Governors Executive Committee Members Biographies

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Mr E L (Lesetja) Kganyago
Governor

Mr Lesetja Kganyago was appointed Governor of the SARB with effect from 9 November 2014. He was reappointed by the President of South Africa for a second five-year term effective 9 November 2019. He is the Chairperson of the Monetary Policy Committee, and the Financial Stability Committee. Prior to his appointment as Governor, Mr Kganyago served as Deputy Governor of the SARB from 16 May 2011 until his elevation to Governor.

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. In addition, Until recently he 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 – 17 January 2021

Before joining the SARB, Mr Kganyago was the Director-General of the National Treasury. He represented South Africa at international organisations such as the World Bank, the IMF, the 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 Bachelor of Commerce degree in Economics and Accounting from the University of South Africa. He also received various training in Finance, Economics and Management.

Mr K (Kuben) Naidoo
Deputy Governor and CEO of the Prudential Authority

Mr Kuben Naidoo is a deputy governor of the SARB, the CEO of the Prudential Authority and a member of the Monetary Policy Committee. He is an activist and a public servant committed to achieving a socially just society. Mr Naidoo joined the SARB as the adviser to the Governor and a member of the Monetary Policy Committee. After serving as the Registrar of Banks, Mr Naidoo was named the first CEO of the Prudential Authority, a financial sector regulator operating within the SARB administration. The Prudential Authority regulates banks, insurers, cooperative financial institutions, financial conglomerates and certain market infrastructures.

Before joining the SARB, Mr Naidoo was the Acting Head of the Secretariat for the National Planning Commission between 2010 and 2013. Mr Naidoo also worked at National Treasury, where his responsibilities included education finance, public-sector personnel policy, intergovernmental fiscal relations, capital budgeting, budget reform and fiscal policy. He spent two years at the Treasury of the United Kingdom where he worked on capital budgets and biannual spending reviews.

Mr Naidoo holds a Bachelor of Science degree and a Postgraduate Diploma in Public Management from the University of the Witwatersrand, as well as a Master of Business Administration from the University of Birmingham in the United Kingdom.

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor

Ms Fundi Tshazibana is a deputy governor of the SARB and a member of the Monetary Policy Committee. Before her appointment, she served as the adviser to the Governor of the SARB and a member of the Monetary Policy Committee. Ms Tshazibana is an economist with extensive experience in public policy analysis and formulation. She has worked for National Treasury, the National Energy Regulator of South Africa (Nersa) and the 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. Ms Tshazibana holds a Bachelor of Economics (Honours) degree and a Master of Commerce degree in Economics from the University of KwaZulu-Natal.

Dr R (Rashad) Cassim
Deputy Governor

Dr Rashad Cassim is a deputy governor of the SARB and a member of the Monetary Policy Committee. He has recently been appointed Chairperson of the Irving Fischer Committee on Central Bank Statistics within the Bank for International Settlements. Before his appointment as a deputy governor, Dr Cassim was the Head of Economic Research and Statistics at the SARB.

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. Before that, he was a professor and Head of the School of Economics and Business Sciences at the University of the Witwatersrand. Dr Cassim has also held various research and academic positions at the University of Cape Town (UCT). He holds a Master's degree in Economic History and a Doctor of Philosophy degree in Economics from UCT.

Mr Mogam Pillay
Group Executive: Currency Management

Mr Mogam Pillay is currently the SARB's Chief Operating Officer. He is responsible for the Human Capital and Operations Cluster and is Chair of the SA Mint, SA Bank Note and Prestige Bullion companies. Prior to his appointment at the SARB, Mr Pillay was Chief Financial Officer (CFO) at Old Mutual Africa and  Finance Director at Old Mutual Service Technology and Administration (OMSTA). He also held executive positions at SABMiller and Unilever.

He holds a B.Acc and BCompt Honours degree, a Postgraduate Diploma in Business Management and a Master of Business Administration degree. He is also a Fellow of the Chartered Institute of Management Accountants in the United Kingdom.

Mr Chris van der Walt
General Counsel

Chris J van der Walt was appointed as General Counsel and Head of the Legal Services Department at the SARB on 2 December 2019. He has headed the department since 1 October 2014. In 2012, he joined the SARB as Deputy General Counsel.

Chris’s experience includes roles as a lecturer, state prosecutor, state advocate and legal adviser, and general counsel to the Absa Group.

He is an admitted attorney of the High Court of South Africa and a past Board member of the Corporate Lawyers Association of South Africa, which is now known as the Corporate Counsel Association of South Africa. He is a member of the Institute of Directors in Southern Africa.

He holds a British Law Centre degree, a Bachelor of Laws degree and a Master of Laws degree, for all of which he received cum laude.

Chris serves on a number of SARB committees, including the Risk Management Committee, and on steering committees of a number of Tier 1 projects. He serves ex officio on the Governors’ Executive Committee. He is a member of the SARB’s Board of Directors.

Mr Pradeep Maharaj
Chief Operating Officer

Mr Pradeep Maharaj is the Group Executive: Currency Cluster at the SARB. He is responsible for the Bank’s currency management and security functions. The currency management role includes oversight and responsibility for the two currency-producing subsidiaries of the SARB, i.e. the South African Bank Note Company and the South African Mint.

For two and half years, Pradeep acted as the Chief Operating Officer of the SARB, and he was responsible for the human resources, financial, business systems and technology and 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 from the University of South Africa.