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 investment-led growth. Through examples across key economies, the conversation highlighted how reform, innovation, and regional collaboration are shaping Africa’s economic future.

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 and a forward-looking view on how data leaders can bridge the gap between information and impact.

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 that unites investors and philanthropies to better support community-driven climate solutions — a step toward making South Africa’s energy transition truly “just”.

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, and lending practices. The discussion highlights how African banks are evolving their approach to sustainability - turning climate challenges into opportunities for growth, resilience, and long-term impact.

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 strategic 40% partnership with Vuna Partners, they’re now targeting R2 billion in revenue.

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 identity through transaction data, as well as how they’re addressing global competition, risk management, and the future of regulation in this rapidly evolving space.

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 collaboration with fintechs, telcos, and regulators is shaping the future of payments across the continent.

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 infrastructure needs into viable projects - while asking whether the industry can deliver both strong returns and lasting economic impact. 

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 consumer value and financial inclusion.

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 future of BEE, the rise of coalition politics, and the role of business leaders in shaping a production-driven economy.

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 cover, to the social consequences of risk transfer and the need for a potential sovereign disaster fund in South Africa.

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, bottlenecks, and the politics behind them.

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.

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 of Africa’s VC market contracts, how stablecoins are quietly encroaching on the banks, and whether the continent’s financial infrastructure is on the verge of a radical reset.

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-lending ecosystems as growth engines, and the crucial role of leadership and culture in bank adaptability. 

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 critical to building safe, effective AI systems.

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 enabling or hindering growth.

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.

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 key to positioning the country as a resilient, forward-looking leader in smart trade.

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 fraction of coal jobs. Together, they unpacked whether “just” is becoming a PR gloss, what needs to change to unlock real progress, and whether the private sector can shoulder the transition while government stalls.