The Land and Agricultural Development Bank of South Africa (Land Bank) has appointed Jabu Mphambo as acting CEO, effective 9 February, following Themba Rikhotso’s resignation earlier this year.
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Mphambo joined Land Bank in November 2024 as chief banking officer, leading a wide portfolio including client coverage, structured investments, commercial banking, legal services, product development, client insights, and distribution channels.
The bank said in a statement that Mphambo has played a key role in strengthening operational discipline and advancing its growth strategy.
He brings more than 16 years of senior executive experience in banking and financial services, having previously held leadership roles at Standard Bank Corporate and Investment Banking, Absa, and Nutun.
Mphambo has extensive experience in corporate finance, mergers and acquisitions, and distressed credit investments, with sector exposure across banking, agriculture, mining, and financial services.
He is a Chartered Accountant (South Africa) and Chartered Financial Analyst, holds an MBA from the Gordon Institute of Business Science, and was a finalist in the 2019 South African Institute of Chartered Accountants Top-35-under-35 CAs (SA) awards.
Speaking to Farmer’s Weekly, Mphambo said his work on Land Bank’s strategic priorities and operational plans since joining the institution would help ensure a smooth transition.
“I have been closely involved in implementing the bank’s strategies and operations. This familiarity ensures that the leadership transition will be seamless,” he said.
“The foundation laid by Rikhotso provides continuity and strategic clarity. Under my interim leadership, we will maintain momentum, uphold institutional strength, and reinforce a culture of accountability and performance.”
Mphambo emphasised the role of staff in maintaining stability during the transition.
“Equally important are our people. Our staff remain deeply committed to the bank’s mission and the broader agriculture sector. We will continue to focus on client centricity, operational excellence, and continuous improvement in client experience.”
Supporting farmers
Mphambo said Land Bank is continuing programmes to strengthen support for farmers.
“The bank is advancing several high-impact initiatives designed to broaden access to finance and deepen developmental support across the sector,” he said.
“A key focus area is the accelerated rollout of our partnership model, which is intended to extend our reach and strengthen support for the emerging farmer segment. Through strategic collaborations, we aim to unlock greater efficiencies and increase access to appropriately structured funding solutions.
“We are also preparing to launch our Farmer Academy, a long-anticipated initiative that will serve as a structured platform to equip emerging farmers with the technical, financial, and business skills required to build sustainable agricultural enterprises.”
Mphambo said the bank will continue its capital-raising initiatives to expand lending capacity and provide affordable, accessible finance.
“Our blended finance partnership with the Department of Agriculture remains firmly in place, supporting farmers who require a combination of grant funding and commercial finance.”
Challenges and opportunities
Mphambo acknowledged that farmers and Land Bank face a complex operating environment.
“The challenges facing our clients are intrinsically linked to the challenges facing the bank. External pressures, including the ongoing foot-and-mouth disease outbreak and other adverse macroeconomic conditions, present headwinds that require careful navigation and responsive support mechanisms.”
However, he said he believes these challenges also create opportunities for the institution.
“The bank has a critical role to play in accelerating sector transformation and development, particularly at a time when demand for blended finance solutions continues to grow.
“Over the past year, we have observed increased uptake of blended funding instruments, and this trend is expected to strengthen as more farmers seek innovative and flexible financing structures,” he explained.
Mphambo added the bank has also received renewed interest from commercial farmers.
“It is encouraging to see the return of long-standing commercial clients to Land Bank. This renewed confidence reflects the strength of our value proposition and the progress we are making in restoring credibility, improving service delivery, and aligning our products more closely with the needs of the sector.”
He added that the bank intends to back both emerging and commercial farmers: “There is still room for improvement, and we see an opportunity for Land Bank to serve both segments. We are committed to this.”
Strategic priorities
During his time as acting CEO, Mphambo said the bank will continue implementing its long-term strategy.
“The bank remains firmly focused on the disciplined execution of its three-phase strategic plan, which has been the cornerstone of our recovery and growth trajectory. This work continues uninterrupted during the current leadership transition.
“Our mandate is clear: transform and develop the agriculture sector in a financially sustainable manner. As acting CEO, my priority is to ensure consistent, focused execution of this mandate.”
According to him, this includes strengthening governance, maintaining financial resilience, and accelerating initiatives that enhance the bank’s developmental impact.
“We are committed to building on the solid foundation already in place, ensuring that the bank continues to play a pivotal role in advancing South Africa’s agriculture sector,” Mphambo concluded.
