South African banking fraud boss resigns

South African Banking Risk Information Centre (Sabric) CEO Nischal Mewalall is stepping down to pursue personal aspirations, the organisation announced in a statement on Tuesday.

Sabric said that Mewallal provided stability and strategic direction to the organisation during a challenging period that included the Covid-19 pandemic and lockdowns.

“After five years of exemplary leadership, Nischal has decided to step down as chief executive officer of Sabric to pursue his personal aspirations,” the organisation said.

“The Sabric board, employees, and stakeholders extend their deepest gratitude for his visionary leadership and unwavering commitment to the organisation.”

Sabric said it underwent a significant digital transformation under Mewalall’s leadership, becoming more technology-driven and strategically positioned to combat financial crime and fraud.

“His forward-thinking approach strengthened partnerships between the public and private sectors, enhancing South Africa’s collective resilience against cyber and financial threats,” it said.

Sabric Board chair Bongi Kunene said Mewalall was instrumental in forming Sabric into a forward-looking, innovative organisation.

“We respect his decision to pursue new endeavours and wish him every success in his future pursuits,” Kunene said.

“His leadership during turbulent times was nothing short of remarkable, and his legacy will continue to benefit the industry for years to come.”

Mewalall described his time at Sabric as an incredible privilege.

“I am proud of what we have achieved together, transforming the organisation, driving digital innovation, and fortifying South Africa’s defences against fraud,” he said.

“I leave with confidence in Sabric’s continued success and extend my heartfelt thanks to the board, our dedicated team, and our partners for their unwavering support.”

The Sabric board has initiated the process of identifying Mewalall’s successor and will announce further details in due course.

In the interim, the organisation said it would remain committed to its mission of combating financial crime through collaboration, innovation, and cutting-edge technology.