The Monocle Banking Podcast

Ep 114: The Shift in Global Capital Flows & South Africa’s Precarious Position - Theo Sibiya & Terence Toland

Capital is still moving, but far more selectively.
Michael Avery was joined by Theo Sibiya (Partner at Kearney) and Terence Toland (Principal, Global Business Policy Council at Kearney) to unpack insights from Kearney 2026 FDI Confidence Index, exploring how geopolitics, industrial policy, and innovation are reshaping global investment flows. They discussed why capital is increasingly favouring technology and infrastructure plays over traditional growth drivers, and what this means for South Africa’s positioning.
The conversation highlighted South Africa’s mix of progress and pressure, with improving stability offset by structural challenges.

Ep 113: Building PayFast: Entrepreneurial Lessons in Building & Scaling - Jonathan Smit

If you think fintech is all about slick apps and digital wallets, this conversation might change your perspective…
Michael Avery was joined by Jonathan Smit, co-founder of PayFast, to unpack his entrepreneurial journey and the evolution of payments in South Africa. From identifying payments as a critical gap in the early internet economy to exploring how fintech has shifted from standalone products to embedded features within broader financial ecosystems.
The discussion also touched on Smith’s move toward infrastructure through his acquisition of iVeri, and why the real scarcity in the ecosystem isn’t capital - but founders with the grit and ability to execute.

Ep 112: Rethinking Restructuring: From Crisis to Strategy - Michael Dorn

Restructuring is often seen as a last resort - but what if that thinking is costing companies their survival?
Michael Avery was joined by CEO of RTgroup, Michael Dorn, to unpack the critical evolution of business restructuring, highlighting how companies typically engage restructuring officers far too late to preserve value. From identifying early warning signs like deteriorating cash flow and C-suite denial, to reframing turnaround strategies as compelling investment cases, the conversation offered practical insights for leaders navigating uncertainty - while challenging the stigma around restructuring as a proactive tool for resilience rather than a last resort.

Ep 111: When Finance Meets Nature - Martin Potgieter, Kalina Miller & Louise Stafford

Sustainable finance has evolved from intent to accountability - and in South Africa, that shift is becoming tangible. In a country where water scarcity is a growing constraint, natural capital is being redefined as critical infrastructure, with capital markets beginning to price in real environmental outcomes.
Michael Avery was joined by Martin Potgieter (Director of Natural Capital at RMB), Kalina Miller (Regional Manager, IFC), and Louise Stafford (Country Director, The Nature Conservancy) to unpack South Africa’s first water performance-based bond - an innovative structure where investor returns are directly linked to verified ecological results.

Ep 110: AI, Access, and the Future of Insurance in Africa - Pravin Kalpage

Insurance in Africa is changing fast. AI can now flag fraud in seconds, mobile platforms are reshaping access, and customer expectations are higher than ever.
This week, Michael Avery spoke with Pravin Kalpage, CEO of Hollard International, about what these shifts really mean for the industry. Kalpage shared how insurance is moving beyond transactions toward ongoing engagement - and why partnership-led growth is proving powerful across Africa.

Ep 109: Unpacking the Results: What’s Driving SA Banks Forward - Costa Natsas

South Africa’s banks are delivering strong financial results - but the real story lies in what sits beneath the numbers. Michael Avery was joined by PwC Africa’s Financial Services Leader, Costa Natsas, as they unpacked the sector’s latest results and explored what’s driving performance in a shifting economic and competitive landscape.
Beyond the headline growth, the conversation examined the structural changes reshaping banking - from the uncertain returns on AI investments to the race for personalisation, SME growth, and pan-African expansion - and what it will take for incumbents to stay competitive in an increasingly tech-driven world.

Ep 108: From Payments to Participation - Hema Morar

After unpacking payments modernisation over the past two episodes - from infrastructure to fintech innovation - this conversation turns to the real test: adoption. How do these changes translate into everyday economic activity for millions of South Africans?
Hema Morar, Executive Head of FNB eWallet, shares how the platform is evolving to meet the realities of informal income, using AI, alternative data, and accessible channels like WhatsApp to drive meaningful financial inclusion.

Ep 107: Real-Time Payments and the Merchant Opportunity - Rachel Cowan

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.