The boards of Capitec and Capitec Bank announced the appointment of Mr. Zunaid Bulbulia to the Boards effective 28 March 2023. The appointment was made pursuant to the policy dealing with the nomination of directors of the bank. The appointment of Mr. Bulbulia as independent non-executive director will strengthen independent oversight on the board and further deepen the boards' collective information technology, digital and data experience and expertise.

Zunaid Bulbulia CA(SA), BCompt (Hons) is a chartered accountant with extensive experience in business operations management and information technology systems implementation. He launched his career at Arthur Andersen & Co and joined MTN in 1995 where he fulfilled various roles, including chief financial officer and chief executive officer of MTN South Africa and chief operations executive of the MTN Group. He was appointed as the chief financial officer of the Huge Group in 2017.

In 2019 he was appointed as the chief financial and commercial officer of Mobile Outsourcing Solutions, a division of the Morvest Group. He is currently an entrepreneur and adjunct professor at the University of Witwatersrand Graduate School of Business Administration. Changes to the Risk & Capital Management Committees effective 28 March 2023: Mr. Bulbulia was appointed to the Risk & Capital Management Committee.

Following his appointment, the Risk & Capital Management Committee comprises the following members: SA du Plessis (chairman), Z Bulbulia, GR Hardy, V Mahlangu, PJ Mouton, CA Otto and JP Verster.