The Dube Birds find themselves in the midst of relegation scrap following a 2-1 defeat to Mpumalanga Black Aces in Nelspruit at the weekend.
That result marked a fourth loss in five games, leaving Swallows level on points with fellow stragglers Free State Stars near the foot of the Premiership table.
Confirming his departure, Madida told SABC News: "We parted ways amicably. I didn't get fired, I don't burn that easily.
"We didn't have consistency. We tried to change the system but results were just not coming. We didn't have the luck."