The Monocle Banking Podcast
The Monocle Banking Podcast is a weekly series that explores the banking industry beyond traditional vaults and digital wallets. It is produced in partnership with financial journalist Michael Avery and features conversations with leading figures in banking from around the world. Each episode examines trends, challenges, and innovations shaping the sector.
Episodes
Ep 136: South Africa’s Stalling Growth: Policy vs Potential? - Neil Emerick
Is South Africa’s economy being held back by its own policies? With unemployment remaining high and economic freedom rankings declining, the need for reform is becoming increasingly urgent.
In this episode of the Monocle Banking Podcast, Michael Avery spoke to Neil Emerick, Deputy Chair of the Free Market Foundation, about South Africa’s economic challenges, restrictive regulations and declining i
Ep 135: The Case for Cheaper, More Open Payments - Lincoln Mali
A more open, competitive payments system could reshape how South Africa transacts - but key reforms are still taking shape.
Michael Avery spoke with Lincoln Mali, CEO of Lesaka Technologies, about the progress made in reshaping South Africa’s payments ecosystem and the reforms still needed to unlock greater competition. They explored the shift away from bank-led self-regulation, the potential of a
Ep 134: How CEOs Lead When the Map Keeps Moving
Geopolitical disruption is no longer an occasional shock - it is becoming a permanent feature of the business landscape. From fractured supply chains and energy insecurity to infrastructure constraints and technological concentration, leaders are being forced to rethink how they plan, invest and build resilience.
In this episode of the Monocle Banking Podcast, Michael Avery spoke with Claudio Camp
Ep 133: Inside Africa’s Largest Pension Fund Custody Mandate - Hazel Khumalo
Absa’s appointment as master custodian for South Africa’s Government Employees Pension Fund (GEPF) marks a significant development in the country’s pension landscape.
Michael Avery was joined by Hazel Khumalo, Managing Executive, Pan Africa Sales, Investor Services at Absa CIB, to unpack what the mandate means and how the role of custody had evolved beyond simply safeguarding assets. They explored
Ep 132: Payments: Where the Real Value Lies - Richard de Roos
Standard Bank processed R88 trillion in payments in the first half of 2026 alone - but as payment systems become increasingly open and interconnected, where will the real competitive advantage lie?
Michael Avery spoke to Richard de Roos, recently appointed Group Head of Payments at Standard Bank, about the changing payments landscape across Africa and why payment infrastructure could increasingly
Ep 131: The Intelligence Behind Reputation - Daniel Munslow
In reputation management, the real work happens before the crisis.
Michael Avery spoke to Daniel Munslow, Managing Executive for Group Communications and Reputation at Absa Group, about why organisations need to rethink how they protect trust in a world of misinformation, social media scrutiny and rapidly shifting narratives. They explored the move from crisis response to early detection, and how
Ep 130: From AI Pilots to AI-Powered Banks - Ravi Bhat
South Africa is leading Africa in generative AI adoption, but the real opportunity lies not in using AI for everyday tasks, but in fundamentally changing how work gets done.
Michael Avery spoke to Ravi Bhat, Microsoft’s Commercial Solutions and AI Officer, about the rapid evolution of AI in banking and the shift towards an increasingly agentic workforce. They explored how banks, such as Investec,
Ep 129: Entrepreneurial Spirit vs. Systemic Barriers - Angus Bowmaker-Falconer & Prof Natanya Meyer
South Africa has no shortage of entrepreneurial ambition - so why are so many businesses struggling to survive and scale? Michael Avery was joined by Angus Bowmaker-Falconer, research fellow at Stellenbosch Business School and co-author of the Global Entrepreneurship Monitor (GEM) report, and Prof Natanya Meyer, acting SARChI Chair in Entrepreneurship Education at the University of Johannesburg.
T
Ep 128: AI, Equities and the Q3 Investment Outlook - Peter Armitage & Nolan Wapenaar
To understand the investment opportunities shaping the third quarter, Michael Avery spoke to Anchor Capital Chief Investment Officers Peter Armitage and Nolan Wapenaar. They unpacked whether the scale of AI investment represented sustainable growth or signs of a bubble, where value could still be found in South African equities and bonds, and how investors could navigate geopolitical uncertainty,
Ep 127: A Mid-Year Look at South Africa’s Insurance Landscape - Cedric Masondo
South Africa’s risk landscape has changed - but has insurance kept pace?
Michael Avery spoke to Cedric Masondo, CEO of PSG Insure, about the mounting pressures on South Africa’s insurance sector, from increasingly severe weather events to deteriorating municipal infrastructure. They unpacked how insurers are adapting the way they assess and price risk, the growing protection gap, and emerging thre
Ep 126: SA's Venture Capital Story: From Local Startups to Global Exits
South Africa's venture capital ecosystem has quietly come of age. The question is: who's paying attention? Michael Avery was joined by Alison Collier, MD of Endeavor South Africa; Antonia Bothner, Capital Markets Lead at Endeavor South Africa; Lumka Mlambo, Fund Principal at the SA SME Fund; and Anusha Naidu, CEO of SAVCA, to explore why South Africa's venture capital market is gaining global cred
Ep 125: A New Blueprint for Affordable Housing Finance - Alessandro Scalco
Can finance help solve South Africa's housing crisis? Michael Avery was joined by Alessandro Scalco, Sustainable Finance Transactor at RMB, to explore how innovative funding models are unlocking affordable rental housing while expanding access to finance for underserved property entrepreneurs.
The conversation unpacked RMB's partnership with property fintech Indlu, the power of blended finance and
Ep 124: Johannesburg: Too Important to Fail - Roy Havemann & Nomvuyo Guma
Johannesburg is at a crossroads - and its future could shape South Africa's economic outlook. Michael Avery was joined by Roy Havemann, who heads the Impumelelo Economic Growth Lab at the Bureau for Economic Research at Stellenbosch University, and Nomvuyo Guma, author of the Lab's latest urban-risk briefing on Johannesburg, to unpack the city's growing challenges.
The conversation explored the im
Ep: 123 Analysing the Effectiveness of Broad-Based Black Economic Empowerment
To examine one of South Africa's most contentious economic policy debates - the effectiveness of Broad-Based Black Economic Empowerment (B-BBEE) - Michael Avery is joined by Dr. Daan Steenkamp, CEO of Codera Analytics, and Donald Mackay, Director at XA Global Trade Advisors.
Drawing on new research into the costs and outcomes of B-BBEE compliance, the discussion explores whether the policy is achi
Ep 122: Untapping the Business Potential of SA's Academic Research
To explore the journey of building one of South Africa's leading university-focused investment platforms Michael Avery was joined by Wayne Stocks, Managing Partner at Stocks & Strauss. Their conversation unpacked the challenges and opportunities of commercialising academic research, the structural barriers facing South Africa's venture capital ecosystem, and what it takes to turn breakthrough
Ep 121: Building a Leaner, Smarter Telecoms Business - Jorge Mendes
What does it take for a business to reinvent itself after facing repeated setbacks? Michael Avery sat down with Jorge Mendes, the CEO of Cell C, to unpack the company's remarkable transformation and its vision for a new era of telecommunications in South Africa.
The conversation explored how Cell C has reimagined its operating model, embraced strategic partnerships and built a leaner, more agile b
Ep 120: The AI Question: Governance, Trust, and Societal Impact - Nic Andrew
Artificial intelligence is reshaping industries, markets, and societies - but what does it reveal about us?
Michael Avery sat down with Nic Andrew, Managing Director at Nedgroup Investments, to explore the intersection of AI, human behaviour, and decision-making. Their conversation unpacked how AI is influencing investment strategies, transforming the future of work, and reshaping traditional appr
Ep 119: Cracking the Pistachio Opportunity - David Muller
What does it take to build a world-class agricultural export industry from the heart of the Karoo?
This week Michael Avery was joined by David Muller, CEO of Prieska Pistachio Company, to explore how a once-abandoned pistachio farming venture is being transformed into a premium South African success story. Their conversation unpacked the persistence required to overcome complex farming challenges,
Ep 118: Inside South Africa’s Tax Freedom Day - Dr Richard Grant
For a thought-provoking conversation unpacking South Africa’s 2026 Tax Freedom Day, Michael Avery was joined by Dr Richard Grant, Professor of Finance & Economics at Cumberland University and Senior Consultant for the Free Market Foundation.
The discussion explored the relationship between taxation, government spending, and economic growth in South Africa, while examining how policy choices, p
Ep 117: Regulating the Rise of AI in Financial Services - Fundi Tshazibana
As AI rapidly reshapes the financial sector, the question is no longer whether regulators should respond - but whether they can keep pace. Michael Avery was joined by Fundi Tshazibana, Deputy Governor of the South African Reserve Bank and CEO of the Prudential Authority, for a timely conversation examining how the industry is navigating the accelerating rise of generative AI.
The discussion explor
Ep 116: The Financial Realities of Farming - Eric Enslin
As the agricultural sector gathers at NAMPO this week, Michael Avery was joined by Eric Enslin, CEO of FNB Private Bank, for a conversation exploring the growing complexity of modern agriculture.
They unpacked the financial, structural, and generational challenges facing South African farming families today. The discussion also highlighted the increasingly important role of integrated banking and
Ep 115: Stablecoins and the Battle for Financial Control - Ashlin Perumall
As stablecoins move from crypto curiosity to financial infrastructure, South Africa is being forced to answer a much bigger question: who will control the future of digital money?
Michael Avery was joined by Ashlin Perumall, Partner in M&A & Head of IPTech at Baker McKenzie SA, to unpack South Africa’s evolving regulatory approach to stablecoins and what it could mean for banks, fintechs,
Ep 114: The Shift in Global Capital Flows & South Africa’s Precarious Position - Theo Sibiya & Terence Toland
Capital is still moving, but far more selectively.
Michael Avery was joined by Theo Sibiya (Partner at Kearney) and Terence Toland (Principal, Global Business Policy Council at Kearney) to unpack insights from Kearney 2026 FDI Confidence Index, exploring how geopolitics, industrial policy, and innovation are reshaping global investment flows. They discussed why capital is increasingly favouring te
Ep 113: Building PayFast: Entrepreneurial Lessons in Building & Scaling - Jonathan Smit
If you think fintech is all about slick apps and digital wallets, this conversation might change your perspective…
Michael Avery was joined by Jonathan Smit, co-founder of PayFast, to unpack his entrepreneurial journey and the evolution of payments in South Africa. From identifying payments as a critical gap in the early internet economy to exploring how fintech has shifted from standalone product
Ep 112: Rethinking Restructuring: From Crisis to Strategy - Michael Dorn
Restructuring is often seen as a last resort - but what if that thinking is costing companies their survival?
Michael Avery was joined by CEO of RTgroup, Michael Dorn, to unpack the critical evolution of business restructuring, highlighting how companies typically engage restructuring officers far too late to preserve value. From identifying early warning signs like deteriorating cash flow and C-s
Ep 111: When Finance Meets Nature - Martin Potgieter, Kalina Miller & Louise Stafford
Sustainable finance has evolved from intent to accountability - and in South Africa, that shift is becoming tangible. In a country where water scarcity is a growing constraint, natural capital is being redefined as critical infrastructure, with capital markets beginning to price in real environmental outcomes.
Michael Avery was joined by Martin Potgieter (Director of Natural Capital at RMB), Kalin
Ep 110: AI, Access, and the Future of Insurance in Africa - Pravin Kalpage
Insurance in Africa is changing fast. AI can now flag fraud in seconds, mobile platforms are reshaping access, and customer expectations are higher than ever.
This week, Michael Avery spoke with Pravin Kalpage, CEO of Hollard International, about what these shifts really mean for the industry. Kalpage shared how insurance is moving beyond transactions toward ongoing engagement - and why partnershi
Ep 109: Unpacking the Results: What’s Driving SA Banks Forward - Costa Natsas
South Africa’s banks are delivering strong financial results - but the real story lies in what sits beneath the numbers. Michael Avery was joined by PwC Africa’s Financial Services Leader, Costa Natsas, as they unpacked the sector’s latest results and explored what’s driving performance in a shifting economic and competitive landscape.
Beyond the headline growth, the conversation examined the stru
Ep 108: From Payments to Participation - Hema Morar
After unpacking payments modernisation over the past two episodes - from infrastructure to fintech innovation - this conversation turns to the real test: adoption. How do these changes translate into everyday economic activity for millions of South Africans?
Hema Morar, Executive Head of FNB eWallet, shares how the platform is evolving to meet the realities of informal income, using AI, alternativ
Ep 107: Real-Time Payments and the Merchant Opportunity - Rachel Cowan
Following last week’s conversation on the infrastructure behind South Africa’s payments modernisation, this episode shifts to the merchant frontlines as Michael Avery sat down with Rachel Cowan, Interim CEO of Ozow.
The discussion unpacked the growing shift toward real-time account-to-account payments and the importance of interoperability across the ecosystem. Rachel shared how evolving payment r
Ep 106: Rewiring South Africa’s Payments System - Marin Cundall
Through the Payments Ecosystem Modernisation Programme (PEM), South Africa is moving away from legacy infrastructure toward faster, more open payment rails. Michael Avery spoke with Marin Cundall, Managing Executive: Identity, Customer, and Payments GoTyme Bank, to unpack what this shift means for banks, fintechs, and the broader economy.
From instant payments and interoperability to the role of d
Ep 105: The Regulatory Complexity of Bank M&A - Deborah Carmichael
Banking regulation today extends far beyond capital adequacy - fundamentally changing how shareholders, boards, and acquirers must approach transactions. Michael Avery met with Deborah Carmichael, Executive in ENS’s Banking and Finance practice, to unpack cross-border control of South African banks: why deals succeed, why they stall, and how to get them over the line, in light of the recent collap
Ep 104: When Electricity Reform Becomes Economic Reform - Peter Attard Montalto & Cathy Oxby
This week, Michael Avery set out to understand why electricity reform is becoming far more than an energy story - and what it means for investment, market structure, and economic growth. He spoke with Peter Attard Montalto, Managing Director at Krutham and one of South Africa’s most incisive political-economy analysts, whose team authored a report on behalf of the South African Electricity Traders
Ep 103: Copper Markets and Africa’s Strategic Position - Thobela Bixa
Recorded during the African Mining Indaba in Cape Town, Michael Avery spoke with Thobela Bixa, Senior Research Analyst at Nedbank CIB, about copper’s evolving role in the global economy. The conversation explored Africa’s geological advantages alongside the infrastructure and energy constraints shaping future supply.
As copper transitions from industrial commodity to strategic economic infrastruct
Ep 102: Innovation Inside Banking’s Regulatory Framework - Lerato Lamola
To understand why regulation should be seen as an enabler rather than a barrier to innovation, Michael Avery met with Lerato Lamola, Partner at Webber Wentzel. They unpacked why thinking outside the box and adopting a consumer-first mindset is critical, and how this applies to South Africa’s shifting retail banking and fintech landscape, particularly in light of the Conduct of Financial Institutio
Ep 101: How Tech Is Rewiring Insurance in Africa - Andrew Warren
To explore how embedded insurance is reshaping the industry across South Africa and Africa, Michael Avery was joined by Deloitte Africa’s Insurance Sector Advisory Lead, Andrew Warren. They unpacked how banks, telcos, and fintechs are using technology to simplify underwriting, automate claims, and bring insurance directly into everyday platforms - raising important questions about how traditional
Ep 100: Risk, Regulation & Reinvention: The Monocle Story - David Buckham
Bringing it full circle from the very first episode, Michael Avery met with Monocle CEO David Buckham. David unpacked the moments that shaped Monocle: surviving the global financial crisis, prioritising integrity and culture, and expanding into risk and technology as both were being radically redefined. From Basel II to AI, from cloud migration to geopolitical fault lines, the conversation cut acr
Ep 99: How Risk Is Driving Mining’s Strategic Shift - Craig Brewer
Gold prices are hitting record highs - not just because of market cycles, but because global trust is shifting. Michael Avery sat down with Craig Brewer, Managing Director and Co-Head of Origination at Absa Corporate and Investment Banking, to examine what this means for mining and global capital. They unpacked why mega-mergers are reshaping the industry, why copper is becoming the backbone of AI
Ep 98: Offshore Oil and the Future of SA’s Energy Mix - Niall Kramer
This week, Michael Avery was joined by Niall Kramer, the newly appointed national spokesperson for the Offshore Petroleum Association of South Africa (OPASA), to unpack the country’s high-stakes push for offshore oil and gas exploration - a move hailed by some as a pathway to jobs and energy security, and criticised by others as a step backwards for climate action. They explored what’s driving the
Ep 97: Leadership Imperatives for Turbulent Times - David Bach
In this episode, Professor David Bach of IMD Business School sat down with Michael Avery to take a compelling look at the leadership capabilities CEOs need to navigate today’s new era of complexity. From geopolitical fragmentation and the rapid advance of AI to shifting trade dynamics and climate pressures, they unpacked how these forces are rewriting strategic priorities for CEOs worldwide. The c
Ep 96: Beyond the Branch: How Tech Is Reshaping Banking - Mutsa Chironga
To unpack the fast-shifting world of retail banking in South Africa, Michael Avery sat down with Mutsa Chironga, Managing Executive, Personal Banking at Nedbank. Mutsa shared how customer behaviour, data, and AI are reshaping the industry and offered insights into how convergence across retail, telco, and mobility could redefine banking by 2026.
Ep 95: Breaking the Spell: Questioning the Narratives That Shape Our World - David Buckham
Following the release of The Spell, David Buckham joined Michael Avery to unpack the book’s key themes. Drawing on examples like Saudi Arabia’s Project NEOM and the global AI race, David explained how powerful narratives reveal the dangers of unchecked power, complicit institutions, and belief systems masquerading as progress.
Ep 94: Measuring Progress: How African Markets Are Maturing - Jeff Gable & Precious Dube
In this episode, Michael Avery spoke with Jeff Gable, Chief Economist at Absa, and Precious Dube, Macroeconomist for Broader Africa at RMB, about the ninth annual Absa Africa Financial Markets Index, which measures financial market maturity across 29 African nations.
They discussed Africa’s growing financial resilience, progress in market reforms, and the continent’s shift from aid dependency to i
Ep 93: From Insight to Impact: Data as a Strategic Force in Banking - Prashant Rijhumal
To understand what it really takes to make data a strategic asset, Michael Avery was joined by Prashant Rijhumal, Chief Data & Analytics Officer at RMB.
They unpacked the changing relationship between data, human judgment, and AI - exploring how automation, predictive insights, and ethical governance are redefining decision-making in investment banking.
Prashant also shared practical lessons a
Ep 92: Funding the Transition: Building South Africa’s Green Pipeline - Nunu Ngoasheng
In this episode, Michael Avery is joined by Nunu Ngoasheng, Lead of South Africa’s Just Energy Transition (JET) Funding Platform, to discuss how her team is making sure climate finance reaches the communities that need it most. Nunu explains how the platform connects funders with grassroots projects and tackles barriers facing local enterprises. She also shares plans for a pooled funding model tha
Ep 91: From Risk to Resilience: African Banks and the Climate Imperative - Yaseen Lockhat
Africa is warming faster than the rest of the world, making climate risk not only a major financial challenge but also a growing opportunity for the continent’s banking sector. Michael Avery speaks with Yaseen Lockhat, Senior Specialist in Sustainable Finance at the Banking Association of South Africa (BASA), about how this reality is pushing banks to adjust traditional risk models, data systems,
Ep 90: The Power of a Fresh Start - Lino Ferreira
In this week’s episode, Michael Avery sat down with Lino Ferreira, who reflects on the lessons learned after selling their family business, The Fruitspot, to Massmart - and navigating the complex realities of M&A. Starting over in a 30m² kitchen, Lino and his son built Ferreira Fresh into a powerhouse moving over 250 tons of produce daily. After weathering the impact of COVID and forming a str
Ep 89: The Buy Now Pay Later Blueprint: Data, Credit, and Inclusion - Mark McChlery
Since its launch in 2019, PayJustNow has processed over R11 billion in transactions, opening access to credit for millions of previously unbanked consumers. Michael Avery sat down with the platform’s Chief Data and Analytics Officer, Mark McChlery, to discuss how South Africa’s Buy Now Pay Later (BNPL) sector is reshaping financial inclusion.
Mark shared how PayJustNow is building financial identi
Ep 88: Breaking Down Barriers to Digital Payments - Ontiretse Modise
Despite the fintech hype, cash still accounts for 56% of transactions in South Africa. Michael Avery sat down with Ontiretse Modise, Standard Bank CIB’s newly appointed Head of Payments, about what’s really driving Africa’s evolving payment landscape. From trust and education to merchant acceptance, they explored the barriers to broader adoption, the shift among younger generations, and how collab
Ep 87: Deal-Making vs. Fundraising: The Paradox of Private Equity in SA - Graham Stokoe
To unpack what’s really happening behind the numbers in South Africa’s private equity industry, Michael Avery sat down with Graham Stokoe, EY Africa’s Private Capital Leader. Despite weak fundraising in 2024, deal-making hit record levels, driven by infrastructure, energy and IT. They explore the rise of private credit, the growing influence of allocators, and the challenge of turning infrastructu
Ep 86: Inside the Sanlam-Assupol Integration: Driving Value and Inclusion - Bongani Madikiza
One year after Sanlam’s landmark acquisition of Assupol, the group is entering a decisive phase of integration with big implications for South Africa’s insurance and financial services landscape.
In this episode, Michael Avery sat down with Bongani Madikiza, CEO of Sanlam Retail Mass, to unpack how this consolidation is reshaping the economics of mass-market insurance and what it means for consu
Ep 85: Beyond Party Lines: Rebuilding South Africa - Moeletsi Mbeki
Can South Africa move beyond entrenched party politics to build institutions capable of real transformation? To unpack this, Michael Avery was joined by political analyst, Moeletsi Mbeki. They explored the ANC’s admission of policy shortcomings, the potential and pitfalls of a national dialogue, and the urgent need for electoral reform to strengthen accountability.
The conversation tackled the fut
Ep 84: Beyond the Models: Reinsurance and the Future of Risk - Jane March
With the rising pressures of emerging risk, systemic risk and climate risk, Michael Avery was joined by Jane March, CEO of Guy Carpenter South Africa. They unpacked how extreme weather and fragile infrastructure are reshaping insurance markets. Jane shared her insights on a variety of key topics, from the use of facultative reinsurance in high-risk sectors and the potential of AI and parametric co
Ep 83: South Africa's Reform Promises vs. Progress - Busisiwe Mavuso
South Africa’s reform agenda is full of promises - but is it moving fast enough? Michael Avery sat down with Business Leadership SA CEO, Busisiwe Mavuso, about the new BLSA Reform Tracker, which measures nearly 240 deliverables across the economy, governance, and criminal justice. From progress on exiting the FATF greylist to stalled reforms at Eskom and Transnet, the Tracker highlights wins, bott
Ep 82: Weaving Ahead in SA’s Evolving FinTech Landscape - Sean Wibberley
To unpack how Weaver Fintech’s PayJustNow and PayStretch are scaling faster than peers while keeping default rates below global norms, Michael Avery was joined by CEO Sean Wibberley. They discussed how Weaver is monetising beyond the checkout, why merchant analytics and in-app ad products are strategic, and how the company is leveraging AI-driven dynamic coding to enhance developer efficiency.
Ep 81: Stablecoins, Blockchain, and the Bank Dilemma - Rob Downes & Brenton Naicker
Is Africa leapfrogging banks entirely? Are stablecoins the new reserve currency? And can banks innovate fast enough to avoid becoming irrelevant?
To unpack the Africa Blockchain Report 2024, Michael Avery was joined by Rob Downes, Head of Digital Assets at Absa CIB, and Brenton Naicker, Principal and Head of Growth at CV VC Africa. They delved into why blockchain funding is booming while the rest
Ep 80: Banking’s Next Chapter: Super Apps and Strategic Shifts - Byron Jackson-Miller
Will traditional banks remain dominant, or will they become the back-end infrastructure for a fintech-driven future? Michael Avery was joined by Byron Jackson-Miller from Foord Asset Management to unpack why the era of blanket investment in SA banks is over. They explore how innovations like PayShap and low-cost SME payment devices are reshaping revenue models, the rise of super-apps and non-lendi
Ep 79: Model Risk in the Age of AI - Jos Gheerardyn
As the need for robust model risk management (MRM) grows alongside the increasing integration of AI in financial services, Michael Avery was joined by Jos Gheerardyn, CEO of Yields - one of Monocle UK's strategic partnerships. Jos offered candid insights into the intersection of innovation, regulation, and risk, and explained why continuous monitoring and cross-functional collaboration are critica
Ep 78: Venturing Beyond the Numbers: SA’s Startup and VC Outlook - Stephan J. Lamprecht
To unpack the true state of South Africa’s venture capital and startup ecosystem, Michael Avery sat down with Stephan J. Lamprecht, founder of VS Nova and lead researcher of the SAVCA 2025 VC Industry Survey. They looked beyond the R13.35 billion figure to explore the challenges behind record-low startup exits, the impact of exchange controls on foreign investment, and whether government policy is
Ep 77: Energy, Ethics & Economic Transformation - Thandi Orleyn
In this episode of The Monocle Banking Podcast, Michael Avery welcomed Advocate Thandi Orleyn as she reflects on 14 years of leadership at BP South Africa. She delved into the critical balance between energy transition and socio-economic realities, exploring the future of oil and gas, the governance hurdles in state-owned entities, and the power of ethical leadership to spark true transformation.
Ep 76: Beyond Transactions: How Collaboration Powers SA’s Smart Trade - Cornelius Coetzee
Following the release of Verto’s new white paper on the state of imports and exports in South Africa, Michael Avery sat down with Cornelius Coetzee, Country Director for Verto. Cornelius shared insights on how mid-sized firms can navigate regulatory hurdles and tap into global growth, the role Verto plays in streamlining cross-border payments, and why collaboration between banks and fintechs is ke
Ep 75: What Does a Just Transition Really Take? - Peter Venn
South Africa’s Just Energy Transition promises inclusive growth, green jobs, and climate resilience. This week, Michael Avery sat down with Peter Venn, CEO of Seriti Green - the company behind SA’s largest hybrid renewable project, Ummbila Emoyeni. Venn shared candid insights from the frontlines: from billion-rand losses caused by red tape to the hard truth that renewables may only replace a fract
Ep 74: SME Lending Through FNB’s Lens: Unlocking Potential - Andiswa Bata
Despite bold promises from both government and business, most South African SMEs still struggle to access the funding they need to grow, hire and contribute meaningfully to the economy. Banks cite risk and red tape, while entrepreneurs often lack formal balance sheets or credit scores. On this episode of the Monocle Banking Podcast, Michael Avery sat down with Andiswa Bata, CEO of FNB Business, to
Ep 73: Franchising as a Catalyst for Economic Empowerment - Ayabulela Njingolo
For a wide-ranging and optimistic view of how franchising can truly become a lever for economic inclusion and innovation in South Africa, Michael Avery was joined by Ayabulela Njingolo, Chairman of the Franchise Association of South Africa and executive at OBC Group. Their conversation covered where the funding gaps are and how a blended finance approach can help more entrepreneurs enter the franc
Ep 72: Powering the Transition: Capital, Trust, and the Grid - Rentia van Tonder
In this episode of the Monocle Banking Podcast, Michael Avery was joined by Rentia van Tonder, Head of Power at Standard Bank CIB, to unpack the real story behind South Africa’s energy transition. From the gridlock in REIPPPP Bid Windows 5 and 6 to the looming gas cliff of 2026, they explored why financing the future of power is about capital allied to trust, transparency, and long-term partnershi
Ep 71: Redefining Insurance Through Technology – Christelle Colman and Ron Richman
The future of insurance may lie in the integration of technology and human understanding. This week, Michael Avery sat down with Christelle Colman, CEO of Ami, and Ron Richman, CEO of insureAI. Their discussion centres on the crucial integration of technology and human understanding, highlighting Ami's people-first digital approach and insureAI's innovative use of AI in actuarial science. Learn ho
Ep 70: Reforming for Results: What’s Next for Operation Vulindlela? – Rudi Dicks
To delve into the progress and future plans of Operation Vulindlela - a presidential initiative to accelerate the implementation of structural reforms and support economic recovery in South Africa - Michael Avery sat down with Rudi Dicks, Head of the Project Management Office at the Presidency and lead of the initiative. Rudi shared insights on the initiative’s early wins and key lessons as it mov
Ep 69: Intelligent Inclusion: AI’s Role in the Future of African Banking - Tumi Nomlomo
To shed light on the power of inclusive technology, Michael Avery sat down with Tumi Nomlomo, Senior Manager of Customer Advisory at SAS. They discussed SAS's responsible AI framework, which promotes inclusivity, model transparency, and stakeholder engagement. Tumi also shared insights into the infrastructure and cloud capabilities required for banks to deploy AI effectively, emphasising that true
Ep 68: Redefining Isotope Enrichment and South Africa’s Energy Potential - Paul Mann
Can South Africa play a pivotal role in delivering affordable sustainable energy to developing nations?
Michael Avery dives into this topic with Paul Mann, CEO of ASP Isotopes, on the latest episode of the Monocle Banking Podcast. Revolutionising the isotope industry, Paul shares his insights on how South Africa is emerging as a potential global hub for isotopes and small modular reactors, highli
Ep 67: Banking on Stability: A Year of Deposit Protection in SA - Sabihah Mohamed
After a year of operations in South Africa, Michael Avery was re-joined by Sabihah Mohamed, CEO of The Corporation for Deposit Insurance (CODI), for an insider's perspective on the nation's deposit protection framework. They delved into the organisation's first year, exploring the challenges and successes in raising awareness, and the proactive steps being taken to safeguard depositors' funds and
Ep 66: Building on Enablement: Huge Group's Digital Journey – James Herbst
This week, Michael Avery was joined by CEO of Huge Group, James Herbst. They delved into the strategic evolution of Huge Group, a South African investment firm that started as a traditional telecom player and is now positioning itself as a digital investment powerhouse. James unpacked the company's journey, including the acquisition of Virgin Mobile and the launch of NXTGN, revealing their unique
Ep 65: From Risk to Reward: How Insurance is Reshaping M&A - Nirav Modi
In today’s complex dealmaking landscape, transactional risk insurance is emerging as a strategic advantage rather than just a safety net. In this episode, Michael Avery was joined by Nirav Modi, Marsh’s Private Equity and M&A Services Practice Leader for the Middle East and Africa. They explored how insurance solutions have expanded beyond traditional uses to bridge valuation gaps, instil conf
Ep 64: Solid Growth Amidst Uncertainty: SA Banks' Key Takeaways for FY24 - Rivaan Roopnarain & Francois Prinsloo
Despite a challenging economic backdrop in South Africa, the country's major banks again displayed impressive resilience in FY2024. This week, Michael Avery sat down with PwC Africa experts Rivaan Roopnarain, Banking and Capital Markets Partner, and Francois Prinsloo, Banking and Capital Markets Leader, who highlighted that the banks' performance stemmed from balance sheet growth, rising income, a
Ep 63: The Ethos of Unlocking Value: SA’s Private Equity Landscape - Anthonie de Beer
Having navigated the global financial crises, political challenges in South Africa, and the impacts of the COVID-19 pandemic, Anthonie de Beer, CEO of Ethos Capital, joined Michael Avery to share his industry insights, drawing on over two decades of experience in private equity. The conversation emphasised the importance of strategic decision-making, managing high-stake investments, and leveraging
Ep 62: CFO Health Check: Is Your Company Closer to Failure than You Think? - Siviwe Dongwana, Bongani Nkasana & Fikile Mhlontlo
This week, Michael Avery was joined by business restructuring experts Siviwe Dongwana, Managing Director, and Bongani Nkasana, Executive Director at Adamantem, as well as Fikile Mhlontlo, CFO at Delta Property Fund, to offer crucial advice for CFOs. Their message is clear: prioritise a comprehensive business health check to proactively address potential financial risks.
Drawing on insights from th
Ep 61: Has Fintech Lost Its Shine? - Auguste Claude-Nguetsop
To dive into the current state of global fintech market, Michael Avery was joined by Auguste Claude-Nguetsop, Partner at KPMG, to explore insights from the KPMG Pulse of Fintech report. They discussed the drivers behind the investment slowdown, misconceptions foreign investors have about African markets, and the regulatory challenges Fintechs face, particularly in South Africa. The conversation al
Ep 60: Local Government Is Everyone’s Business: The Power of Collaboration - Musa Jack
As many municipalities across the country struggle to deliver basic services, Michael Avery sat down with Musa Jack, Programme Manager for Anglo American’s Municipal Capability and Partnership Programme (MCPP). They discussed the programme’s efforts to strengthen municipal capacity, support long-term planning, and address systemic challenges facing local government. Musa also highlighted the impo
Ep 59: Tapping into South Africa's Digital Payment Transformation - Katlego Maphai
Although cash remains king in South Africa, digital payments are rapidly gaining traction. In this episode, Michael Avery sat down with Katlego Maphai, the Co-founder and CEO of Yoco, a leading payments powerhouse in South Africa, to explore the evolving payments landscape in the country. They discussed how fintech payment solutions are playing a crucial role in breaking down barriers to financial
Ep 58: What Does the Data Say? South Africa's Future After a Postponed Budget – Daan Steenkamp
Following the postponement of South Africa's budget speech, Michael Avery spoke with Daan Steenkamp, CEO of Codera Analytics, about the country's economic future. They discussed key issues, including persistent deficits, rising public sector wages, and the IMF's warnings about escalating national debt. Daan also emphasised that achieving fiscal sustainability requires comprehensive reforms to unlo
Ep 57: Trumponomics 2.0: The Impact on South Africa’s Trade Relations - Donald MacKay & Anneke Jansen van Vuuren
Following President Trump's return to the White House, and his renewed emphasis on an 'America First' agenda, Michael Avery was joined by industry experts from XA Global Trade Advisors - Donald MacKay, CEO, and Anneke Jansen van Vuuren, Manager of Data Solutions - to explore 'Trumponomics 2.0' and its potential impact on international trade relations. They unpacked how emerging markets, particular
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