South Africa’s central bank has appointed deputy governor Fundi Tshazibana to lead its financial regulator, the Prudential Authority, in a rotation of deputy governor positions aimed at creating a more experienced senior leadership team at the bank.

Tshazibana will replace Kuben Naidoo, the South African Reserve Bank (Sarb) said in a statement on Wednesday.

Naidoo will move to overseeing SARB’s financial stability and currency cluster, which also covers the economic statistics department, the national payment system department, including fintech, and risk management and compliance, it said.

Tshazibana will serve as head of the Prudential Authority from April 2022 until the expiry of her term as deputy governor in July 2024.