South Africa is currently grappling with deep and persistent socio-economic challenges, according to Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana. Speaking at the 11th Archbishop Thabo Makgoba Development Trust Annual Lecture at Rhodes Business School, Kamlana emphasized the urgent need for vision, integrity, and courage among leaders to navigate both domestic difficulties and global economic uncertainties. He highlighted that the financial sector, which includes banks, insurance companies, retirement funds, asset managers, and financial markets, is both a reflection of these challenges and a powerful instrument for addressing them. By shaping resource allocation, expanding opportunities, and building societal trust, the sector plays a central role in South Africa’s economy, contributing significantly to GDP, job creation, and government revenue.
Kamlana underscored the dual mandate of the FSCA: to enhance market efficiency and integrity while ensuring that financial customers are treated fairly. He explained that while value in financial terms—measured through profit, growth, and market valuation—is straightforward, values such as fairness, justice, and dignity must remain central to market operations. Markets, though engines of growth, can undermine trust and societal stability if left unchecked. The adoption of technology, Kamlana noted, should prioritize inclusion, job protection, and consumer fairness, balancing innovation with ethical responsibility.
To achieve this, the FSCA is undertaking the largest digital transformation in its history, investing in supervisory technologies (SupTech) to build future-ready ICT systems. This initiative aims to strengthen supervisory and enforcement capabilities, turning data into actionable insights to enhance regulatory effectiveness in the digital age. The transformation is designed to better protect consumers from unfair treatment, scams, and other online risks while fostering trust in financial institutions.
Kamlana concluded that leadership in today’s changing world requires more than profit-focused strategies. Geopolitical tensions, technological disruption, climate risks, social inequality, and political instability demand that leaders prioritize people, balance innovation with inclusion, and ensure growth is accompanied by fairness and sustainability. The financial sector, as a cornerstone of the economy, is central to achieving these goals and supporting South Africa’s broader socio-economic stability.
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