CEO Today - Africa Awards 2023

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Bonga Mokoena p8 FEATURED WINNER CEO of BDO South Africa

4 | Country @ceotodaymag @ceotodaymag CEO Today Magazine /ceo-today f t y l n Connect with the Powerful and In uential. Follow uson social media to receive the latest updates, news and online features on the go. CEO T O D A Y

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Welcome to a special edition that marks another milestone in African business and a testament to resilience, ingenuity, and leadership. The CEO Today’s Africa Awards 2023 is not merely a list but a narrative of visionaries who have set unprecedented benchmarks in their respective industries. We present a curated selection of executives demonstrating remarkable commitment to excellence, leadership, and innovation. Among these business luminaries are two exemplary leaders whose achievements in their sectors have set them apart — Bonga Mokoena of BDO South Africa and Yusuf Binji of BUA Cement PLC. They join a distinguished list of CEOs from diverse industries, each contributing uniquely to Africa’s burgeoning business landscape. Bonga Mokoena - BDO South Africa, speaks to CEO Today about navigating calm and turbulent waters. With a keen focus on inclusivity and digital transformation, Mokoena has propelled BDO South Africa to new heights. His leadership extends beyond balance sheets, emphasizing employee development and ethical governance, setting an example for businesses. Turning our attention to Yusuf Binji of BUA Cement PLC, Binji has led BUA Cement PLC to market leadership in Nigeria and has also been at the forefront of sustainable practices in the industry. His holistic approach to leadership, balancing profitability with social responsibility, demonstrates a nuanced understanding of businesses’ role in the 21st century. And they are not alone. This edition is replete with profiles of CEOs who are reshaping sectors ranging from insurance, car rentals (Avis), power and utility suppliers, and pensions. We delve into their journeys, their challenges, and the ingenious strategies they’ve employed to foster growth and community development. The CEO Today’s Africa Awards 2023 also pays homage to Africa’s enduring spirit of entrepreneurship. We explore how these CEOs have adapted to change and thrived amidst uncertainties. We believe that this year’s list will serve as a source of inspiration, showing that with the right mix of passion, collaboration, and grit, remarkable achievements are more than possible—they are inevitable. Thank you for joining us in this annual celebration of the epitome of leadership, innovation, and business acumen across Africa. Warmest regards, MARK PALMER 6

Bonga Mokoena 8 Malle Fofana 14 Dr. Andrew Gwodog 16 Kwanele Ngwenya 18 Bode Opadokun 24 Oloruntimilehin (Timi)George 28 Yusuf Haliru Binji 32 Ki Siengui Apollinaire 36 Moses Banduga 42 Ramasela Ganda 48 7 8 | South Africa

Bonga Mokoena CEO of BDO South Africa Welcome to this insightful interview with Bonga Mokoena, who assumed the role of CEO of BDO South Africa in May 2022. Mr Mokoena stands at the helm of a company determined to raise the bar for ethical and quality-based expertise within the auditing and advisory services. Boasting a global network of over 111,000 professionals across 164 countries and a solid local presence in South Africa, BDO is a force to reckon with. The company prides itself on its commitment to diversity and inclusion, elevating its people by providing a workplace that is a welcoming space to thrive. As BDO serves diverse clients, its steadfast dedication to client service, ethical conduct and quality has not gone unnoticed. With a challenger mindset, BDO aims to act as a catalyst, helping individuals and organisations reach their dreams while elevating people, business and society. We have invited Mr Mokoena to share his journey and vision for BDO South Africa. Bonga Mokoena was appointed CEO of BDO South Africa in May 2022. He leads a firm whose mission is to elevate the standards of ethical and quality-driven expertise in the auditing and advisory industry – a commitment embodied in our BDO Clarity Charter. We have a global network of 111,307 people across 164 countries and seven offices in South Africa. We take pride in providing clear advice to companies in diverse industries, offering services in audit, tax, advisory and business outsourcing. We firmly believe in the power of people helping people achieve their dreams. This is our purpose and our promise as a challenger brand to our competitors. Our team of 2,135+ experts serves our clients with industry-specific practices, world-class resources, best practice technologies and unwavering partner involvement. In all of this, we pride ourselves on providing exceptional client service. ‘Our commitment to diversity and inclusion is integral to who we are - our Level 1 Broad-based Black Economic Empowerment rating is more than mere compliance. We strive to create a cohesive global network, united by an open culture defined by our values, purpose and brand. With deep industry knowledge and geographic coverage across South Africa and Africa, we are well-equipped to support our clients, whatever their dreams and ambitions. Our success is evident in our client referrals, who attribute their choice to our quality, independence and high ethical standards across all our services. BDO’s focused capabilities across more than 20 disciplines ensure that our clients receive the tailored solutions they need to thrive. Through our expertise, dedication and people-centric approach, we are proud to be the catalysts that help individuals and organisations achieve their dreams: elevating people, elevating business, elevating society. “We are proud to be the catalysts that help individuals and organisations achieve their dreams: elevating people, elevating business, elevating society.” South Africa | 9

10 | Country Mr Mokoena, thank you for joining us today. Could you start by sharing a bit about your journey to becoming the CEO of BDO South Africa ? It has been quite a journey and an adventure. And, on reflection, I am mindful of the impact my career trajectory has had on people here in South Africa and across the continent, often without even realising what it represents in people’s lives. My route has taken me across private practice, JSE-listed business and public sector experience, from accountancy and audit to financial services, such as Old Mutual and AlexForbes, across a variety of African jurisdictions. Now, I have to some extent come full circle into my role as the first black African CEO at BDO South Africa - a global audit, advisory and tax advice provider, with a huge network, comprising over 111,000 people across 164 countries, with seven offices and 2,135 people right here in South Africa. As the CEO of BDO South Africa, what are your primary goals for the organisation, and how have your experiences in both the public and private sectors influenced these? Firstly, at a macro level, BDO is wholeheartedly committed to ensuring the revival of our industry. Confidence has been knocked and BDO is determined, through the pledges of our Clarity Charter and our brand positioning, to regain that trust. Our relationships with key regulators such as the Office of the Auditor-General and IRBA reinforce this commitment. In this context, we see ourselves as a challenger brand, a brand that has set itself some bold strategic targets for the next 5-7 years. At the heart of that strategy is the quality imperative. Being clear is one thing; consistently delivering quality audits, advisory and tax advice is another. And we have instituted a companywide programme called Project SiyaKhula to ensure that our eye is always on quality, across the board. Another imperative I see as essential is how we attract talent – diverse and innovative talent – to our firm and our industry. We have not always been a welcoming place in that regard and I am committed to changing that. The transformation of our leadership is also critical – and that is happening right now – but the shift to providing a truly inclusion-driven workplace must occur throughout the business. In my experience in both the public and private sectors, these are the critical factors that will help us elevate our brand. With a vast range of experiences in sectors such as transport, financial services, investment, and energy, how do you adapt your leadership style to different business contexts? I see myself as a servant leader, whose role I believe to be primarily that of stewarding resources and teaching leaders to serve others while still achieving the goals of the business. Some of the principles of a servant leader that are meaningful to me are: listening; empathy; awareness; persuasion; foresight; stewardship; commitment to the growth of people and the profession; strengthening the economy and building community. “We are determined to create a more visible BDO and this is reflected in our growth strategy” “In summary, I am committed to making BDO a safe haven for diverse trainees and employees – more women, more people of colour.” 10 | South Africa

Country | 11 This commitment to more consultative decision-making builds better teams and better brands. The belonging it engenders ensures that goals are shared and believed in holistically. Of course, times shift and leadership must adapt to meet new challenges – if there is one thing that is certain in the current world climate, it is that things are shifting ever faster. In that environment, consistent and regular consultation is essential. But never at the expense of the greater whole, rather than just the business itself. You held various senior executive and leadership roles at AlexForbes for almost 13 years. Could you share a few key learnings from that journey that you bring into your current role? AlexForbes is a listed and highly regulated business. As a leader, I was there when the previously private equity company re-listed on the JSE and one of my major roles was to drive public sector business, as well as expand the Africa footprint. These experiences have led me to have a healthy respect for regulators in a commercially-driven environment. There needs to be a healthy tension between regulators and business. There is a larger purpose here, as I have indicated. We are not operating solely for our clients or our industry; we have a duty to the economy, our communities and our country. This commitment to financial well-being, across the board, from individual make their contribution felt more widely. They have talent and experience we must harness - bringing in women at senior partner and executive level will drive this intention. In summary, I am committed to making BDO a safe haven for diverse trainees and employees – more women, more people of colour. We will continue to invest in their growth and development and are already making key appointments at executive and senior partner level in this regard. Given your extensive experience in auditing, how do you leverage this in your role as a CEO, especially in managing financial risks and strategic planning? Auditing is about listening. The very word is derived from the Latin, audire, to hear. I have listened to my experience across companies and sectors, in auditing and financial services, and – again – there are key imperatives: quality in everything we do; integrity of governance across all our service lines; a determined emphasis on risk management and governance in an ever-changing business landscape; and transparency in our strategy, internally and externally. We have financial and non-financial milestones which we report on, clearly and responsibly. More broadly, I believe auditing has a role to play in creating a robust and secure economic ecosystem: sound governance will develop the economy and elevate the financial and social well- being of society across the board. to fiscus, is what AlexForbes stood for - and BDO is no different. Our Clarity Charter echoes that. Another learning was an awareness of the responsibility of creating a brand that seeks to elevate trust in its people, its clients, its business and society as a whole. Again, BDO echoes this. Our promise is to elevate our people, elevate business and elevate the economy – and, in doing so, to elevate society as a whole. Since stepping into your role as CEO of BDO South Africa in May 2022, could you share with us some of the key strategies you’ve put into place? Additionally, could you give us a glimpse into your future plans for the company? I have referred to some of these things already. I am committed to creating a more visible BDO and this is reflected in our growth strategy. I am committed to investing in a more diverse leadership and in change management to effect a mindset shift in the company towards a more agile, effective and inclusive model. I am, as I have said, deeply driven by the need to deliver quality service to our clients across all our service lines and in collaboration with all our regulators, thereby elevating our firm in the industry. Embracing the latest and smartest technologies is part of this commitment. I am further driven to create a space for women to make decisions and South Africa

12 | Country As a leader, what principles do you adhere to when navigating difficult business decisions and market changes? My principles are these – and you will, I hope, see the pattern here: 1) A humility to lead with a cohort of other leaders in the organisation 2) A growth mindset 3) A dependence on trusted market intelligence 4) A robust execution bias in delivering on strategic targets 5) Confidence in myself, our C-Suite, our Partners and our colleagues as a whole 6) Quality delivered and measured across all that we do, with all our stakeholders 7) Commitment to having an impact on the industry and elevating society as a whole. What advice do you have for emerging leaders, particularly those in the accounting and financial sectors, who aspire to become CEOs? Again a few - but a few important - things: 1) We need mentors from within and outside our industry, people who can re-frame our reference points and shift our thinking. 2) We have to be learning continuously – the world will not stop for us: we have to find ways to keep up. 3) We have to be clear that leadership is both a responsibility and a privilege – and that our example can have a far greater impact on society than we might imagine. Leadership provides an opportunity, responsibility and platform to serve. Part of that responsibility is to create a diverse and inclusive workplace and sector that reflects the society in which we work – and that, to be sure, is to be playing the long game.A game I believe we can and must win. Elevating people. Elevating business. Elevating society. LinkedIn: bdosouthafrica Facebook: bdosouthafrica Instagram: bdosouthafrica Twitter: @bdo_SA 12 | South Africa

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14 | Country Malle Fofana Africa Director and Head of Program, GGGI Outstanding Leadership for Economic Development Organisation of the Year

Ivory Coast | 15 Prior to joining the GGGI, Mallé worked for top Management Consulting firms as the Africa Managing Director, focusing on development issues in Africa, defining, leading, and implementing a range of economic and social development initiatives throughout the continent. He has participated in 100+ projects across various key sectors in the region, working with various donors and the private sector to mobilize resources for economic development. In 2020, Mallé was recognized as the Best African Promotor of Green Economy Rwanda Award. Can you tell us why you see GGGI as Unique? Established to respond to climate change, GGGI is an intergovernmental organization with 45 Member States with a focus on supporting and promoting strong, inclusive, and sustainable economic growth in developing countries and emerging markets. At GGGI, we work across the globe, sharing the mission and purpose of fighting against climate change in the most innovative way. We are positioning ourselves as trusted Advisors for our Members with a results-based approach, focusing on delivering impacts of reduced greenhouse gas emissions, improved environmental sustainability and social inclusion, and increased economic growth. What does this award mean to you? The triple crises -- climate, conflicts, and COVID-19 -- by their nature global in scope, are the greatest challenges of our time, and Africa is significantly impacted. The good news is that Africa has the potential to mobilize green investment by leveraging key innovative solutions that will provide more green jobs and more adaptation finance for vulnerable countries that will target and reach vulnerable beneficiaries to support the achievement of the SDGs. All these solutions need to be actionable, just, inclusive, impactful, and realizable within the proper and realistic time frame. We do not have more time, so let’s act now! I have the privilege of leading an incredible team that strongly believes that actions and impact are important for the continent. Every day, they inspire me with their dedication, creativity, and unwavering commitment to excellence. They are the ones who make our organization thrive, and this award is as much theirs as it is mine. I, therefore, want to thank my team for being my inspiration, my sounding board, and my partner in this journey. I want to thank our partners for their trust and support. I also want to thank you all for recognizing the importance of leadership and for honoring me with this award. Mallé Fofana is a Global Operations Executive with over 20 years of experience in client service excellence, business development, and project management in Africa. As the current Head and Regional Director for Africa at the Global Green Growth Institute (GGGI), he oversees the GGGI’s support to African Member States as they transition to a Green Economic model providing policy advice and technical support in the development of green growth plans, policies and regulations, mobilization of green investments, building local capacities and engaging with a wide range of stakeholders including the private sector. About the Global Green Growth Institute (GGGI) Headquartered in Seoul, Republic of Korea, GGGI is a treaty-based international, inter-governmental organization - with 45 Members and over 22 countries and regional integration organization(s) in the process of accession - dedicated to supporting and promoting strong, inclusive, and sustainable economic growth in developing countries and emerging economies. With operations in 37 countries, GGGI serves the role of an enabler and facilitator of Member States’ transition into a low-carbon green economy, providing policy advice and technical support in the development of green growth plans, policies, and regulations, mobilization of green investments, implementation of green growth projects, and development of local capacities and knowledge sharing. Further information on GGGI’s events, projects and publications can be found on

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Gabon | 17 Dr. Andrew Gwodog Director & General Manager, SCG-Ré Dr. GWODOG shares insight into his management style, SCG-Ré’s ambition to be a leader of reinsurance in Africa, and its mission to manage the legal assignment on premiums and contributions of insurance companies exercising in Gabon. portant to ensure that all staff members understand the importance of their contribution to the company’s success. What does the future hold for you and SCG-Ré? It is challenging to predict the future with certainty, but our vision for SCGRé is an ambitious one. We aspire to become a household name in Africa, and even worldwide, whether I am present or not. Our future strategy rests on several essential pillars. Firstly, we intend to pursue our business expansion within the CIMA zone (Inter-African Conference of Insurance Markets) and across the entire African continent by opening regional offices and branches. We are looking to strengthen our partnerships with all African reinsurers, thereby consolidating our presence in the African market. Furthermore, we have plans to establish reinsurance pools in Africa, which will contribute to strenghten the stability of the reinsurance sector on the continent and stimulate regional economic growth. Regarding our financial performance and technical profitability, we have set ourselves short, medium, and longterm targets and we are committed How would you describe your leadership style? What would you advise to others in this role? My leadership style can be described as participative and proactive. I firmly believe in collaboration within my team, as I consider that we all have a crucial role to play in the growth of this young reinsurance company, SCG-Re. We are all links in the same chain and work together towards a common goal, which is to shine a spotlight on reinsurance in Africa. I encourage my teams to push their limits and unleash their full potential, so that we can rise among the top 20 African reinsurance companies in Africa. To achieve this, we have set up a management system based on the 3 Ps: Presence, Performance, and Professionalism. These three principles guide us towards excellence and enable us to maintain our business on a sustanaible basis. As a leader, my advice to others in similar roles is to cultivate a work environment where collective commitment is valued. It’s essential to create a strong team culture where every member feels invested in achieving our common goals. In addition, maintaining open and transparent communication is imT: +(241) 01 44 28 44 +(241) 01 44 45 27 / 28 F : +(241) 01 44 28 46 E: in improving them while ensuring the sustainability of our operations. This will require rigorous management and a well-defined strategy. As a Company listed on the Central Africa Financial Market and a signatory of the Nairobi Declaration, our business is closely scrutinized internationally. Therefore, we have a duty to earn the trust of our shareholders. We are also committed to the development of Gabon and Africa as a whole. We plan to contribute actively to the economy by participating in initiatives and projects that promote economic growth while adhering to ESG (Environmental, Social, and Governance) criteria. Finally, one of our major objectives is to move up in the ranking of African reinsurers. This reflects our ambition to become a key player in the African reinsurance sector. Leading a company requires strong and constant commitment. However, I firmly believe that it is possible to motivate the human resources within our organization to work together for the collective growth of the Company we serve. Our future is bright, and we are determined to rise to the challenges that lie ahead to achieve our ambitious goals.

18 | Malawi MCIBS, MSC (Strategy), MBA (Bus. Admin), CBMBA (Chartered Banker), Dip (Bus Mgt), Dip (Fin Mgt) Amidst the sweeping digital transformations and socio-economic challenges in the banking sector, few leaders have navigated the storm with the resolve as Kwanele Ngwenya, Chief Executive Officer – NBS BANK. From his early days with a development bank in Malawi to the helm of NBS Bank, his stories of resilience, innovation, and impact reflect a deep-seated commitment to elevating the African banking landscape as he shares insights about the transformative initiatives under his leadership and the Bank’s pivotal role in addressing critical issues like financial inclusion. Join us as we delve deep into the world of NBS Bank, exploring its evolution, challenges, and contributions under the dynamic leadership of Mr Kwanele Ngwenya.

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20 | Malawi Mr Ngwenya, can you share your journey to becoming a part of the NBS Bank and how it has shaped your career? It has been an interesting journey thus far. I have constantly been determined to see my dream become a reality – which is to lead an African bank that is purpose-driven and plays in both the local and international space. The journey has had its highs and lows, but determination and persistence have kept me going. 2017 was the start of a new transformation journey for NBS Bank, and I am glad to have been at the helm of this transformation, leading a team of talented professionals to implement our strategic goals. Before I joined NBS Bank, I was with another Malawi-based development bank whose mission was that of transforming society and the economy of Malawi, especially when it comes to alleviating poverty and creating wealth by teaching society how to price for self-generated resources and invest back their money into a bank so that it yields returns. I have been in the banking sector for over 20 years and have had the opportunity to experience all forms of banking, corporate, commercial and retail/mass banking. I believe that banking should not only be about savings transactions but about finding solutions to address Malawi’s and Africa’s pressing issues, such as alleviating poverty and enabling small businesses across industries. This has been my driving force throughout my career. I believe that an Africa with excellence starts at an organizational level. I have immense pride to now be able to tell the success story of NBS Bank 6 years down the line. This is a tale of rebuilding for excellence and sustainable growth that has resulted in a profit trajectory from USD (1.02 million) to USD 17.4 million. What are the most significant changes you have observed in the banking industry since your career began? Digital transformation and innovation is definitely a significant factor that has altered the way we do banking. The market is constantly changing at a rapid rate with the advancement of technology worldwide. The blurring of industries is becoming more and more evident where industries are operating outside the norm; for example Telco’s are now offering banking services, and banks need to tap into these opportunities and close the gaps. The impact of value chain financing has also taken center stage, and Banks need to leverage this by creating and following the sources of money; for example, when you look into agriculture, instead of playing a role at the end of the cycle, banks should create opportunities or create an enabling environment from the beginning to the end of the farming supply chain. The relevance of Banks is shifting from mere banking services to solution provision for economic value and growth. How does NBS Bank tailor its services to suit the specific needs of the Malawian market? Our Bank’s DNA is rooted in a deep commitment to care—a commitment that extends far beyond mere words and becomes ingrained in every facet of our business. We understand that banking is not just about transactions; it’s about building trusted relationships, fostering financial well-being, delivering value-adding solutions and creating a culture of care for our customers, employees, and nation. Our strategy is based on pillars that spearhead customer-centricity and rewarding relationships with our customers and stakeholders, whilst building a culture of compliance and continually ensuring the governance framework remains tight. NBS Bank is passionate and dedicated to supporting the development of our nation in line with the MW2063 goals, which are evident through our partnerships with public and private organizations in various sectors such as Agriculture, Manufacturing, Infrastructure Development, Tourism, Energy, and Mining. This is why the Bank offers a wide array of services catered for individuals, SMEs and “For my team and I, NBS Bank will be everywhere without physical brick and mortar but focusing on the development of a robust last-mile infrastructure.”

Malawi | 21 Corporates; through understanding the different needs that they may have. In the context of Malawi, how are you addressing financial inclusion, particularly in rural areas where access to banking services may be limited? Entry into the unbanked areas presented a big challenge since vast non-urban regions in Malawi often lack the legacy infrastructure to enable fast deployment of financial products and services, which makes the cost of entering these remote areas prohibitive. This forced us to innovate and deploy a new banking model called agency banking under the brand name “Bank Pafupi”, the first of its kind in Malawi. Through this agency model, we quickly extended our footprint in the country without difficulties. With this model, the Bank goes in partnership with agents, especially business owners of various sizes, who carry out transactions on its behalf, including the opening of accounts. The customers can easily identify the agents in their rural communities and the agents use mobile technology to carry out the transactions quickly and easily. The Bank has thus managed to penetrate all corners of Malawi. The Bank has also managed to offer its services beyond the brick-andmortar banking hours since opening and closing times are determined by the agents’ shops operating hours. In addition to achieving financial inclusion, Bank Pafupi has also shortened the distance potential customers and even those that were already banked have to travel to access financial services, both in urban and rural areas. The recruitment of agents is, therefore deliberately targeted at serving customers within their own neighborhoods. To date, Bank Pafupi has broken the barriers to financial inclusion and is changing the livelihoods of people in all corners of Malawi. Bank Pafupi has managed to reach areas that are highly inaccessible, especially to banks, and customers are now accessing formal financial services in a more convenient manner. The Bank’s presence through this model has expanded tremendously, closing the year 2022 with over 2000 agents. Secondly, we have invested substantially in our digital banking platforms through direct interfaces with the Bank as well as integration with key suppliers and 3rd party organizations. These innovations have not only eased transactability but have also made payments easier for both our customers and non-customers. An example would be the ability to channel National Identification card and Road Traffic Services payments through NBS Bank channels. Both are nationally accessed services. What are some major transformations NBS Bank has undergone during your tenure? When I joined NBS Bank in 2017, the Bank implemented its five-year strategic plan as a genesis to turning around the organization. The focus was on refreshing our systems and processes and ensuring that the team has the means, ability and tools to excel in the market. In this exercise, NBS Bank roped in a technical partner, Rabobank of the Netherlands, to benefit from their extensive banking experience. The Bank managed to re-capitalize through the support of shareholders and through their belief in the Bank, a successful IPO was executed. Extra capital was raised through a rights issue, and the additional capital has strengthened the Bank toward becoming a leader in the banking industry in Malawi. Prior to the recapitalization exercise, the Bank was faced with the challenge of inadequate capital, which incapacitated it from taking up opportunities and making necessary investments to catch up with the rapid changes in the banking environment, therefore, losing relevance to the customer, which had a negative effect on some major income lines. Additionally, NBS Bank was in an unfavorable position brought about by high levels of non-performing loans and inefficiencies in its technical and operational environments. These factors, among others, hindered the Bank’s growth and progression. Loss of revenue in such income streams impacted the Bank’s bottom line and led to a loss that was declared of about K8 billion. The Bank made significant strides on the transformational journey and has continued to show resilience and improved performance year on year. The heart of our strategy was to enrich our customers’ experience by providing convenient, innovative, and affordable products and services. Also critical to the transformation was constituting the right team. The Bank offered voluntary exits to those that

22 | Malawi had decided to take a different path and thereafter placed the remaining human resources in the right places. Additionally, as the final piece of the people placement, the Bank recruited management and frontline staff that came with a cross-fertilization of skills, which, when added to the remaining team, made NBS Bank what it is today. The Bank also invested in a range of systems and re-engineered its processes to ensure that the functionality meets customer needs. The strong turnaround is attributed to strong management and governance, which ensured the implementation of initiatives such as the review of the branch network, staff compliment and cost structures; repositioning and rebranding of the NBS brand; growth of the lending business in line with economic growth; increase in digitization of processes and service delivery channels, financial inclusion, prudent money market investments and most importantly the enhancement of customers’ experience. These initiatives yielded very positive results and the turnaround has seen the Bank moving from reporting losses to declaring profits. How is NBS Bank responding to the digital revolution in banking? Can you share any recent innovations or projects? Digital transformation remains at the core of the Bank’s strategy, powering enhancements to Consumer and Corporate Banking platforms, greater customer engagement and operational efficiencies. NBS Bank has continually invested in new systems and processes and enhanced the existing ones to improve service delivery and achieve excellent customer service, including offering unique and innovative solutions and digitizing systems and processes to enable many other innovations for the customer. For instance, in 2022 the focus was on various integrations with other systems, such as the National Switch (Natswitch) Interbank transfer integration with other banks in the market to enable instant interbank transfers, thereby reducing waiting and transaction times. An integration with Malawi National Examination Board (MANEB) was done to enable examination fees to be paid across the country with ease. The Bank also integrated with more government institutions, such as the Registrar General and National Registration Bureau, to ensure that customers have a wide range of payment options when accessing various government services. The Bank digitized its retail loans to lessen the turnaround time for access as well as to offer convenience to customers. Furthermore, the Bank improved its credit model by digitizing the process to make financing more accessible to MSME’s in Malawi. Through continuous research in the global industry and creativity with what’s trending in day to day lives of customers, it is vital to always keep a close ear on what the customers are saying and look for ways to cater to their day-to-day financial needs with simplified banking solutions. We are constantly providing opportunities for our staff, across all functions, to visit more advanced economies and see and experience what is being done there and use this to develop more innovative solutions in banking. What are some of the corporate social responsibility initiatives that NBS Bank has implemented under your leadership? Our slogan is “Your Caring Bank,” and we believe in making a positive impact on the world around us. That’s why we are committed to giving back to the communities we serve. In times of disaster, NBS Bank stands strong with those in need. Recently, in the aftermath of Cyclone Freddy 2023 in Malawi, we extended a helping hand to 14 different campsites across the southern region, donating essential supplies and support. Additionally, as part of the NICO Group donation, NBS Bank contributed a significant amount of approximately $170,000 towards the relief efforts. The Bank also partnered with other organizations to rebuild houses for those that lost their homes during the cyclone. We also remember the devastation caused by Cyclone Anna in 2022 in Malawi, and NBS Bank contributed approximately $10,000 to aid the affected communities during their time of distress. NBS Bank, along with the other NICO subsidiaries, donated medical items worth MK20 million to six hospital facilities across the country to help fight the Cholera Outbreak which hit Malawi in 2022. Empowering the next generation is also a priority for NBS Bank. Through our Girls Mentorship program, we provide guidance, support, and opportunities to 20 young girls in secondary schools

Malawi | 23 across the country through our senior management mentors and tuition fees scholarships, fostering their growth and unlocking their full potential. NBS Bank believes in the power of education. We have invested in scholarships for nine students at two Universities in Malawi, namely, Lilongwe University of Agriculture and Natural Resources (LUANAR) and Malawi University of Business and Applied Science (MUBAS), and believe that supporting these educational institutions helps to shape the future leaders of our nation. The Bank also contributed $40,000 towards the refurbishment of a hostel at a key University, LUANAR. Further to youth development NBS Bank is also committed to the development of our region. With a contribution of $50,000, we actively participated in the Region 5 Youth Games, hosted for the first time in Malawi, supporting regional initiatives that promote economic growth and sustainable development. These games also offer youth an opportunity to use their talents for a better future in sports. Sports and community come together in the spirit of giving through our Charity Shield initiative. In 2022, NBS Bank contributed $12,500 towards this noble cause, and in 2023, we increased our support to $17,000, fostering the development of sports and social welfare. The aim of this Charity Sheild is to bring the best local teams into. The Bank also supports Malawi’s retired military veterans through sponsorship of an annual fundraising event that brings forth various causes to cater to their needs, be it housing or general welfare. At NBS Bank, we believe that positive change begins with us. Through our Corporate Social Responsibility efforts, we strive to make a lasting impact on the lives of those we serve. Looking forward, what is your vision for the future of NBS Bank? How does it align with the rapidly evolving landscape of banking and finance? The Bank continues to consolidate gains made thus far in repositioning the product base and customer-centric approach to business and will be increasing its drive toward financial inclusion. The key to the future of banking is to continue forming strong partnerships in the market and across borders because we recognize that we are operating in a global economy. Relevance in the finance and banking sector is hinged on the ability to be agile and reinvent the organization based on fast-paced market trends. With the rapidly changing environment, we continue to invest in better risk management and compliance models that safeguard any innovations that the Bank embarks on. One key risk that is being monitored closely is that of cybercrime, as we tighten controls to ensure digitization is more secure. The intensifying of our internal control environment has resulted in a reduction in operational losses over the years. My vision is to transform NBS Bank into one of the top 3 biggest banks in Malawi with a variety of products and solutions that are not only practical but relevant for today’s consumer market. For my team and I, NBS Bank will be everywhere without physical brick and mortar but focusing on the development of a robust last-mile infrastructure. Our Bank Pafupi and digital solutions are some of the key ways of increasing our reach across the country. Finally, what advice would you give young professionals aiming to pursue a career in banking and finance in Malawi? Rising above the corporate ladder is an interesting journey, especially if you have a clear vision of where you need to be. It has not been easy for me; I have had my fair share of disappointments along the way, but I was determined to see my dream become a reality – which is to lead an African bank that plays both in the local and international space and one that is also purpose driven. Going beyond borders was definitely a good move but tough. The African market is a tough one and requires resilience as well as a perseverance mindset. My advice to young professionals pursuing a career in banking and finance is that “set a vision, renew that vision as often as you see fit but never lose sight of it because it is what will keep you going. The financial sector is multifaceted and interesting. This means there are various specialties one can choose from within banking and finance and even rotate between areas of expertise in a bid to continuously learn and increase in personal value. This is a rewarding industry both personally and also in light of its contribution to economic development.

Nigeria | 25 Mr Opadokun, as the CEO of Sanlam General Insurance Nigeria Limited, how would you describe your leadership style, and how has it evolved over the years? My leadership style is quite conservative but highly involved. I believe every leader evolves with the times, though there are basic, foundational ideals that rarely change. For me, I believe in the power of a team and collaborative effort in getting the best out at all times. I like to empower my colleagues to give their best at all times without imposing a burden of fear on them. What do you believe is the most important quality in a leader, particularly in the insurance industry, and why? A good leader must command respect by simply being. This must not be because of the title or position you hold, no. You don’t force respect, you earn it by being empathetic, highly visionary and motivational. This is more so in our industry, Bode Opadokun is the Managing Director and CEO of Sanlam General Insurance Nigeria Limited. An insightful and versatile insurance professional with over three decades’ worth of experience in underwriting, marketing and executive managerial experience, his areas of expertise include general business and special risks, as well as agricultural insurance. Sanlam Nigeria is a leading insurance company that provides coverage for both individuals and corporations. The company is wholly owned by Sanlam Group, a pan-African life insurance and financial services group founded in 1918. The Group is a multinational organisation that maintains a significant presence across 33 African countries, as well as the US, the UK, Malaysia, Australia and India.

26 | Nigeria where we all have a long history of having worked with or for one another at some point in our careers. What have been the biggest challenges you’ve faced since taking up the role of CEO at Sanlam General Insurance Nigeria Limited, and how did you manage these challenges? The COVID-19 period was by all means very challenging. It required a lot of innovative and nimble management of staff as we all have to work remotely. However, as a strategic, adaptable and technologically driven organisation, we came out stronger and we were able to meet our targets and profitability for the period. What strategies have you implemented to ensure that Sanlam remains a key player in the Nigerian insurance industry? ‘Identify, employ and retain the best hands in the industry’ has been our top strategy from the outset. An organisation is only as good as the sum total of its staff. Without a strong professional staff, there is only so much a brand can achieve. At Sanlam, we seek the brightest minds to come join our workforce, and this has consistently made us stand out in everything we do. That is what has taken us to where we are today as a leading insurance company in Nigeria and the number one nonbanking financial institution in Africa. How do you manage the balance between achieving business objectives and ensuring that customers’ needs are met and their expectations exceeded? Really, there is a balance to maintain only when business objectives run at odds with customer needs. At Sanlam, our business objectives are firmly rooted in ensuring the best of our customers so there is a nexus and thus no balance is required. By simply meeting our corporate business objectives, we end up ensuring customer satisfaction because all we do as a business is geared towards ensuring our customers live with confidence. You recently stated how Sanlam has contributed to the stability and growth of the Nigerian economy by reducing financial uncertainty and promoting business development. How does Sanlam General plan to intensify these efforts? A major pain point for customers is access. When it comes to uptake of insurance, the industry has quite a number of agents combing the nooks and cranny of the country to get people to buy insurance. But when it comes to making claims, it is a different ball game. This is a major reason why we just launched our *1056# Code of Confidence, which allows for instant claims on third-party auto insurance. What this means is that when you’re involved in an accident, you simply dial *1056# from any MTN and Airtel line. Even if you don’t have one, borrow one from anyone near you and follow the voice prompts. As long as the claim is below a certain threshold, it will be settled on the spot. The same *1056# can be used by others who have other types of auto insurance plans with us, though it was primarily set up for the third-party owners. Insofar as the claims do not exceed a certain limit, we will pay. So that’s one major way we are intensifying efforts. Second, we are a communication-driven company. Our digital channels rank as one of the most active platforms in the industry. Thus, we have a lot of engagement with the market. We recently launched the digital campaign we call #ProudMoments with Sanlam, which you may have seen especially on digital platforms or heard on the radio. The campaign seeks to highlight the fact that, while we all seek greater achievements each

Nigeria | 27 passing day, we should endeavour to protect those achievements just so they last. And what better way to do this than having insurance plans that work from Sanlam Nigeria? Bought a new car? It’s an achievement, let’s protect it for you. Just delivered a bouncing baby child? Plan their education with Sanlam Nigeria. A new business? A better job? Sanlam Nigeria has fit-for-purpose plans to aid your growth. This is one massive way we are intensifying efforts towards driving financial inclusion for all Nigerians of any status and demography. Given that Sanlam has a presence in 33 countries across Africa and other regions, how does this international footprint influence your strategies in the Nigerian market? When you belong to such a big family, you have a world class standard that you do not joke with. From technical support to communication exertions through to customer care and even underwriting, there is a minimum level of delivery that we do not compromise. This has separated us from others and imposed on us a constant drive to continuously standout amongst the comity of insurers. What is your vision for Sanlam in the next five years, particularly regarding its expansion in Nigeria and the larger African continent? Sanlam General is a subsidiary of Sanlam Life Insurance. As a group, we run with the same vision, so this is not about Bode Opadokun at Sanlam General; it is always a group vision. Our vision is clear: to distinguish Sanlam as the most admired financial services player in Africa. You’ll notice I used the words ‘standout’ and ‘separate’ in earlier conversations. That is practically our mantra: to be so distinguished on the continent as a standard bearer, a pacesetter. Look at our ongoing marcomms campaigns: *1056# is the first of its kind in Nigeria, while #ProudMoments is a flip from the usual manner in which insurance is sold in this market. That is us doing out bit to distinguish the brand here and, by extension, across the continent. This is the core of our overall business objectives and we do not intend to shy away from it.

“Best-in-class services with the commitment to meet and exceed expectations.”

Nigeria | 29 Oloruntimilehin (Timi) George CEO, First Pension Custodian Nigeria Our brand promise is to deliver the ultimate ‘gold standard of value and experience,’ firmly anchored on the four pillars of “EPIC”: Entrepreneurs Professionalism Innovation Customer-Centricity We are thrilled to share our recent recognition, a testament to our unwavering commitment to excellence in the financial services industry. Our dedication to customer service has earned us the prestigious: • Gold Award for Customer Service Excellence from the African Brand Awards and Nigerian Brand Awards, where we were honored as the Most Trusted Pension and Finance Company of the Year. • Additionally, we were named the Best Pension Fund Custodian Brand in Africa by the Global Brands Magazine in 2022, showcasing our global standing. • Our expertise and achievements were further highlighted by receiving the Non-Bank Deal of the Year award at the Banks & Other Financial Institutions Awards 2022, hosted by Business Day. First Pension Custodian Nigeria Limited (FPCNL) is a wholly-owned subsidiary of First Bank of Nigeria Limited, one of the leading financial institutions in the country. We commenced operations in 2005 and have steadily grown our Assets Under Custody (AUC) to over $6.2 trillion as of June 2023. Our team possesses extensive experience spanning Operations, Client Engagement and Relationship Management, Compliance, Controls, Audit, and Risk Management.

30 | Nigeria • Furthermore, we received recognition for innovation and reliability with the title of Most Innovative Pension Custodian Provider in Nigeria for 2022 by the International Finance Awards. • Lastly, FirstBank-FAMA honored us as the Best Subsidiary of the Year in 2022, solidifying our reputation as a trusted and distinguished entity in the financial landscape. These accolades underscore our ongoing commitment to excellence and the exceptional standards we uphold in serving our clients and partners. Over the past five years, our track record in managing Pension Assets Under Custody has been remarkable. We have consistently achieved an impressive Compound Annual Growth Rate (CAGR) of 16%, outperforming the industry’s total CAGR of 12.1%. This outstanding growth can be attributed to our commitment to delivering quality services, fostering exceptional client engagement, and continuously improving operational efficiencies. Beyond numbers, we take pride in the substantial support we’ve provided to our clients, aligning our services with their strategic objectives. Our dedication to excellence and partnership-driven approach are the cornerstones of our success in safeguarding and growing Pension Assets Under Custody. We take pride in offering best-in-class services with an unwavering commitment to exceed our clients’ expectations. Our approach to business collaboration empowers clients in every possible way. We provide our partners with the best tools and support to help them thrive in today’s competitive business landscape. At the core of our organization lies a robust and dependable Business Continuity Plan, tried, tested, and adapted to be future-ready. We understand the critical importance of uninterrupted operations, employing Recent Achievments Gold Award for Customer Service Excellence by African Brand Awards & Nigerian Brand Awards (Most Trusted Pension and Finance Company of the year). Best Pension Fund Custodian Brand Africa. By Global Brands Magazine Year 2022. Non-Bank Deal of the Year (Banks & Other Financial Institutions Awards 2022 – By Business Day). Most trusted Pension and Finance Company of the Year 2022 African Brand Awards and Nigerian Brand Awards. Best Subsidiary of the Year 2022 by FirstBank – FAMA. Most Innovative Pension Custodian Provider Nigeria 2022 by International Finance Awards. online real-time data replication to a Tier 3 data centre to ensure the integrity and availability of clients’ valuable information. Moreover, our secure data storage capabilities provide an additional layer of protection for clients’ data assets. We prioritize deploying the appropriate infrastructure to guarantee seamless operations, even in the face of unforeseen challenges. Our business continuity and resilience are our utmost concern, reflecting our commitment to being prepared for the unexpected.

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