Operation Phumelela Lekgotla to Tackle Financial Sector Reforms

POSTED ON: May 21, 2025 IN Press

Senior leaders across South Africa’s financial sector are due to gather with policy makers, regulators and academics at the inaugural Operation Phumelela Lekgotla, taking place on Monday, 2 June 2025, at the JSE in Sandton. This practical working session aims to assess practical, forward-looking reforms that boost the global competitiveness of the South African financial services industry.

The Lekgotla is being convened under Operation Phumelela, the short name for the South African Financial Sector Competitiveness Taskforce, established in late 2024 to identify and address structural barriers that constrain the sector’s ability to intermediate in financial flows to the region, unlock investment, and enhance the global competitiveness of South Africa’s financial sector. The event marks the next phase of the initiative, shifting from research and ideation to implementation.

The keynote address will be delivered by Honourable Deputy Minister of Finance, Dr David Masondo, setting the strategic tone for discussions. Daniel Mminele, Chairperson of Nedbank, will also share sector insights during the event’s opening plenary.

Attendees will participate in a series of expert-led working sessions focused on four critical reform areas:

  • Non-ZAR listings and collateral (enabling non-ZAR listings on South African capital markets and the holding of non-ZAR collateral)
  • Cost of capital for small and medium-sized private markets (making South Africa attractive for private equity fund managers and reducing the cost of investment into private companies)
  • Non-ZAR funds management (making South Africa an attractive domicile for managers of foreign assets)
  • Cost of capital for small- and mid-cap companies on capital markets (reducing the cost of capital for small and mid-cap companies)

The Lekgotla aims to:

  • Obtain feedback on proposals developed by the Operation Phumelela workstreams
  • Build alignment across diverse sector stakeholders
  • Define a path forward to develop impactful reforms

The Lekgotla will lead to a series of working papers on each reform area with recommendations on potential reforms.

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