ABSIP hosts Youth Economic Indaba 2024 for the Young Professionals
The Association of Black Securities and Investment Professionals (ABSIP), a prominent platform established to address the apparent lack of representation of black professionals in the securities and investment industry as well as to create a forum for black professionals to exchange information and ideas hosted Youth Economic Indaba 2024 at Sanlam Sandton Auditorium.
The prestigious annual event is a critical platform for young investment professionals to voice their concerns as well have access to important information from various industry leaders who graced the event on relevant issues pertaining to diversity and inclusion. The youth comprised of various university student chapters ,young professional mentors as well youth in managerial positions.
The Youth Economic indaba which has been instrumental in creating engagement and networking opportunities for the youth , aligns perfectly with mandate of ABSIP which has evolved to encompass the empowerment of young black professionals and black business across the financial services sector with aim to give them access to information and moulding them into a new generation of financial services leaders. Its membership has grown with advent of many youth joining through ranks from various industries to include sub-sectors such as Asset Management, Corporate Banking, Corporate Finance, Corporate Managerial and Financial Consulting, Employee Benefits, Insurance, Investment Banking, Retail Banking; Private Banking, Private Equity, Stockbroking, Treasury and Development Finance Institutions (DFIs).
During his sponsorship remarks Ngange Nongongo ,Partner at Summit Africa , a leading black-
owned & managed specialist alternative investment manager, highlighted the importance of industry collaborations and partnerships.
“Summit Africa as an institution seeks to remain focussed to meet some of the structural under-
supply in the industry to foster economic growth and create opportunities in previously disadvantaged communities” He underscored the critical role of financial literacy, education, and skills development in achieving inclusive growth.
“Ethical leadership and governance are paramount and black professionals are trail blazer’s for
the benefit of black community” Ngange remarked, calling on black professionals to lead by
example , drive positive change and focus on creating and fostering an environment to invest back into the next generation.
“Education and skills development are critical, as well as inclusive growth and diversity. Financial
literacy is critical to achieving a tangible impact on livelihood. He highlighted the importance to understanding the pitfalls of easy access to financial systems and how newer technology is important in reshaping financial services groups, how industry players should be willing to adapt and how embracing change will separate winners from losers.
He highlighted the importance to understanding the pitfalls of easy access to financial systems and how newer technology is important in reshaping financial services groups, how industry players should be willing to adapt and how embracing change will separate winners from losers. Polo Leteka, ABSIP President officially opened the Youth Indaba lamenting the fact that 30 years into democracy it is an important time for reflection as black professionals in the financial services, investment and securities industry.
“ABSIP almost as old as our democracy formed in 1995 , we are filling rooms with faces that where not visible in the past . We are achieving diversity but we have to ask ourselves if that means inclusion”
“Do we see new products what are responsive and bespoke? Are we earning salaries and driving cars or is the transformation meaningful ?Are we driving innovation and transformation not about filling sits”
She remarked the need to lift others as professionals within the industry so that no one is left behind , she also acknowledged the highly unequal societal situation grappling the South African financial services sector in general.
“We have built foundations and we need new ways for the fly wheel effect” she concluded.
In his keynote address, Elias Masilela , the Executive Chairman at DNA Economics addressing the youths emphasised that whatever youth aspire to do, it is in their hands and they can’t rely on others.
“The way in which you do things will influence how others behave around you ,A professional is an individual who is doesn’t only listen to the manager but advices , A professional is an individual who is ready to resign or decline when principles are compromised” he advised.
He encouraged youths to be solutions driven, to be inquisitive as well as drive for intellectual independence.As a firm believer of partnership, he implored how any critical policy of national importance is too important to be left to government alone.On issue of professional and personal development , youth were challenged that relationships they strive for should be for the long term and advised that they pick a mentor based on what they like out of his/her characters and follow them, the same for networking.
“The domestic macro conditions are fundamental to the currency not external factors, case in point the GNU news effect on currency” he highlighted.
He challenged the young professionals to intervene status quo changes
Ndumiso Kubheka, the MD at KH Research Partners addressing key industry trends shaping the Financial services sector in South Africa challenged the youth that innovation is not limited to tech or start ups but is a part of our daily workflows.
He touched on incoming GNU as a political risk of a back and forth that needs to be managed. “SA needs to have a head of public administration according to the NDP to mitigate the political transition risks” he commented.He touched on the fact that R90bn is needed to secure water supply for next 10 years and that there are still questions regarding the chase to zero – which is drawing transaction fees and prices closer to zero
During Panel Discussion ,Siya Raphaka , the People & Culture Senior Talent Acquisition Partner at Standard Bank mentioned to hundreds of youth in the room that employment should be intentional in changing the narrative and that graduates should be groomed to know the laws of the land.
Nthabiseng Thema, Partner & Investments Lead at Summit Africa highlighted how the financial services industry is the most high-growth and innovative, but also the most inefficient – this is where fintech has come to plug some of the inefficiencies ,she advised that graduates should look for a career on where the sector is going.
Khaya Sithole ,NEC Member at ABSIP concluded by lamenting the slow pace of transformation in the sector
“The economic transformation is not achieving as much and now we ask 30 years later how do we create laws that undo the laws of instruments of exclusion for black professionals”
Dillion Phiri ,the Resident Entreprenuer at IM IN Entreprenuer Programme noted how African has a great talent pool yet entrepreneurship is still seen as too risky.
“We don’t have an innovation issue but have a resource issue” he closed off his address.
His presentation was around Fostering Entrepreneurship : Empowering Young Innovators in South Africa’s financial services sector.
Narrating his entrepreneurial journey was Veli Mcobothi, CEO at Cinga Capital, a Pan African corporate advisory and investment business based in Sandton ,Johannesburg.He ran through his time from setting the company until the present day , encouraging the youth to have selfknowledge ,the fact that the devil is in the details and how one must tell the story convincingly with data ,especially in the present day business environment.
“The purpose of a company is to find a client ,once you have a client you have a business and then simplicity comes from repetition as well meeting and exceeding client expectations “ he said.
“The first phase of empowerment was misleading but now firms grow based on hard work and time” he said emphasising the importance of hard work to the youths who were present.
Fhulufhelani Mashapha closed off the Summit by calling for financial conversations normalised in a family setup , need for them to be hot and honest and how every goal should have money value attached to it.
“ If your bank statement could speak what would it say about you” she challenged the youth before she dropped the mic.
Overall, the ABSIP 2024 Youth Economic Indaba was a resounding success. It provided a platform for robust discussion, reflection, and inspiration, encouraging youth attendees to take actionable steps towards personal and professional growth. The event underscored ABSIP’s unwavering commitment to driving transformation and innovation among the youth within the financial services sector, paving the way for a brighter and more inclusive future for all.