A private sector initiative to position the SA finance sector as a competitive regional financial services hub, providing global financial services from an SA base

Operation Phumelela Lekgotla

The inaugural Operation Phumelela Lekgotla was held on 2 June 2025 at the JSE, Sandton. Download the post-event one page overview of the lekgotla.

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What?

The Lekgotla gathered financial sector leaders, policy makers and regulators to engage regarding proposed reforms to improve the competitiveness of the sector.

The opening key note speech was given by Deputy Finance Minister David Masondo. Read his speech here.

It had four panels for each of the four Operation Phumelela workstreams:

Non-ZAR listings and collateral
Non-ZAR funds management
Reducing cost of capital for small- and mid-caps on capital markets
Reducing cost of capital for private markets

Discussion papers were circulated in advance of the event as pre-reads for attendees.

For more about the work of Operation Phumelela and the workstreams, see here.

Aims

The Lekgotla aimed to:

Consolidate stakeholders around proposals developed by Operation Phumelela working groups
Obtain valuable input to develop the proposals to align all stakeholders
Chart a course forward to finalise the proposals

Programme

08h30	Registration and coffee
09h00	Welcome address		Dr Leila Fourie (5-10 minutes)
	Keynote speech		Honourable deputy minister of finance, Dr David Masondo. (20 minutes)
	Why Operation Phumelela is important		Daniel Mminele (10-15 minutes)
	Overview of task teams and recommendations		Dr Stuart Theobald
10h00	Coffee break
10h10	Working group sessions
	Session A: Non-ZAR listings and collateral
	20 mins	Recommendations overview	Dr Alicia Greenwood (JSE)
	30 mins	Panel discussion:
		Moderator: Industry representative: Regulator: Industry representative:	Valdene Reddy (JSE) Andries du Toit (FirstRand) Faizel Jeena (SARB) Doug Hendry (Standard Bank)
	30 mins	audience Q&A
	Session B: Cost of capital for private (non-listed) small and medium-sized companies
	20 mins	Recommendations overview	Shelley Lotz (Horizon Equity Partners)
	30 mins	Panel discussion:
	30 mins	Moderator: Industry representative: Regulator: Academic:	Rory Ord (27four) Vuyo Ntoi (AIIM) Vukile Davidson (NT) Anne Cabot-Alletzhauser (Gibs)
	30 mins	audience Q&A
11h30	Coffee break
11h40	Working group sessions
	Session C: Non-ZAR funds management
	20 mins	Recommendations overview	Alessandro Scalco (RMB)
	30 mins	Panel discussion:
		Moderator: Industry representative: Legal:	Msindi Masetle (AIIM) Malungelo Zilimbola (Mazi) Deborah Carmichael (ENS)
	30 mins	audience Q&A
	Session D: Cost of capital for small- and mid-cap companies on capital markets
	20 mins	Recommendations overview	Sam Mokorosi (JSE)
	30 mins	Panel discussion:
		Moderator: Industry representative: Regulator: Policy maker:	David Geral (Bowmans) Derrick Msibi (Stanlib) Astrid Ludin (FSCA) Vukile Davidson (National Treasury)
	30 mins	audience Q&A
13h00	Lunch break
14h30	Plenary – presentation of working group session discussion items Plenary – presentation of working group session discussion items
	Non-ZAR/listings and collateral		Dr Stuart Theobald
	Non-ZAR fund management		Nicole Martens
	SME cost of capital – private markets		Ingrid Goodspeed
	SME cost of capital – public markets		Tinashe Kambadza
15h00	Reflections on the day panel
	Moderator:		Michael Katz
	Steerco members:		Ezra Davids, Johan Holtzhausen, Daniel Mminele
15:30	Closes