The Monocle Banking Podcast

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. 

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.