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
Mr Kuben Naidoo is a deputy governor of the SARB and a member of the Monetary Policy Committee. He oversees the Financial Stability and Currency Cluster, which incorporates the SARB’s Economic Statistics Department, the National Payment System Department, the Fintech Unit, the Financial Stability Department, and the Risk Management and Compliance Department. He will also oversee the newly established Corporation for Deposit Insurance (CoDI).
Before the rotation of the deputy governors on 1 April 2022, Mr Naidoo oversaw the Prudential Cluster, and was the first Chief Executive Officer of the Prudential Authority upon its inception. Prior to his appointment as a deputy governor, he served as Adviser to the Governor of the SARB and as the Registrar of Banks.
Mr Naidoo is an activist and a public servant committed to achieving a socially just society. Before joining the SARB, Mr Naidoo was the Acting Head of the Secretariat for the National Planning Commission between 2010 and 2013. He 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 and CEO: Prudential Authority
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 R (Rashad) Cassim
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.
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.
Ms Olaotse Matshane
Head: Policy, Statistics and Industry Support Department
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.
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.