South Africa needs change to foster economic growth – 2024 Beyond Banking Conference
South Africa has the most sophisticated economy in Africa and should be driving change – but to achieve this requires local banks to force change upon the government.
This is the view of Monocle CEO David Buckham, who spoke at the 2024 Beyond Banking Conference on 23 May.
The 2024 Beyond Banking Conference, sponsored by Monocle, was held at the University of Pretoria’s Gordon Institute of Business Science (GIBS) in Johannesburg.
It focused on the Future of Banking and featured South Africa’s banking leaders, including Discovery Bank CEO Hylton Kallner, Tyme Bank Co-Founder Coen Jonker, Absa CIB CEO Charles Russon, and Nedbank RBB Head Ciko Thomas.
These experts engaged in panel discussions and thought-provoking presentations on topics including sustainable finance, fintech disruption, and the biggest growth opportunities for South African banks.
“We have regulators, senior bankers, and top banking executives all in one room arguing and discussing the merits of digital banking. This has been one of the most interesting mornings of my career,” said Buckham.
Watch BusinessTech’s interview with Buckham below.
Beyond Banking Conference and Monocle
At the 2024 Beyond Banking Conference, Buckham participated in a panel discussion with Kallner, Russon, and Thomas.
He shared his insights into the future of South Africa and its banking industry in a 0%-growth economy.
“I’m very positive about the future of South Africa. I know that sounds crazy, but I am,” said Buckham.
He expressed particular optimism regarding the energy transition, stating that if South Africa gets load-shedding off its back, it will improve growth by a massive 3-4%.
This will make a huge difference to South Africa’s stagnant economy, he said, before encouraging banks to play their crucial role in this growth.
Buckham said banks must finance change and even force this change upon the government to foster growth, noting that Monocle can help them do this.
“There is an enormous role that management consulting can play in this dramatically changing world. It gives banks and insurance companies a shoulder to lean on,” said Buckham.
“The management consulting model is a good model, and the way that we do it at Monocle serves the purposes of the customer.”
Monocle encourages banks that want to make a tangible difference in the South African economy to get in touch with them to find out how they can collaborate together.
Contact Monocle for superior management consulting solutions today.
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