What You Didn’t Know About Mary Vilakazi

Mary Vilakazi has built one of the most notable careers in South African finance. She was born in August 1977 and raised in Alexandra, Johannesburg. She went from a modest background to becoming the first woman and second Black chief executive of FirstRand.

Her Early Life and Education

Vilakazi’s mother worked as a bookkeeper and also an entrepreneur. Vilakazi recalled making and selling sweets and popcorn as a child. 

Her education was supported by several educational opportunities. She participated in the Gifted Child Programme, which included Saturday classes at Redhill School. Later she got a Rotary Fund scholarship that helped her attend St Enda’s Secondary School in Braamfontein. 

Despite becoming a mother during her final year of high school, it didn’t affect her academics. She studied at the University of the Witwatersrand, completing a Bachelor of Commerce in 1999 and an Honours degree in Accounting in 2000. She completed a Higher Diploma in Auditing and qualified as a chartered accountant in 2002. 

Her original ambitions were not banking and accounting. As a young woman, she considered becoming a lawyer after seeing lawyers help her family, and later became interested in psychology. Her strength in numbers eventually pushed her towards commerce and accounting.

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Her Career at PwC

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Vilakazi began her professional career at PricewaterhouseCoopers, commonly known as PwC, after receiving a bursary from the firm. She completed her articles there and developed expertise in auditing financial services companies, particularly investment management businesses. 

Her progress was rapid. In 2005, at just 27, she became a partner in PwC’s Cape Town office, making her one of the youngest partners in the firm’s global network at the time. She remained at PwC until 2008 before moving into an executive role outside the auditing profession. 

From Mining Services to Financial Services

In 2008, Vilakazi became chief financial officer of the Mineral Services Group, a mining services consultancy. The move gave her experience outside the large corporate environment. 

She later returned to the financial services industry through MMI Holdings. She joined the group in 2014, became group finance director in 2015 and was appointed deputy CEO in 2017. During this period, she was involved in major financial and strategic decisions within the business. 

Becoming FirstRand CEO

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Vilakazi joined FirstRand in 2018 as group chief operating officer. Her responsibilities included diversification into insurance and investment management, as well as overseeing parts of the group’s operations across Africa. 

In October 2023, FirstRand announced that Vilakazi would succeed Alan Pullinger. She officially took over on 1 April 2024. .

Her Interests and Leadership

Vilakazi has been involved in programmes supporting women in accounting and has served on boards including St Mary’s School. She has held non-executive roles at organisations such as the Development Bank of South Africa and Kagiso Media. 

She has also spoken about the importance of creating opportunities for young people. Vilakazi said:

“I think my success is proof that you cannot underestimate the power of being given opportunities”

Vilakazi was named a World Economic Forum Young Global Leader in 2016 and has remained active in professional and leadership networks. Her achievements made her one of the prominent figures in South Africa’s business sector.