No single entity can drive Africa’s progress alone, especially where big gains in financial inclusion and closing the digital divide are needed for the population to take an active role in the digital economy.
“We want to go faster, so we have to go together. And that means we need to partner and collaborate with others,” said JSE CEO Leila Fourie, while outlining the bourse’s partnership strategy in the latest episode of The Y’ello Chair.
The Y’ello Chair is MTN’s vodcast series featuring exclusive insights from leaders and changemakers on the forces driving the continent’s digital future. Hosted by Nozipho Tshabalala, CEO of The Conversation Strategists, the newest episode features insights from Fourie along with MTN Group CFO Tsholofelo Molefe — watch it below.
Fourie highlighted the potential for deeper collaboration between financial institutions and telecommunications operators, noting that the mobile phone is a lifeline for millions and a crucial channel for financial access.
“The man on the street who uses a mobile phone is that same person who trades on the exchange,” said Fourie, who will soon step down from her position at Africa’s largest stock exchange.
Molefe expanded on this, describing a necessary “convergence” between connectivity and financial services.
Molefe argued that digital highways were the foundation on which financial inclusion was built, allowing farmers access to markets and students access to education. This convergence is not just about profitability, but about creating an enabling environment for competitiveness in the formal sector.
“That convergence is really about the coming together of connectivity and financial services. Because that’s the direction the world has taken.”
Expanding access to economic participation
The goal of financial inclusion is a key tenet for both MTN and the JSE.
While both entities have done well — MTN recently surpassing 300-million customers and the market cap of companies listed on the JSE now up to R23-trillion — they understand that bringing more people into their respective ecosystems is necessary for their sustainability.
How does each business add customers if there are barriers preventing people having access to simple accounts, the internet, and a lack of financial literacy? The executives underscore that inclusion is an economic imperative, not just a social licence to operate.
It’s about how we deliver real, tangible impact for people who were previously excluded from economic participation so they can now take their place as active participants in the economy
— MTN Group CFO Tsholofelo Molefe
For instance, MTN’s Mobile Money (MoMo) business has created a new line of revenue to offset declines in traditional voice calls and SMS communication, while ensuring that many people and small enterprises left out of formal financial services have the ability to transact digitally and have access to credit.
“It’s about how we deliver real, tangible impact for people who were previously excluded from economic participation so they can now take their place as active participants in the economy,” said Molefe.
“We’re helping people learn and get ahead, and we’re giving small businesses the tools to run more efficiently and stay competitive.”
Fourie highlights JSE initiatives that pair market infrastructure with digital enablement to widen participation in the economy. This includes the JSE’s SME Rise programme, which supports small business growth, and the Claim It campaign, which seeks to reconnect South Africans with R4.5bn in unclaimed dividends, money that could be transformative for ordinary citizens.
“I would encourage people, go out there and find out. You never know … it’s money that is unclaimed and [could be] due to you,” said Fourie.
Future focus
The conversation also emphasised how convergence must translate into future-facing inclusion, particularly by strengthening the pipeline of new entrants into the financial ecosystem.
Initiatives such as the JSE Investment Challenge, designed to educate youth in trading, reflect this focus.
Fourie further stressed that inclusion must be intentional, noting that her executive committee was 70% female, and highlighting the importance of giving women the platforms to flourish.
Ultimately, the dialogue revealed that the future of African business lies in the intersection of ethical stewardship and strategic partnership.
By leveraging capital, whether as data, infrastructure or finance, leaders like Molefe and Fourie are charting a path towards a more resilient and inclusive continent.
Anchoring their confidence in the future is renewed optimism for the country fuelled by a recent sovereign ratings upgrade, removal from the Financial Action Task Force grey list and the hosting of the G20.
“The impact we’re having across the continent is incredibly energising,” said Molefe.
Fourie likened it to the positivity felt when SA hosted the FIFA World Cup. “It feels to me like we’re in a 2010 moment — except it’s here to last,” she said.
“We’ve come out of a 10-year macroeconomic headwind, and finally, it’s SA and Africa’s time in the sunshine.”
Leadership lessons
The conversation delved deep into the mechanics of leadership. For both Molefe and Fourie, the definition of success extends beyond the balance sheet.
Fourie, who has been leading the JSE since October 2019, said that while metrics such as return on equity were important, true legacy lay in people.
Referencing a quote by American civil rights activist Maya Angelou, she said: “It’s not about what you have achieved. People will forget what you’ve said. But people will never forget how you made them feel.
“Leadership is about stewardship. It’s about building on what you’ve inherited, leaving an organisation in a better position than when you arrived.”
This sentiment was echoed in Molefe’s remarks that leadership was fundamentally about the change one made in Africa and empowering people for growth.
“It’s not always about driving profits. It’s about empowering people for Africa’s progress,” she said.
Both executives shared personal “reset to factory settings” moments where their values were tested.
Molefe recalled navigating a challenging situation in a previous role that inevitably built her character. She reflected on advice she received: “At the end of the day, all that matters, when it’s all said and done, is your integrity.”
For Fourie, the isolation of the Covid-19 lockdown became a lesson in humility and empathy, stripping leadership down to its core human elements.
“My ‘reset to factory settings’ moment was without question the Covid crisis … what I learnt in myself in the quiet moments ... was a reversion to basic values,” she said.
It’s not all seriousness for the two titans of corporate SA who, like many others, are looking forward to the downtime that the upcoming holidays promise to provide.
After a year of “hectic and consuming” travel to places including Mauritius, Ghana, India and Toronto, Molefe is deeply looking forward to recharging by spending “time with family as we enjoy the festive season”.
“I love dancing. I truly, truly love dancing,” Molefe said, reflecting on her life.
“I’ll spend some time on the dance floor,” said Fourie, “but probably more time on ‘the rock’ and in nature and camping with my darling granddaughter.”
This article was sponsored by MTN.
