LISTEN: Nene resigns, Tito Mboweni appointed as new Finance Minister

"I, Tito Titus Mboweni, swear that I will be faithful to the Republic of South Africa and will obey, respect and uphold the Constitution and all other law of the republic - so help me God," Mboweni said. 

This follows the resignation by Nhlanhla Nene who held the same position. 

Pressure had been mounting for him to go since it emerged he had met with the Guptas on some occassions at their home. Moments ago, President Cyril Ramaphosa announced he's accepted Nene's resignation.

Ramaphosa has commended Nene for his character. 

"It is indeed a measure of Nhlanhla Nene's character and his commitment to the national interest of our country - that he has taken this decision to resign in the wake of errors of judgement even though he has not been implicated in any act of wrongdoing himself," Ramaphosa said.  

Listen to President Cyril Ramaphosa's full address below.