Tsholofelo molefe biography of nancy
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She was appointed Group Chief Financial Officer of MTN Group in 2021.
Before joining MTN, she held a senior group finance leadership role within the telecommunications industry, where she was responsible for financial performance management, risk oversight and governance. Tsholofelo began her professional career at Coopers & Lybrand (now PricewaterhouseCoopers), where she completed her audit and accounting articles.
Since joining MTN, she has led a focused financial transformation programme, strengthening capital allocation discipline and balance sheet resilience.
South African exec Tsholofelo Molefe earns $1.1-million salary from MTN Group in 2022
South African executive Tsholofelo Molefe, the group CFO of MTN Group, Africa’s largest telecom services provider, received a total compensation package amounting to R19.82 million ($1.1 million) for her role at the helm of the leading telecom services provider in 2022.
Molefe’s annual remuneration dropped by 17.23 percent to $1.1 million in 2022, compared to the $1.3 million she received in 2021, even as MTN Group reported robust profits and revenues at the end of its 2022 fiscal year.
Her 2022 compensation package comprises a base salary of R8.15 million ($434,015) and a performance-based short-term incentive of R10.17 million ($541,600) derived from the leading telecom’s exceptional performance during the fiscal year.
Molefe, a distinguished South African executive, assumed the roles of CFO and executive director of MTN Group in April 2021, following her tenure at Telkom, where she served as deputy chief financial officer and group risk and compliance officer.
Under Molefe’s astute leadership as group CFO, MTN Group has experienced a remarkable surge in profitability and revenue.
In a short span, the group’s profits and revenues catapulted from R16.99 billion ($1.04 billion) and R181.65 billion ($9.6 billion) in 2021 to an impressive R24.26 billion ($1.28 billion) and R207 billion ($10.93 billion) in 2022, respectively.
MTN Group has witnessed remarkable growth under Molefe’s leadership as Group CFO.
In recent times, the group’s profits and revenues surged from R16.99 billion ($1.04 billion) and R181.65 billion ($9.6 billion) in 2021 to R24.26 billion ($1.28 billion) and R207 billion ($10.93 billion) in 2022, respectively.
The group’s total assets also underwent a 7.13-percent increase, growing from R365.8 billion ($19.31 billion) in 2021 to R391.88 billion ($20.69 billion) in 2022, showcasing her influential role in driving the institution’s growth and financial resilience.
Tsholofelo Molefe
Tsholofelo joined MTN from Telkom where she held the positions of Deputy Chief Financial Officer and Group Risk and Compliance officer, prior to her appointment as the Group Chief Financial officer in 2018.
Under her leadership, the Group reduced holding company leverage from 2.2x to below 0.8x by the end of the 2022 financial year and achieved R2.7 billion in expense efficiencies. Before joining Telkom, Tsholofelo was employed as a Finance Director of Eskom Holdings, and an executive director of the company’s main board.
She has also completed the Advanced Management Programme at Harvard Business School
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Her earlier career includes Finance Director at Eskom Holdings SOC Ltd, Chief Financial Officer for the Personal Segment Unit at First National Bank, and Audit Manager at ABSA Group. She has also held various other roles at Eskom Holdings.In addition to her, extensive telecommunications industry experience, Tsholofelo has also worked in the banking and financial services sector before joining Eskom in various roles.
She offers extensive financial strategy, financial management and accounting experience, with a strong background in enterprise risk management and financial controls.
Location
Johannesburg, South Africa
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Executive Director: Group Chief Financial Officer
Appointed: 1 April 2021
Board Responsibilities:
Member of the Finance and Investment Committee and the Risk Management and Compliance Committee.
Professional Background:
Tsholofelo Molefe is an accomplished finance executive with broad experience in financial strategy, capital management and enterprise risk control across the public and private sectors.
She plays a key role in advancing MTN’s Ambition 2025 strategy, supporting the structural separation of platform businesses, portfolio optimisation and asset realisation.
Qualifications: Tsholofelo holds degrees in accounting and finance, including a BA (Hons) in Accounting and Finance, a BCompt Honours degree, a Certificate in the Theory of Accounting (CTA), and is a Chartered Accountant [CA(SA)].