The Association of Black Securities and Investment Professionals (ABSIP) hosted the Youth Economic Indaba 2024 at the Sanlam Sandton Auditorium, a significant event designed for young investment professionals and university students. ABSIP, a key platform addressing the underrepresentation of black professionals in the securities and investment industry, facilitates a space for exchanging ideas and information among black professionals.
This prestigious annual event serves as a vital platform for young investment professionals to voice their concerns and gain insights from various industry leaders on diversity and inclusion. Attendees included university student chapters, young professional mentors, and youth in managerial positions.
The Youth Economic Indaba aligns with ABSIP's mission to empower young black professionals and businesses in the financial services sector, aiming to mould a new generation of financial leaders. ABSIP’s membership has expanded to include diverse sectors such as Asset Management, Corporate Banking, Corporate Finance, Financial Consulting, Insurance, Investment Banking, Retail Banking, Private Equity, Stockbroking, Treasury, and Development Finance Institutions (DFIs).
Ngange Nongongo, Partner at Summit Africa, a leading black-owned alternative investment manager, emphasized the importance of industry collaborations and partnerships in his sponsorship remarks. He highlighted the role of financial literacy, education, and skills development in achieving inclusive growth. Ngange also called for ethical leadership and governance, urging black professionals to lead by example and invest back into the next generation.
ABSIP President Polo Leteka officially opened the Youth Indaba, reflecting on the progress and ongoing challenges 30 years into democracy. She stressed the need for meaningful transformation and innovation in the financial services industry, advocating for lifting others within the industry to ensure no one is left behind.
In his keynote address, Elias Masilela, Executive Chairman at DNA Economics, encouraged the youth to take control of their aspirations and influence their surroundings through professionalism and integrity. He advised them to seek intellectual independence and long-term relationships with mentors and networks.
Ndumiso Kubheka, MD at KH Research Partners, discussed key industry trends shaping the South African financial services sector. He urged the youth to view innovation as part of daily workflows, not just limited to technology or startups. He also addressed political risks and the need for substantial investment in infrastructure.
During a panel discussion, Siya Raphaka, Senior Talent Acquisition Partner at Standard Bank, emphasized the importance of intentional employment and legal awareness for graduates. Nthabiseng Thema, Partner & Investments Lead at Summit Africa, highlighted fintech's role in addressing industry inefficiencies and advised graduates to align their careers with industry trends. Khaya Sithole, NEC Member at ABSIP, lamented the slow pace of transformation in the sector, calling for laws that counteract historical exclusion.
Entrepreneur Dillon Phiri noted Africa's rich talent pool but emphasized the need for resources to support entrepreneurship. Veli Mcobothi, CEO at Cinga Capital, shared his entrepreneurial journey, stressing the importance of self-knowledge, attention to detail, and client satisfaction in business success.
The summit concluded with Fhulufhelani Mashapha calling for normalized financial conversations in family setups and highlighting the importance of aligning goals with financial values.
Overall, the ABSIP 2024 Youth Economic Indaba was a resounding success, providing a platform for robust discussions, reflection, and inspiration. It encouraged attendees to take actionable steps towards personal and professional growth, reinforcing ABSIP’s commitment to driving transformation and innovation among the youth in the financial services sector, paving the way for a more inclusive future.