African Bank appoints Keketso Motsoane as Head of Business and Commercial Division

The Financial Sector Conduct Authority (FSCA) has banned the activities of the CEO of Africa Bitcoin Corporation, a company listed on the JSE and previously known as Altvest Capital, and has also led to his resignation from the board of directors.

Among the three individuals mentioned in the FSCA's decisions, which were communicated to the board of directors on August 30, is Warren Wheatley, the company's founder, who oversaw its transition into what the company calls Africa's first Bitcoin custodian listed company. The other two individuals are Chief Investment Officer Akshay Karan and Tatum Wheatley, who is responsible for the company's media and investor relations.

According to an investor statement published after market close on Tuesday, these decisions include prohibition orders preventing these three individuals from providing financial products or services, acting as key persons in financial institutions, or rendering services to financial institutions.

The regulator did not disclose these decisions, nor did the company reveal the specific conduct that led to these measures. The investor statement was posted via the JSE and indicated that the decisions were confidentially delivered to the respective individuals.

All three dispute the findings and intend to file a claim with the Financial Services Tribunal to review and suspend these bans. No suspension has been granted yet, so the bans are currently in effect.

Africa Bitcoin noted that the FSCA made no findings against any company in the group and imposed no administrative fines or bans on any group company; the orders concern these three individual persons exclusively.

Wheatley and Karan were suspended from their executive duties effective August 31 as a temporary measure, initially for one month and subject to board review. During this period, they will not exercise any authority on behalf of the company or represent it. Tatum Wheatley's services provided through her consulting business have been suspended.

Stafford Masie takes over leadership

Stafford Masie, Executive Director and Head of Bitcoin Strategy, assumed the role of interim CEO with immediate effect. He will oversee the group's executive agreements related to the Altvest Credit Opportunities Fund, which is wholly owned by an SME lender whose economics underpin the company's preferred ordinary shares, but he will not join the company's board of directors.

Masie is a well-known figure in South African technology. He was the first country manager for Google in South Africa, founded the payment startup Thumbzup, and served on the boards of Discovery Bank and Advtech.

He joined Altvest as a lead independent director, became Executive Chairman in September 2025 when the Bitcoin strategy was announced, and subsequently transitioned to the Bitcoin strategy role.

Wheatley stepped down as Director of Africa Bitcoin Corporation on August 31. He, Karan, and Tatum Wheatley also resigned from the board of Altvest Credit Opportunities Fund on the same date. The board characterized these measures as precautionary and non-disciplinary, stating that they do not reflect an opinion on the merits of the FSCA's findings.

Altvest Capital was originally established as a financing and financial services group for small and medium-sized enterprises, with the Altvest Credit Opportunities Fund being its lending division.

In February 2025, the company acquired one Bitcoin, calling the purchase a systemic test, and became the first listed company in Africa to adopt Bitcoin as its primary reserve asset. In September of the same year, it proposed changing its name to Africa Bitcoin Corporation and presented plans to raise up to $210 million to purchase Bitcoins, clearly modeling itself after Michael Saylor's strategy and Japan's Metaplanet.

Fundraising proved modest compared to these ambitions. By February 2026, the company held 4,550.4 Bitcoins, and after a purchase on May 27, 2026, it held 5,533.1 Bitcoins; the latter purchase was financed through an expansion of a secured credit facility backed by existing coins. The company moved from AltX to the main JSE board in May 2026 following a sub-analysis of its ordinary equity and has since added listings or quotations on A2X, Namibia's NSX, the US OTCQB market, and Deutsche Börse. Joining the Aquis exchange in London was postponed.

African Bank has officially appointed Zveli Manyathi as the permanent Group CEO after receiving approval from the Prudential Authority. This decision comes as the bank faces financial difficulties and is considering a restructuring that affects both employees and bank branches.

The bank confirmed this appointment in a SENS announcement on Wednesday. The company specified that Manyathi's appointment is a result of the current review of the bank's board and committee structure, as well as the succession planning process.

Manyathi's experience in the banking sector

Manyathi has been with African Bank since 2022, when he joined as Executive Director and Head of Business and Commerce. He holds a Bachelor of Commerce (B Com) (Hons) in Financial Management from the University of South Africa (UNISA). Furthermore, he completed the Senior Executive Program (SEP) at Wits and Harvard business schools, as well as the Professional Development Program (PDP) at City University of New York.

The bank noted that Manyathi possesses over forty years of experience in retail, business, and commercial banking, along with extensive experience in strategic leadership, turnaround, and transformation. Previously, he served as the General Manager for Business and Commerce at Standard Bank and held several senior roles at FNB, including General Manager of Retail Banking and General Manager of Corporate Banking.

Financial pressure on African Bank

Manyathi's appointment occurs against a backdrop of increasing pressure on African Bank to cut costs. The bank reported a loss of R624 million over the six months ending March 2026. Additionally, the bank is examining staff reduction under Section 189A, which could potentially affect 1200 employees and lead to the closure of 90 branches.

The proposed job cuts have met strong opposition from trade unions. Sasbo and COSATU have urged the bank to consider alternatives to layoffs and retain jobs. COSATU representatives stated earlier this month that 'over the past two years, African Bank has actively acquired companies, including Ubank, Grindrod Bank, Sasfin Capital Equipment Finance, and Commercial Property Finance. Now, following a loss of R624 million for the half-year ending March, it is clear that its acquisition strategy was poorly conceived.'