South Africa has had one of the most reliable banking systems on the planet since 2004 – David Buckham
South African banking has probably been the single most reliable banking system on the planet since 2004.
It also remains one of the most innovative and trusted banking systems in the world.
This is according to Monocle CEO David Buckham, who shared these thoughts at the 2026 Beyond Banking conference, hosted by GIBS in partnership with Monocle Solutions.
It was the fourth instalment of the annual Beyond Banking conference, which brought together more than 150 banking executives, regulators, consultants, and industry leaders to discuss the future of financial services in South Africa.
BusinessTech attended the 2026 Beyond Banking conference and spoke with Buckham, as well as well-known financial journalist and radio host Michael Avery, who MCed the event.
Watch the highlights below:
Robust systems give way to innovation
“If you get this impression that other systems are more sophisticated than ours, that is false. We have a very sophisticated system,” said Buckham.
He added that despite the noise surrounding digital disruption and cryptocurrency adoption, the underlying foundation of South Africa’s banking sector is incredibly robust.
Buckham noted that many perceptions of declining trust originate from international events rather than local realities.
“People take it for granted how much they actually trust the system, but we’re infected with this imported narrative of distrust,” he said.
This is because public sentiment around banking is often shaped by the legacy of the global financial crisis and high-profile failures in overseas markets.
In reality, South Africa’s banking industry successfully navigated the global financial crisis, the COVID-19 pandemic, economic volatility, and extensive regulatory change while continuing to provide stability to customers and businesses.
Resilience and digital adoption
Avery, who has observed the evolution of the Beyond Banking conference over several years, echoed this sentiment of a deeply resilient local industry.
“Our banks are very well capitalised, very well run and managed, and that certainly has remained constant since the first conference four years ago,” said Avery.
He also unpacked the benefits of digital adoption and banking the unbanked through initiatives like Payshap.
This is important because, as digital adoption improves, countries experience significant GDP growth.
“It means a spaza shop owner or a micro-entrepreneur who transacts digitally can approach a bank and maybe get a bridging loan or working capital finance assistance,” said Avery.
“And all of that means greater economic inclusion, greater economic growth, and a growth of the pie for everyone in the ecosystem.”
The value of industry collaboration
Buckham emphasised that the value of the Beyond Banking Conference lies in its ability to bring together regulators and industry leaders in one environment.
“Beyond banking, to me, means beyond traditional banking,” said Buckham.
“Where banks are embracing AI, they’re embracing change. That’s good for us as a business, it’s good for the economy, and it’s good for growth.”
Buckham concluded that the Beyond Banking conference is important thanks to the quality of its attendees.
Inside the room each year, the major players from across the industry gather to engage directly on the difficult questions facing the sector – all with the goal of shaping a positive future for South Africans.
At the 2026 Beyond Banking conference, this distinguished lineup of leaders included the following:
- Dr Rashad Cassim – Deputy Governor of the South African Reserve Bank
- Cheslyn Jacobs – CEO of GoTyme Bank
- Rob McIntyre – Chief Risk Officer at Rand Merchant Bank
- Dr Mark Nasila – Chief Data Officer at FirstRand
- Harry Kellan – Outgoing CEO of FNB
- Azhar Said – Chief Data Officer of Capitec Bank
- Ismail Momoniat – Technical Advisor at the National Treasury
These leaders discussed topics like the future of stablecoins in South Africa, the role of PayShap in driving payments innovation, persistent unemployment, economic growth constraints, and how to improve financial access for small businesses and underserved communities.
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