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. 

Appointed | 1 January 2024.

Qualifications: Master of Science in Financial Sector Management (University of London, SOAS), Master of Philosophy in Futures Studies (University of Stellenbosch), Honours degree in Economics (North-West University)

Experience: Sabihah was appointed as the Chief Executive Officer (CEO) of the Corporation for Deposit Insurance (CODI), effective 1 January 2024. She joined the SARB in 2001, gaining more than two decades of experience in banking supervision and deposit insurance. Prior to being appointed CEO, she held the position of Policy Manager within CODI for five years, where her main responsibility was to provide managerial leadership and strategic direction for the development and communication of policies related to the deposit insurance scheme. She was part of the team that was instrumental in developing legislation for CODI to become a legal entity in 2023. As the CEO, she will lead the team to ensure CODI becomes operational in April 2024. Before joining CODI, Sabihah worked on bank recovery and deposit insurance research in different departments within the SARB. 

Qualifications: CA(SA), BCom Accounting (Hons), University of South Africa

Experience:  Shoki was appointed as the Group Chief Financial Officer for the South African Reserve Bank (SARB) on 1 September 2021, with the responsibility to lead, provide strategic direction and guide all financial functions of the SARB, which includes the SARB parent organisation, the South African Banknote Company (SABN) and South African Mint Company (South African Mint).

In her previous role with the Small Enterprise Finance Agency (SEFA), she served as Chief Financial Officer and was responsible for overseeing financial sustainability and supply chain management. In her six years at SEFA, the agency received unqualified clean audits. She also achieved a clean audit from the Auditor-General for the implementation of COVID-19 programmes and for the R6 billion in funds raised through the Small Business Innovation Fund, Township Rural Entrepreneurial Fund and Tourism Equity Fund. While at SEFA she also acted as Chief Executive Officer for a brief period. She previously served as an independent board member for Ellies Holdings, the Gautrain Management Agency and Railway Safety Regulator.

While at J Walter Thomson South Africa, she served on three boards and provided strategic direction to three business units, namely Finance, Information Technology and Payroll. She was also self-employed for a brief period and her major clients were Roche, Siyaya TV and Bakgatla Bakgafela Holdings.

Qualifications: MCom in Taxation, Rhodes University, and  MSc in Finance (Economic Policy), University of London (SOAS)

Experience: Unathi Kamlana has been the Commissioner of the Financial Sector Conduct Authority (FSCA) since 1 June 2021. Prior to this, he held various senior roles in financial sector policy and regulation, including as Chief Director: Financial Markets and Stability at the National Treasury, Deputy Registrar of Banks at the South African Reserve Bank (SARB), and Head: Policy, Statistics and Industry Support at the Prudential Authority.

Unathi has also served on various regulatory forums, including as a member of the Policy Development Group (PDG) of the Basel Committee on Banking Supervision (BCBS) and the Policy Development Committee (PDC) of the International Association of Insurance Supervisors (IAIS). He is a member of the Regional Consultative Group for Sub-Saharan Africa of the Financial Stability Board (FSB).

Qualifications: MSc in Development Economics and Finance, University of London (SOAS)

Experience: Having begun his career in financial markets within Standard Bank’s Investment Banking Division, Vukile subsequently moved to the National Treasury. While at National Treasury, Vukile has worked on various key financial sector legislative reforms, including South Africa’s resolution framework, as well as on policy issues as diverse as climate change and financial innovation. Vukile’s current responsibilities include financial stability, prudential regulation, market integrity and capital flows management. Vukile has also worked at the Financial Stability Board in Basel, Switzerland, where he focused on topics including ‘Challenges facing SMEs’ and work to address ‘The decline in correspondent banking services’, with a specific focus on the Americas, Middle East and North Africa (MENA), and Asia.

Qualifications: MSc in Development Economics, University of London

Experience: Bongi is the Managing Director of the Banking Association South Africa. She assumed this position in March 2020.

Prior to that, Bongi was the Pan-African Head of Public Sector Banking for the Standard Bank Group where she had responsibility for strategic direction of the business in 15 African countries, including South Africa.

Her career has included a role as the Executive Director at the World Bank Group in Washington, DC. In that capacity, she served on the board representing South Africa, Nigeria and Angola. 

Bongi has served in the South African Government spheres in different capacities, including The Presidency, the Gauteng Provincial Government’s Finance and Economic Affairs, and National Treasury.

Qualifications: CA(SA), BCompt (Hons), BSc (Hons), CISA, CIA, Advanced Diploma in Treasury Management

Experience: André is a retired central banker who consults in the fields of governance, risk management, compliance, internal auditing and financial regulation policy. 

At retirement, he was Head of the Risk Management and Compliance Department and Chief Risk Officer of the South African Reserve Bank (SARB).  Previous positions held with the SARB include Head of the Financial Stability Department, Deputy Head of the then Bank Supervision Department, and Chief Internal Auditor of the SARB. 

André has 42 years of local and international experience in external, internal and computer auditing; financial regulation and supervision; and governance and enterprise risk management.