SA Businessman Mfundo Nkuhlu Earns $1.6 Million Salary from Nedbank in 2022

Copyright: KIRBY

Mfundo Nkuhlu, a South African businessman and top executive, was named COO of Nedbank Group, one of the continent’s most valued financial services firms, in 2022, and received a total pay of R30.1 million ($1.58 million) from the premier lender.

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The bonus package, which emphasizes his contribution to the group’s financial performance in 2022, is 7.11 percent higher than the previous year’s total reward of R28.09 million ($1.48 million).

This considerable increase in his remuneration can be attributed to the group’s strong financial performance in 2022, as Nedbank ended its fiscal year with a total income of R64.46 billion ($3.47 billion) and a profit of R15.42 billion ($811.7 million).

Nkuhlu’s 2022 remuneration package includes an R6.6 million ($346,970) base salary and an R11.5 million ($605,536) performance-based short-term incentive based on the bank’s extraordinary performance throughout the fiscal year.

The lender also gave him a long-term incentive payment of R12 million ($632,124) to recognize his steadfast dedication to the group and his breadth of experience as a seasoned professional.

In 2008, Nkuhlu was appointed to the Group Executive Committee. He has served as Nedbank Group’s COO and executive director since January 2015, when he was appointed by the group’s board of directors.


The South African business leader also serves on the board of Ecobank Transnational Incorporated, a pan-African bank with operations in more than 35 African nations and a 21.2 percent stake in Nedbank.

Mfundo has led Nedbank Group to notable financial milestones since taking over as COO, with the group’s headline earnings increasing by 20% from R11.7 billion ($628.18 million) in 2021 to R14.00 billion ($751.67 million) in fiscal year 2022.


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