Governors Executive Committee Members Biographies


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Mr E L (Lesetja) Kganyago

Mr Lesetja Kganyago was appointed Governor of the SARB with effect from 9 November 2014 and was reappointed by the President of South Africa for a second five-year term in 2019, with effect from 9 November 2019 to 8 November 2024. The President has reappointed Mr Kganyago for a third five-year term, which commences on 9 November 2024 and concludes on 8 November 2029.

Mr Kganyago is the Chairperson of the Monetary Policy Committee, Prudential Committee and the Financial Stability Committee.

Mr Kganyago chairs the Committee of Central Bank Governors of the Southern African Development Community (SADC), co-chairs the Financial Stability Board’s Regional Consultative Group for Sub-Saharan Africa, and chairs the Financial Stability Board’s Standing Committee on Standards Implementation.

He also served as the Chairperson of the International Monetary and Financial Committee, which is the primary advisory board to the International Monetary Fund (IMF) Board of Governors, from 18 January 2018 to 17 January 2021.

Mr Kganyago served as Deputy Governor of the SARB from 16 May 2011 until his elevation as Governor.

A lifelong public servant, he has extensive experience in macroeconomic policy formation, including fiscal and monetary policy, financial sector policy, international finance, public debt management and financial markets.

Before joining the SARB, Mr Kganyago was the Director-General of National Treasury, where he played a leading role in implementing public finance and budgetary reforms, leading to greater transparency and accountability of the country’s public finance and budget processes. Mr Kganyago represented South Africa at international organisations such as the World Bank, the IMF, the Group of Twenty (G20) and the African Development Bank. In this role, he served as the Chair of the Development Committee Deputies and also co-chaired a G20 Working Group on the reform of the IMF.

He holds an MSc in Economics from SOAS University of London and a BCom in Economics and Accounting from the University of South Africa. He has also received various training in finance, economics and management.

Dr R (Rashad) Cassim
Deputy Governor

Dr Rashad Cassim is a deputy governor of the SARB and a member of the Monetary Policy Committee (MPC). He oversees the Financial Markets and International Cluster, which includes the Financial Markets Department, International Economic Relations and Policy Department and General Counsel. He is also in charge of the National Payment System Department.

He is the chair of the Financial Markets Liaison Group, Market Practitioners Group and the Corporation for Public Deposits.

Before the rotation of the deputy governors on 1 April 2022, he oversaw the Financial Stability and Currency Cluster. He also served as Chairperson of the Irving Fisher Committee on Central Bank Statistics within the Bank for International Settlements.

Dr Cassim joined the SARB as Head of Economic Research and Statistics in March 2011, during which time he acted as the Secretary of the MPC. He was appointed by the President as a deputy governor in 2019, with effect from 1 August 2019 to 31 July 2024. The President has reappointed Dr Cassim for second five-year term, which commences on 1 August 2024 and concludes on 31 July 2029.

Prior to joining the SARB, Dr Cassim served as the Deputy Director-General for economic statistics at Statistics South Africa, which included responsibility for the production of inflation and gross domestic product statistics. He was instrumental in enhancing both the quality and credibility of economic statistics in South Africa.

Before that, he held several academic roles, including Professor and Head of the School of Economics and Business Sciences at the University of the Witwatersrand, as well as various research positions at the University of Cape Town (UCT).

He holds a Master's degree in Economic History and a PhD in Economics from UCT.

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and CEO: Prudential Authority

Ms Fundi Tshazibana is a deputy governor of the SARB, the Chief Executive Officer (CEO) of the Prudential Authority and a member of the Monetary Policy Committee. The Prudential Authority regulates banks, insurers, cooperative financial institutions, financial conglomerates and certain market infrastructures.

As CEO of the Prudential Authority, Ms Tshazibana leads the Prudential Cluster of the SARB, which includes the Financial Surveillance Department and the departments within the Prudential Authority.

Ms Tshazibana represents the SARB on the Basel Committee on Banking Supervision and Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation. She is the Vice-Chairperson of the Network for Greening the Financial System (NFGS).

Before the rotation of the deputy governors on 1 April 2022, she oversaw the Financial Markets and International Cluster.

She joined the SARB in 2018 as Adviser to the Governor and was appointed by the President as a deputy governor in 2019, with effect from 1 August 2019 to 31 July 2024. The President has reappointed Ms Tshazibana for a second five-year term, which commences on 1 August 2024 and concludes on 31 July 2029.

Ms Tshazibana is an economist with extensive experience in public policy formulation and analysis, having worked at multiple local and international institutions, including National Treasury, the National Energy Regulator of South Africa (NERSA) and the International Monetary Fund (IMF).

At the IMF, she was an alternate executive director on the Executive Board, which runs the day-to-day operations of the IMF. Prior to joining the IMF, Ms Tshazibana was a deputy director-general at National Treasury, where she was responsible for macroeconomic policy and economic forecasting. At NERSA, she worked as a senior policy analyst.

She holds a Bachelor of Economics (Honours) degree and an Mcom in Economics from the University of KwaZulu-Natal.

Dr M (Mampho) Modise
Deputy Governor 

Dr Modise is a deputy governor of the SARB and a member of the Monetary Policy Committee. She oversees the Financial Stability Cluster, which includes the newly established Corporation for Deposit Insurance (CODI), the Economic Statistics Department, the Risk Management and Compliance Department, and the Fintech Unit.

Dr Modise was appointed Deputy Governor by the President, with effect from 1 April 2024 to 31 March 2029.

Before joining the SARB, she was Deputy Director-General of Public Finance at National Treasury, responsible for fiscal and financing monitoring, and the evaluation of policy proposals across national departments. She was also responsible for assessing the performance and oversight of public and state-owned entities.

Formerly a chief director for strategy and risk management at National Treasury’s Asset and Liability Management Division, she was responsible for the implementation of a strategy and risk management framework and managed government’s relationships with global rating agencies. Her previous roles include Director of Fiscal Policy and Senior Economist in the Economic Policy Division at National Treasury.  She started her career at the SARB, first as an intern in 2004 and later as an economist in the Economic Research Department until 2009. 

Dr Modise holds a BCom in Economics, BCom Honours in Econometrics, an MCom in Econometrics (cum laude) and a PhD in Economics, all from the University of Pretoria. 


Mr Mogam Pillay
Group Executive: Currency Management

Mr Mogam Pillay is the Group Executive: Currency Cluster at the SARB . He is responsible for the SARB’s currency management and security functions. The role includes oversight of, and responsibility for, the two currency-producing subsidiaries of the SARB, namely the South African Bank Note Company and the South African Mint Company. He is the Chairperson of the boards of the two subsidiaries and of Prestige Bullion, a joint venture between the South African Mint and Rand Refinery.

Before this appointment as Group Executive: Currency Cluster, he was the Chief Operating Officer of the SARB, responsible for the Human Capital and Operations Cluster. Mr Pillay held various senior positions before joining the SARB, including Chief Financial Officer at Old Mutual Africa and Finance Director at Old Mutual Service Technology and Administration. He also held executive positions at SABMiller and Unilever.

Mr Pillay holds BAcc and BCompt (Honours) degrees, a Postgraduate Diploma in Business Management and a Master of Business Administration (MBA) degree. He is also a Fellow of the Chartered Institute of Management Accountants in the United Kingdom.

Ms Rebecca Tee
General Counsel

Rebecca Tee was appointed General Counsel and Head of the Legal Services Department of the SARB on 1 October 2023.

Rebecca is an Attorney of the High Court of South Africa. Before joining the SARB, she worked at National Treasury, where she served as its Chief Director for Legal Services for 15 years.

In this role she provided comprehensive legal advisory services on a broad range of issues to National Treasury and the Ministry, including the drafting, vetting and negotiation of domestic and international contracts; analysing the impact of new legislation and regulations; drafting and vetting new legislation, presidential Acts and presidential minutes; and managing Treasury’s litigation, arbitration and mediation matters.  Prior to this, she served the Treasury as its Director for Litigation and Administrative Law.

She has also served in different roles at the Department of Justice in the Office of the State Attorney, South African Bureau of Standards, Commission on Restitution of Land Rights, Department of Land Affairs, and the Legal Resource Centre.

Rebecca holds a Master of Laws (LLM) in International Business Law from the Vrije University in Amsterdam, and a Bachelor of Laws (LLB) and BLuris from the University of the Western Cape.

She serves on a number of SARB committees, including as an ex officio member of the Governors’ Executive Committee, the Risk Management Committee and the Board of Directors.

Mr Pradeep Maharaj
Chief Operating Officer

Mr Pradeep Maharaj is the Chief Operating Officer (COO) of the South African Reserve Bank (SARB), responsible for the support services cluster of the SARB which includes the Human Capital and Operations clusters.

For two and a half years, Pradeep acted as the COO of the SARB, and was responsible for the human resources, financial, business solutions and technology as well as facilities management functions.

Prior to joining the SARB in November 2012, Pradeep fulfilled various roles at Absa Capital and Transnet as well as in the Department of Finance and Economic Affairs of the Gauteng Provincial Government.

Pradeep holds a Bachelor of Accounting Science degree from the University of South Africa and a Senior Executive Programme certificate from both Harvard and Wits Business Schools.