
I try to meditate every day and exercise regularly. Reading is also a big part of how I recharge. If I can spend a Saturday or Sunday afternoon with a book and a glass of wine, that feels like magic. Whenever life feels a bit strange or I need a boost, I turn to Kwaito, who always lifts my spirit.
10. Which women have most inspired or supported your journey?
My older sister has been incredible. She’s faced unbelievable challenges in her professional life, and there was a time when we were both dealing with similar struggles. Having her to talk to, share experiences and strategies with was invaluable. She’s been a tremendous source of inspiration and support, and I’m very grateful for that.
11. What’s your advice to young women entering male-dominated industries?
In male-dominated industries, you often carry the weight of representation, so it’s important to demonstrate excellence and consistently deliver at the highest level. That means focusing on doing your job really well, while also understanding that your success signals to others what’s possible. You’re not only building your own career, you’re also showing others that their dreams are valid and achievable. By excelling and staying true to yourself, you open the door wider for those who will come after you.
12. What legacy do you hope to leave, not just in banking, but in the broader story of women’s leadership in South Africa?
For me, legacy is about showing that excellence can come from anywhere and that everybody deserves an opportunity. I want young women, especially my nieces, to grow up believing they’re starting from a position of strength, not from a place of having to catch up. No one should be defined by the worst thing they’ve ever done. I hope that women see themselves as equally valued, capable of shaping industries and society, and that we continue building a culture where that belief is lived out daily.
Short bio
Basani Maluleke is a trailblazing South African business leader and the first Black woman to serve as CEO of a commercial bank in the country. With a BCom in Accounting and an LLB from the University of Cape Town, Basani began her career in law before transitioning to corporate finance, a move that laid the groundwork for her dynamic leadership in banking. She later earned an MBA from the prestigious Kellogg School of Management in the United States, returning home to hold several executive roles in the financial services sector.
Basani has never been afraid to bank on herself. Her career is a masterclass in bold pivots, from law to corporate finance and now operations at Capitec, where she plays a critical role in optimising client experience for 24 million clients. She continues to redefine what leadership in finance looks like, and her story is a testament to what it means to bank on yourself and always bank on better.
