The Monocle Banking Podcast

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 rails, including PayShap, are reshaping the checkout experience for South African businesses - and how these changes can improve cash flow, support financial inclusion, and unlock new opportunities in digital commerce.

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 digital identity and regulatory reform, the conversation explored how modernising the “arteries” of the financial system could reshape how money moves in SA.

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 collapse of the proposed Bidvest Bank / Access Bank transaction.

From prudential scrutiny to governance, risk, and supervisory expectations, banking deals demand patience, precision and, above all, regulatory credibility.

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 Association, alongside Cathy Oxby, Co-Founder and Chief Commercial Officer at Africa GreenCo.

Tune in to understand how South Africa’s energy transformation could reshape the broader economy.

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 infrastructure, the speakers reflected on the implications for pricing, investment, and Africa’s role in the global energy transition.

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 Institution's (COFI) mandate. Lerato also shared her expertise on payments infrastructure, crypto regulation, exchange controls, and new opportunities for non-bank payment providers.

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 insurers can maintain visibility and customer connection.

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 across two decades of banking evolution and asked what comes next.

One hundred episodes in, the Monocle Banking Podcast remains a space for in-depth, forward-thinking conversation in the banking sector.

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 and electrification, and how governance and policy certainty - especially in Africa - will determine where capital flows next.

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 renewed interest in offshore drilling, the potential economic upside, and the environmental and legal challenges that sit at the heart of the debate.