Douglas Hoto

Group Chief Executive Officer

Douglas Hoto is an accomplished business leader and currently holds the reins at First Mutual Holdings Limited as Group Chief Executive Officer.

He holds a Bachelor of Science Honours Degree in Mathematics (UZ), is a qualified Actuary with more than 22 years’ experience. He is a Fellow of the Institute and Faculty of Actuaries of the United Kingdom 1999 (FIFA), and is also a Fellow of the Actuarial Society of South Africa (FASSA).

Douglas started his actuarial career with Old Mutual in 1990 and worked in both the Harare and Cape Town offices until 1999, when he joined First Mutual Life. He rose through the ranks to become Managing Director of First Mutual Life in 2003 and Chief Executive of First Mutual Limited in 2004.

Douglas was instrumental in setting up First Mutual Reinsurance Company (FMRE Property & Casualty), TristarInsurance Company and African Actuarial Consultants from a Division of First Mutual Life Assurance Society. His career has seen him at the helm of Altfin Holdings, First Mutual Limited and he has held various senior positions at Old Mutual South Africa as well as Old Mutual Zimbabwe.

In addition, Douglas is involved in community transformation initiatives focusing on education. He works closely with national development organizations and is the past chairman for Zimbabwe National Statistics Agency (ZIMSTATS). He serves on a number of boards and is a past chairman of Actuarial Society of Zimbabwe

Dr Pfungwa Dhliwayo

Group Human Resources Executive

Pfungwa Dhliwayo serves as the Group Human Resources Executive and is responsible for driving the Group’s human capital strategy. Pfungwa is also responsible for convening and facilitation of the Group strategy planning process. Prior to joining the First Mutual Group, Pfungwa was employed by Econet Wireless Zimbabwe where he held senior positions in human resources operations, organizational development and talent management. While at Econet, Pfungwa also facilitated sustainable organizational development interventions in Econet’s Lesotho and Burundi operations on short-term international assignments. Pfungwa has exposure in financial services, manufacturing, general services and telecommunications industries gained from working for Delta Corporation, Old Mutual Zimbabwe, Zimasco and Safeguard, where he held various positions in human resources management.


Pfungwa is a graduate of the Global Executive Development Programme (Gordon Institute of Business Science), is a Certified Coach (International Coaches Federation) and holds a diploma in Personnel Management (Zimbabwe Institute of People Management), Master of Business Administration degree, Master of Science in Occupational Psychology degree and a Bachelor of Science Honours degree in Psychology, all from the University of Zimbabwe.

Sheila Lorimer

Group Company Secretary

Prior to joining the group, Sheila was previously employed with Bindura Nickel Corporation as an in-house Legal Adviser and Company Secretary a position she held from 2007 to date. She was once Group Company Secretary, for the then First Mutual Limited from 2003 to 2007.

Prior to that, Sheila worked for KPMG Zimbabwe, First Merchant Bank, Mobil Oil Company of Zimbabwe and Scanlen & Holderness Legal Practitioners where she acquired vast experience in corporate law and company administration.

Sheila holds a Master of Laws Degree from University of Cambridge, Bachelor of Laws Degree and a Bachelor of Arts Degree from University of Natal.

Farayi Mangwende

Group Marketing and Strategy Executive

Farayi is responsible for providing high level, functional leadership and strategies for all First Mutual Holdings Limited Group companies in the areas of marketing, corporate affairs, internal & external communications, as well as media/stakeholder relations.  She is also in charge of the strategy co-ordination and monitoring for the Group.

Her career of more than 25 years has given her experience in various sectors of industry in Zimbabwe, United Kingdom and sub-Saharan Africa where she has had exposure in marketing, corporate communications, public relations, communication strategy formulation & implementation, investor & stakeholder relations, media management, crisis management and event management.

She is a holder of a Master’s degree in Public Communication & Public Relations from the University of Westminster (UK).  Farayi is the Marketing Commission Chair for Zimbabwe Olympic Committee, sits on the Southmed Chitungwiza hospital board and is an immediate past trustee for the Culture Fund Trust of Zimbabwe.   She is actively involved in fund raising for Harare Central Hospital, well as various other charitable institutions, and is a young adults transformation agent through mentoring programmes. She is a past alumni of the FORTUNE / US State Department / VITAL VOICES Global Women’s Mentoring Programme, Washington D.C.  and was one of 33 women leaders from emerging economies globally selected to participate in the programme in April 2011.

William Marere

Group Finance Director

William was appointed to his current position in September 2012. Prior to this appointment, William was Chief Financial Officer – Corporate Finance at Econet Wireless Zimbabwe where he was responsible for corporate and project finance and investor relations. William served his Articles of Clerkship with Ernst & Young. Upon completion he worked for the companies in the financial services, mining and property development industries including Stanbic Bank, TN Financial Services and Zimbabwe Alloys Limited where he gained proficiency and expertise in finance and administration, corporate and project finance.  William holds an Honours Bachelor of Accounting Science Degree from the University of South Africa (UNISA) and is a Chartered Accountant (Zimbabwe).

Joseph Mhlabi

Chief Risk Officer

Prior to joining First Mutual Holdings Limited, Joseph held various senior positions in Finance and Internal Audit within the SMM Holdings group where he was instrumental in the business development programmes that created SMM Holding’s operations in agriculture, transport & logistics and print media.

Joseph turned around loss-making logistics operations in South Africa and managed down the mining production costs by ensuring adherence to operating standards. In his capacity as Group Internal Audit Executive for First Mutual Holdings Limited he is responsible for providing assurance to the Board and management regarding the effectiveness of risk management, control and corporate governance processes and add value to the operations through improve business processes. He is championing enterprise-wide risk management throughout the Group and the implementation of continuous auditing to improve efficiencies and coverage.

Joseph holds a Bachelor of Technology (Hons) Degree in Accountancy from the University of Zimbabwe, completed Articles of Clerkship with KPMG and has over 14 years’ experience in financial management and internal audit.

Max Ncube

General Manager First Mutual Microfinance

Previously Max worked for M and S Connections Limited, a Zambian ICT company and played a key role in setting up the business, developing markets and establishing strategic alliances with the supply chain.

His current responsibilities include the identification, evaluation and implementation of business opportunities in liaison with the managing directors of the First Mutual Holdings Limited businesses. In addition, Max works with the Group SBUs in growing existing businesses, improving processes and identifying opportunities for vertical and horizontal integration. Max started his career with KPMG Corporate Finance where he was exposed to various aspects of corporate advisory and transaction services work. After leaving KPMG, Max joined the advisory services department of ReNaissance Merchant Bank, where he was part of a dynamic team that handled high profile ZSE transactions and other transactions of national significance.

Max holds a Bachelor of Commerce (Hons) degree in Finance from the National University of Science and Technology (1999). He also holds a Certificate of Proficiency in Insurance and a Diploma in Computing and Information Processing. He is currently studying towards a Master of Commerce degree in Strategic Management and Corporate Governance, and is now at dissertation stage. He has attended several personal development courses in corporate finance, project finance mechanics, financial modeling in excel and leadership.

Williefaston Chibaya

Williefaston Chibaya

General Manager

Willie has more than 15 years working experience in various capacities in the financial and pensions sector, at different institutions.  He joined First Mutual Life Assurance Company as the   Consultancy Services Manager responsible for client interface on all pensions and risk related solutions.  Previously, he worked for an insurance company listed on the Zimbabwe Stock Exchange as a Senior Client Relations Manager.

He holds a Masters in Business Administration Degree, an Honours Degree in Statistics with the University of Zimbabwe (UZ) and a Postgraduate Diploma in Financial Planning with the University of Freestate (SA).

Bianca Pasipanodya

Group Information and Communication Technology Executive

As Group Information and Communications Technology executive, Bianca Pasipanodya is responsible for shaping First Mutual Holdings Limited’s long term technology vision, providing strategic direction and management of the Group’s IT infrastructure across the country.

She oversees the group’s IT personnel, leveraging their talent and expertise to identify and pursue new technology initiatives. Bianca also has the responsibility of developing innovative enterprise solutions that solve business issues and reduce IT costs. A holder of an MBA degree from Nottingham Trent University (UK), Bianca brings more than 20 years of experience in IT, with 12 of those being in the financial industry. Her expertise includes business analysis, implementation of ERP and core banking applications, connecting IT to the needs of business and aligning IT costs. Before joining First Mutual Holdings Limited, Bianca Pasipanodya served as Head of ICT at Royal Bank Zimbabwe Limited, and IT Executive at the Infrastructure Development Bank of Zimbabwe (IDBZ). Prior to IDBZ, she held several senior roles in IT at Financial Holdings Limited (Finhold- Zimbank), ICL Zimbabwe Limited, and Zimnat Insurance Company.

Bianca Pasipanodya also holds a post-graduate diploma in Business Management from Nottingham Trent University (UK), a Bachelor of Science degree in Computer Science and Mathematics, and numerous ICT certifications.

Fanuel Tirihumwe

Fanuel Tirihumwe

General Manager New Markets

Fanuel is responsible for spearheading the development of new markets in the Group by focusing on relevant IT driven solutions.

Fanuel started his career more than 14 years ago as an Actuarial Assistant at ZB Life Assurance before joining the First Mutual Group in 2009 as an Actuarial Trainee. He rose through the ranks to become the Business Development Manager of First Mutual Life in 2011, Group Business Development Executive in 2020 and later on to his current position in 2021. He has contributed immensely to the development of many innovative products, partnerships and business units within the First Mutual group.

He holds a Bachelor of Commerce Honors degree in Actuarial Science from the National University of Science and Technology (NUST) and a Post Graduate Diploma in Management from the Gordon Institute of Business Science (GIBS). He has attended several personal development courses in leadership and project management.

Bongai Muhau

CEO & Managing Director of Reinsurance Cluster

Bongai has more than 15 years of diversified experience and underwriting expertise spanning across the entire insurance industry. He started his career with Aon before joining a leading insurance company in Southern Africa. Prior to joining FM Re, he was the Head of Operations for ZB Reinsurance, formerly Intermarket Reinsurance which was previously the Zimbabwean branch of Hollandia Reinsurance of South Africa where he played a critical role in transforming the company as one of the leading and profitable reinsurance companies in Zimbabwe. His core competencies and skills are in technical reinsurance management, pricing, risk management and insurance risk modelling. His expertise in risk has been instrumental in coming up with an internal and proprietary risk Model for the Botswana market. He has conducted various training programmes in technical reinsurance management across the region.

Bongai is a member of the Solvency II Association, Washington and he is a Certified Solvency II Professional (CSiiPro). He also holds a Masters of Science in Risk Management & Insurance as well as a  Bachelor of Commerce Honours in Insurance and Risk Management from the National University of Science and Technology (NUST Zimbabwe) and is a member of the Global Association of Risk Professionals (GARP).

Christopher K. Manyowa

Managing Director First Mutual Properties

Christopher Kudakwashe Manyowa is the Managing Director of First Mutual  Properties . He is responsible for charting the strategic direction of the business ensuring value preservation and growth. Chris is a seasoned professional with more than 25 years’ experience in town planning, property management, formulation and management of projects, valuations, property investment analysis including acquisitions and disposal of properties. He is also an active member of the Real Estate Institute of Zimbabwe and Zimbabwe Institute of Regional & Urban Planners.

Chris started his working career as a Town Planner in the Public Service and Municipal governments, then later qualified as a Registered Estate Agent and Property Valuer. He then left Public service employment to join National Real Estate. He is the former Head of Property Development for Old Mutual Property where he served for seven and half years before joining First Mutual  Properties as General Manager Property Services, a position he held for 5 years before his appointment as Managing Director.

Chris holds a BSc Rural & Urban Planning Honours Degree as well as a Master’s degree in Business Administration (MBA), both from the University of Zimbabwe.

David Nyabadza

CEO & Managing Director of General Insurance

David is the managing director for NicozDiamond Insurance.  An established insurance professional with more than 15 years experience, David started his career with FBC Reinsurance as an Assistant Underwriter in 2001 and rose to become the branch manager for Bulawayo.

He joined the First Mutual group in 2003 as Facultative Manager for First Mutual Reinsurance at its inception.  He contributed to the development of the business from a greenfield project to a market leader with significant regional presence.  David was promoted to Operations Executive for First Mutual Reinsurance before taking up his current role.

He holds a Bachelor of Commerce Degree in Insurance and Risk Management (Zimbabwe), and a Masters Degree in Business Administration from the Eastern and Southern African Management Institute (ESAMI).

Jabulani Mbengo

Group Internal Audit Executive

Jabulani joined the FMHL Group Internal Audit on 1 April 2019.

Prior to this position, he was the Head Internal Audit, at NicozDiamond Insurance, where he had additional responsibilities for Compliance and Enterprise Risk Management.

He has extensive experience in the Region, having covered insurance operations in Malawi, Mozambique, Uganda and Zambia.

Prior to this position, he held several roles in the Food industry and the insurance industry.

His experience covers, General Management, Financial and Operational auditing, Employee Benefits, Salaries and Medical Aid Administration.

In his role as Financial and Operational Auditor, he covered the whole spectrum of the insurance and investments industry, including Reinsurance, Life insurance, General insurance, Insurance Broking, Asset Management, Property Management, Stockbroking and Property management.

He is qualified as a Chartered Secretary and is currently studying for the Certified Internal Auditor certification.

Thomas Mutswiti

General Manager First Mutual Wealth

Thomas has thirteen Years (13) experience in Financial Markets with two of these having been spent in Banking Sector (Retail, International Banking and Treasury Operations) and 11 Years in Asset Management Industry covering Fund Management, Investments Research and Analysis and Strategy Facilitation.

Currently he manages an investments portfolio with more than $260m FUM with an actively managed portion of $180m spread across all asset classes. The role entails formulation of the investment strategy in liaison with clients, asset allocation and stock picks, trading counterparties determination & attendant risk management.

Thomas is an Ex officio member of the First Mutual Holdings Group Board Investments Committee and First Mutual Wealth Management (Pvt) Audit Committee and Main Board responsible for Investments Strategy recommendations, implementation and monitoring. Member of First Mutual Holdings Group EXCO.

He has trained Pension Fund Trustees on Investments Management and Analysis.

Participated in the Zimbabwe Independent Quoted Companies Survey & the Zimbabwe Independent Banks & Banking Survey 2017 Report.

He is a Non-Executive Director at Bulls n Bears (Pvt) Ltd, a financial and tech information aggregation company with specific focus on Financial Literacy, leveraging digital platforms for brand and product growth and CRM and a Trustee of the First Capital Bank Employee Share Ownership Trust.

Thomas holds a Masters in Business Administration degree (UZ) majoring in Financial Markets, BComm Finance Degree (Honours) from the National University & Science Technology and the Institute of Bankers Zimbabwe (IOBZ) Diploma. Attended various Leadership Development Programmes including most recently the Pathways Africa Management Development Programme, Success Motivation International Dynamics of Successful Management as well as Colonnade Business School. Hold certificates from Euromoney for Financial Forecasting and Analysis, among other management and technical trainings. Currently a CFA Level III candidate.

Rueben Java

Rueben Java

CEO & Managing Director of Life and Health Cluster

Rueben is a strong entrepreneurial professional who has attended the following international business schools; Cass Business School (The City University, London, UK), INSEAD Business School (France) and GIBS (South Africa). He is also an Associate Actuary with the Institute and Faculty of Actuaries (UK). Rueben also attained the following university degrees; BSc Honours degree in Mathematics (University of Zimbabwe) and MBA (UCT, South Africa). He is a well-seasoned CEO with over 20 years of experience working at senior level leadership in the financial services industry. His admitted skills include Entrepreneurship, Business Leadership, Business Planning, Development of Talent Pools and Risk Management. He previously worked as the MD of First Mutual Life, the General Manager of Old Mutual Zimbabwe, the Group CEO of Old Mutual Kenya and the Group CEO of Fidelity Life Assurance Zimbabwe. He is also credited with being the Founding MD of First Mutual Health Company.

Scroll Up