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.

Dr Rashad Cassim is a deputy governor of the SARB and a member of the Monetary Policy Committee.  He oversees the Financial Markets and International Cluster, responsible for financial markets, international economic relations and policy, and legal services.

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 Fischer Committee on Central Bank Statistics within the Bank for International Settlements.

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.

Ms Fundi Tshazibana is a deputy governor of the SARB, the 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. Before the rotation of the deputy governors on 1 April 2022, she oversaw the Financial Markets and International Cluster.

Ms Tshazibana joined the SARB in 2018 as Adviser to the Governor and was appointed as a deputy governor in 2019 by the President.  She 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 a Master of Commerce degree in Economics from the University of KwaZulu-Natal.

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.  

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. 

 Arif Ismail serves as the Head of the National Payment System Department. With more than 25 years of experience in the payments sector, Arif has distinguished himself in various leadership capacities, including significant roles at the IMF and previously at the Bank, where he was Head of the Fintech Unit and Divisional Head of Oversight within the National Payment System Department (NPSD). During his tenure in the NPSD, Arif played a pivotal role in developing South Africa’s national payment systems strategy, Vision 2025, which continues to be a cornerstone reference for the South African Reserve Bank’s Payments Ecosystem Modernisation (PEM) Programme.

His academic background includes a BSc in Mathematics and Physics, an MBA from Gordon Institute of Business Science (GIBS), and a Doctorate in Business Administration, with a focus on strategic leadership and transformation. 

Ms Olaotse Matshane began her career in 1998 as an economist in the Budget Office at the National Treasury:

Between 2001 to 2005, Ms Matshane was in the Tax Policy unit where she dealt with indirect taxes, economic analysis of tax instruments such as Personal Income Tax, Corporate Income Tax, SMME taxation, taxation of savings, tax incentives etc.

In 2006, still within the National Treasury, Ms Matshane joined the Financial Sector Development Unit as a Director for Financial Inclusion where she was responsible for all issues related to access to financial services, including the implementation of the Co-operative Banks Act. This is after playing a pivotal role in the drafting of the Co‑operative Banks Act as well as a discussion paper on the prudential regulation of co-operative banks.

Between 2012 and 2018, Ms Matshane was the Managing Director of the Co-operative Banks Development Agency (CBDA) responsible for the day-to-day running of the CBDA, implementing the strategic objectives of the organisation and overseeing the corporate services, prudential supervision, capacity building and central support services units.

2018, Ms Matshane was appointed Chief Director in the Financial Sector Policy Division of the National Treasury responsible for: Financial Inclusion, Market Conduct as well as Consumer Financial Education cross cutting the following areas - Payments, Retail Credit, Insurance, Banking, Financial Sector Ombuds, Fintech, Retirement Funds, Collective Investment Schemes and Medical Schemes.

Ms Matshane holds a Msc in Economics from the University of Essex in the UK and a BCom Honours degree from Rhodes University. She has completed other courses in the areas of Public Finance, Taxation, Microfinance, and Project Management. In 2017 she completed a Post Graduate Diploma in Banking with Milpark Education (cum laude) and Awarded First Place Honours Award for Academic Excellence.

Her professional passion lies in mentoring and coaching young people, assisting them navigate the world of work and helping them to achieve their career goals.

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.

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.

Mr Kerwin Martin is the HOD for Banking and Insurance Supervision. He started his regulatory and supervisory career in the Insurance Prudential Department  at the Financial Services Board in 2001. In 2011 he was appointed as the head of that department, responsible for the prudential supervision of small- to medium-sized insurers and reinsurers. As part of the establishment of the Twin Peaks regulatory model, Kerwin transferred to the Prudential Authority in 2018. He has served as Divisional Head of the Financial Conglomerate Supervision Department, responsible for the prudential supervision of two large South African insurance groups and for a domestic systemically important entity.

Kerwin has served as a member of the Governance Working Group of the International Association of Insurance Supervisors (IAIS) since 2014 and participated in the formulation of Insurance Core Principles on Corporate Governance as well as governance issue papers and application papers. He currently leads the exploratory work on remuneration and compensation for the IAIS Governance Working Group. 

Mr Olano Makhubela is the Head of the Financial Surveillance Department of the South African Reserve Bank. Since his appointment on 1 April 2025, he has been tasked with the overall administration of the exchange control system on behalf of the Minister of Finance while transitioning from exchange controls to the regulation of foreign exposure, improving the management of capital flows, and implementing robust measures to detect, deter and disrupt illicit cross‑border financial flows, in line with Strategic Focus Area 2 (SFA 2) of the South African Reserve Bank (SARB) and the anti‑money laundering requirements of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001).

Prior to his appointment in 2025, Mr Makhubela was the Divisional Executive for Market Integrity and Decision Sciences at the Financial Sector Conduct Authority (FSCA). From 2017 to 2023, he was the Divisional Executive for Retirement Funds Supervision at the FSCA and also served on the Exco of the International Organisation of Pension Supervisors (IOPS) and African Pension Supervisors Forum. During this period, Mr Makhubela also acted as the Commissioner of the FSCA in 2020/21.

Before joining the FSCA, Mr Makhubela was with the National Treasury from 2000 to 2017. In his 17 years at the National Treasury, he assisted with the development of government policy on retirement reforms, insurance, investment funds, AML/CFT, prudential regulation, capital flows and control, first tier banking and financial inclusion. He represented the National Treasury at the G20 Financial Access Working Group, Financial Sector Charter and Nedlac.

Mr Makhubela has a Bachelor of Commerce from the University of KwaZulu-Natal; Bachelor of Laws degree from the University of the Witwatersrand; BCom Honours (Economics) (distinction) from University of South Africa; and a Masters of Science in Development Economics from the University of London (SOAS).