Financial Stability 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. 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: 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 advisor 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 N (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.

Dr Chris Loewald
Head: Economic Research Department

Dr Chris Loewald is a member of the Monetary Policy Committee and Head of the Economic Research Department at the SARB, which is responsible for forecasting, global economic analysis and the Monetary Policy Review publication.

Prior to joining the SARB in 2011, Dr Loewald spent 13 years at National Treasury in a range of policy roles. He was involved in developing South Africa’s inflation-targeting and exchange-rate policy frameworks, and he led the development of the macroeconomic framework for successive national budgets. As Head of International Economics between 2001 and 2004, he developed South Africa’s international economic policy for engagement with the G20 and other international bodies. As Deputy Director-General for Economic Policy, Dr Loewald worked extensively on economic growth and governance, contributing to the Growth Commission of the World Bank, the Committee on IMF Governance Reform, and the development of South Africa’s relationship with the Organisation for Economic Co-operation and Development on economic policy.

Dr Loewald is a director of Economic Research Southern Africa, a non-profit institute that supports and finances academic research in economics. He holds a Master’s degree and a Doctor of Philosophy degree in International Economics and European Studies from Johns Hopkins University School of Advanced International Studies.

Dr Nicola Brink
Head: Financial Stability Department

Dr Nicola Brink is the Head of the Financial Stability Department of the South African Reserve Bank (SARB). She has extensive central banking experience, having spent her career in several departments of the SARB, including the Economic Research Department, the Bank Supervision Department (now the Prudential Authority), and the Financial Markets Department.

In recent years, she has played a key role in the process to bring South Africa’s resolution framework for failing financial institutions in line with international standards. She represents the SARB in various external and international committees, including the Financial Stability Board’s Resolution Steering Group and Assessment of Global Vulnerabilities Group. Her qualifications include an Honours degree in Communication Science, a PhD in Economics and an MBA degree (cum laude).  

She has published a number of domestic and international research papers, mainly focusing on the management of market liquidity by the SARB through its operations, both in normal and crisis times. 

Mr Tim Masela
Head: National Payment System Department 

PMT (Tim) Masela was appointed as Head of the National Payment System Department in August 2012, having joined the Bank in July 1994. He also chairs the Payment System Subcommittee of the Southern African Development Community Committee of Central Bank Governors. In addition, he represents the SARB on both the Bank for International Settlements Committee on Payments and Market Infrastructures and the Continuous Linked Settlement Oversight Committee chaired by the Federal Reserve Bank of New York. He holds Master of Commerce and Bachelor of Commerce degrees and a Graduate Diploma in Computer Auditing and has completed a senior executive programme at Harvard University.

Mr Elijah Mazibuko
Head: Financial Surveillance Department

SE (Elijah) Mazibuko joined the Bank on 1 January 2000 and was appointed as the Head of the Financial Surveillance Department on 1 August 2009. He is responsible for compliance with exchange control regulations and the application of the exchange control system. Elijah holds Bachelor of Commerce (Accounting) and Master of Business Administration degrees, a Postgraduate Diploma in Business Management, and an Advanced Diploma in Treasury and International Trade and Finance. He is a Certified Associate of the Institute of Bankers in South Africa. 

Mr Unathi Kamlana
Head: Policy, Statistics and Industry Support Department

Unathi Kamlana is the Head of the Policy, Statistics and Industry Support Department of the Prudential Authority in the SARB. He started his career in banking, holding various roles in the Standard Bank Group. Subsequently, he joined the public sector and spent over six years at National Treasury, starting in tax policy and later moving to financial sector policy. Immediately prior to his appointment to the SARB, he was the Chief Director: Financial Markets and Stability in National Treasury. He joined the SARB in 2011 to champion the regulatory reform project as part of implementing the “Twin Peaks” model of financial sector regulation.

The Minister of Finance appointed Unathi as a member of the Standing Committee on the Revision of the Banks Act from 2009 to 2011. He is a member of the Standing Committee for the Revision of the National Payments System Act and co-chair of the Financial Markets Implementation Committee. He is a member of the Policy Development Group of the Basel Committee on Banking Supervision and the Policy Development Committee of the International Association of Insurance Supervisors. He chairs the Financial Stability Board’s Peer Review of the United Kingdom 2020.

Unathi studied economics and taxation at Rhodes University, and holds Master of Commerce and Master of Science (Finance in Economic Policy) degrees from Rhodes University and the University of London, respectively. In 2018, he was chosen as a World Economic Forum Young Global Leader.

Mr Denzel Bostander
Head: Financial Conglomerate Supervision Department

Denzel Bostander is currently the Head of the Financial Conglomerate Supervision Department in the Prudential Authority (PA). This department is tasked with supervising both the largest and systemically significant banks and insurers in South Africa. Prior to this position, he was a Deputy Registrar of Banks.

Denzel played a key role in establishing the Prudential Authority from a merger of banking and insurance supervisory bodies. He also served as chairperson of the Committee of African Banking Supervisors, a technical committee of the Association of African Central Banks. He represents the SARB on regional and international committees such as the Financial Stability Board’s Correspondent Banking Coordination Group. Denzel is also a member of SARB’s Financial Stability Committee and has played a pivotal role in helping to resolve failing financial institutions.

Denzel was previously employed at PricewaterhouseCoopers, where he was involved in several auditing, accounting and due diligence assignments. He holds a Bachelor of Accounting Science degree and a Master of Business Leadership degree from the University of South Africa. He has also completed the Harvard Business School’s Advanced Management Programme.

Mr Faizel Jeena
Head: Risk Support Department

Faizel Jeena has 25 years of experience in banking and finance, with exposure to supervision and regulation, data management, investment banking as well as commercial and retail asset finance.

He is the Head of the Risk Support Department in the Prudential Authority (PA) at the SARB. This department provides regulatory and supervisory support as well as technical expertise on all prudential risk types for banks, insurers and market infrastructures. In addition, it provides quantitative analysis, actuarial analysis and financial institution statistics for the PA. 

Faizel has represented the SARB at a number of Basel Committee on Banking Supervision working groups. He is a registered chartered accountant.

Ms Suzette Vogelsang
Head: Banking, Insurance and FMI Supervision Department


Suzette Vogelsang is currently the Head of the Banking, Insurance, Co-operative Financial Institutions and Financial Market Infrastructure Supervision Department in the Prudential Authority (PA). Suzette’s current supervisory responsibilities include the prudential supervision, on both a solo and group basis, of small to medium-size insurance companies and banks, and the solo prudential supervision of securities and derivatives financial market infrastructures. Suzette also managed the team that finalised the technical requirements of the new risk-based solvency regime that was legislated in South Africa in 2018.

Suzette represents the PA on various industry forums in South Africa. She is currently the third Vice Chair to the International Association of Insurance Supervisors (IAIS) Executive Committee representing emerging and developing markets. She is also the IAIS Regional Coordinator for Sub-Saharan Africa.