Business Talk – Standard Bank’s Stuart McDermid and Nthabiseng Mohale on South Africa’s move towards cashless payments

In this Business Talk with Michael Avery interview, Standard Bank CIB’s Stuart McDermid and Nthabiseng Mohale discuss the challenges and opportunities of becoming a cashless society.

McDermid is the Executive Head of Product Solutions at Standard Bank CIB and works directly with corporate clients to solve and deliver innovative solutions.

Before his current role, he served as the Head of Digital Innovation, Head of Payments and Collections, and Head of Product Support at Standard Bank.

He holds MBAs in Finance and Business Administration from Bond University, as well as an NHdip in Mechanical Engineering from the University of Witwatersrand.

Mohale is the Senior Manager of Interbank and Regulator Forums at Standard Bank CIB and has worked for the company for over four years.

She holds a Bachelor of Commerce in Econometrics and Economics, and an Honours degree in International Trade and Finance from the University of Johannesburg.

The interview

In this Business Talk interview, McDermid and Mohale unpack the recent trends in cash use – including the rising concerns around trust, control, and social stigmas.

McDermid then reveals that while interbank digital payment service PayShap is free in some countries, it is not completely free in South Africa – and explains why this is the case.

Mohale also discusses the type of professional talent Standard Bank CIB is hiring to support a client base increasingly embracing cashless solutions.

McDermid and Mohale conclude the interview by outlining the opportunities they see for greater adoption of cashless financial solutions in South Africa moving forward.

Watch the full interview with Stuart McDermid and Nthabiseng Mohale below.