The Monocle Banking Podcast

Episoade

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  Ep 136: South Africa’s Stalling Growth: Policy vs Potential? - Neil Emerick 08.10.2026 23min

  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 investor confidence. Drawing comparisons with Kenya and Argentina, the conversation explored the reforms needed to unlock investment, strengthen economic freedom and drive sustainable growth.
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  Ep 135: The Case for Cheaper, More Open Payments - Lincoln Mali 01.10.2026 34min

  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 activity-based regulation to open the market to fintechs, and why lower costs, greater transparency and more accessible digital payment options could benefit merchants and consumers alike. The conversation also examined the potential of PayShap and a unified QR standard to accelerate digital adoption, as well as the importance of regulatory clarity in turning reform into meaningful change.
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  Ep 134: How CEOs Lead When the Map Keeps Moving 23.09.2026 29min

  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 Campanini, Kearney’s Middle East and Africa Regional Chair, and Prashaen Reddy, Partner at Kearney, about why traditional forecasting is giving way to scenario-based planning. They explored how geopolitical risk is reshaping capital allocation, infrastructure and supply chains, what South Africa could learn from the Middle East’s approach to resilience and diversification, and why boards need to build greater agility into their organisations to navigate an increasingly unpredictable global environment.
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  Ep 133: Inside Africa’s Largest Pension Fund Custody Mandate - Hazel Khumalo 17.09.2026 24min

  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 the growing importance of independent oversight as pension funds expanded into private and cross-border investments, as well as the role of local expertise, pension reform and emerging technology in shaping the future of custody in Africa.
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  Ep 132: Payments: Where the Real Value Lies - Richard de Roos 10.09.2026 24min

  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 become a shared utility. They explored how this shift could move competition beyond the payment rails themselves towards the data, AI-driven services and broader banking solutions built around them, as well as the role of regulation in shaping more open and interoperable payment ecosystems across the continent.
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  Ep 131: The Intelligence Behind Reputation - Daniel Munslow 03.09.2026 27min

  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 organisations can build the trust equity they need before things go wrong. Munslow also shared how AI was changing the way teams monitored reputation and identified emerging risks - while highlighting why human judgement, decisive action and credible communication remained essential.
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  Ep 130: From AI Pilots to AI-Powered Banks - Ravi Bhat 27.08.2026 32min

  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, can move from AI pilots to meaningful, organisation-wide adoption, the role of AI in transforming customer experiences and legacy systems, and what the rise of AI means for junior professionals and the future of work.
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  Ep 129: Entrepreneurial Spirit vs. Systemic Barriers - Angus Bowmaker-Falconer & Prof Natanya Meyer 20.08.2026 35min

  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. They explored SA’s entrepreneurship crisis, unpacking the systemic barriers holding businesses back - from red tape and fragmented government support to access to finance, markets and infrastructure - and discussed what needs to change to create a stronger environment for entrepreneurs to start, survive and grow.
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  Ep 128: AI, Equities and the Q3 Investment Outlook - Peter Armitage & Nolan Wapenaar 13.08.2026 23min

  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, shifting interest-rate expectations and improving local reform momentum.
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  Ep 127: A Mid-Year Look at South Africa’s Insurance Landscape - Cedric Masondo 06.08.2026 27min

  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 threats such as AI-driven fraud.
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  Ep 126: SA's Venture Capital Story: From Local Startups to Global Exits 30.07.2026 30min

  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 credibility. The conversation unpacked the country's growing track record of successful exits, the unique market conditions driving innovation, and why local startups are increasingly attracting international acquirers.
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  Ep 125: A New Blueprint for Affordable Housing Finance - Alessandro Scalco 23.07.2026 29min

  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 data-driven lending, and why sustainable finance is creating new opportunities for both investors and communities.
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  Ep 124: Johannesburg: Too Important to Fail - Roy Havemann & Nomvuyo Guma 16.07.2026 34min

  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 impact of deteriorating infrastructure, financial pressure and political instability, why Johannesburg remains too important to fail, and what it will take to restore confidence and drive long-term growth.
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  Ep: 123 Analysing the Effectiveness of Broad-Based Black Economic Empowerment 09.07.2026 43min

  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 achieving its intended objectives of transformation or creating unintended consequences for investment, employment and economic growth. They unpack the distinction between transformation as a national imperative and B-BBEE as a policy tool, while considering what the data reveals about South Africa's current approach and the need for evidence-based policy reform.
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  Ep 122: Untapping the Business Potential of SA's Academic Research 02.07.2026 31min

  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 innovation into globally scalable businesses. 
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  Ep 121: Building a Leaner, Smarter Telecoms Business - Jorge Mendes 18.06.2026 24min

  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 business designed for long-term sustainability. They also discussed the importance of disciplined execution and the evolving role of collaboration in the telecoms sector.
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  Ep 120: The AI Question: Governance, Trust, and Societal Impact - Nic Andrew 11.06.2026 37min

  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 approaches to learning and career development. They also examined the growing importance of trust, governance, and critical thinking as AI becomes increasingly embedded in everyday life.
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  Ep 119: Cracking the Pistachio Opportunity - David Muller 04.06.2026 25min

  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, and why South African farmers continue to compete on the global stage through innovation and resilience. David also shared insights into the growing global demand for pistachios, South Africa's unique competitive advantages in the sector, and what it takes to attract the patient capital needed to build a world-class agricultural venture.
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  Ep 118: Inside South Africa’s Tax Freedom Day - Dr Richard Grant 28.05.2026 30min

  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, public investment, and trust in institutions shape the country’s long-term fiscal and economic future. The conversation also considered what conditions are needed to support productivity, expand opportunity, and create sustainable growth.
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  Ep 117: Regulating the Rise of AI in Financial Services - Fundi Tshazibana 21.05.2026 30min

  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 explored the growing complexity AI introduces to financial supervision, the risks posed by increasingly powerful frontier models, and the vulnerabilities they could expose across banking systems and critical infrastructure. It also offered a clear look at how South Africa is approaching oversight, innovation, and risk in an AI-driven future.