The power of banking to transform lives: Kennedy G. Bungane, African Bank CEO

May 2, 2024 10:31:29 AM

"The original vision that the founders of this bank had in mind, when they gathered in Soweto over five decades ago, was of a bank for the people, by the people, serving the people. And so one of the major milestones for us was discovering the inspiring story that is African Bank."

By Koketso Mamabolo

“We have got to be communal in order for all of us to have success,” says Kennedy G. Bungane, the CEO of African Bank. “We believe that our community’s success will be our success and that our humanity and ambitions are interconnected.” He’s been in the banking industry since he was 17 and has built up a wealth of experience that makes him the perfect person to carry on the legacy of the Group’s founding Chairperson, Dr Sam Motsuenyane.

“Banking is a unique industry. You don't have gold, silver, platinum, or manganese underneath the ground that brings you resources. We don't sell gadgets, nor do we sell products in the sense of what you manufacture, or what you farm,” he explains. Here he reflects on his journey, the bank’s focus on transformation and how the industry has had to rethink the fundamentals of banking itself.

How did you get to this point in your career? Please share a little bit about your story with us?

I started as Group CEO of African Bank in April 2021, having had an extensive set of roles in banking, previously as the CEO of Barclays Africa in 30 countries across the continent, and also as the CEO of Standard Bank’s Corporate and Investment Banking. But the African Bank journey for me has been like no other.

When I joined, I was privileged to be received by Dr Sam Motsuenyane, Founding Chairman of the Group. In conversation with him, it became clear to me that one of the important things for us to do was to reclaim the mandate of African Bank. The original vision that the founders of this bank had in mind, when they gathered in Soweto over five decades ago, was of a bank for the people, by the people, serving the people. And so one of the major milestones for us was discovering the inspiring story that is African Bank.

It’s a story of audacity and courage in the face of seemingly insurmountable odds in the ‘60s, at the height of apartheid, soon after the arrest and imprisonment of political leaders such as Nelson Mandela. They went on to this audacious journey of envisioning African Bank. That story had almost been forgotten and we set out to reclaim it. And ever since we have done that, our journey has been filled with milestones and many achievements.

Your journey in the banking industry began when you were 17, what have you learnt in your time in the industry?

Banking is a unique industry. You don't have gold, silver, platinum, or manganese underneath the ground that brings you resources. We don't sell gadgets, nor do we sell products in the sense of what you manufacture, or what you farm.

At its core, banking is a creature of confidence. It takes confidence for people to entrust their deposits or their life savings and their pensions to you. It takes confidence for people to then entrust you to use those savings and deposits to extend out to the private sector as credit, or as capital, for a return. When they come back for their money, they expect to find it safe at your bank, with good interest.

How has the industry changed since you joined?

The industry has changed in that banks have started to move beyond the concept of being a bank, and instead double-click on what it means to do banking. Because being a bank and doing banking are two very different things. We accept that in becoming the go-to partner for strategic alliances ecosystems, featuring fintechs and non-bank financial institutions, as well as value-added services and telcos, and by tapping into the convergence of big data and artificial intelligence, we really can be a customer-centric organisation that disrupts banks as we know them today.

Read the full interview in the April edition of Public Sector Leaders

Public Sector Leaders