Arriving and Thriving
in Africa
- 6 December 2025
An inspiring and empowering morning celebrating women who are shaping the future of governance and leadership across Africa.
This event explores how women can not only gain access to leadership spaces but truly excel within them, driving impact, inclusion, and integrity at the highest levels of decision-making.
The morning opened with a fireside chat featuring Tumi Dlamini, Corporate Lawyer and Technical Advisor at the African Peer Review Mechanism (APRM). In conversation with Dr Phindile Cebekhulu-Msomi, a transformative entrepreneur and advocate for inclusive growth, Tumi will share insights on governance from an African Union perspective. Together, they explored what it means to navigate boardroom dynamics, influence policy and practice, and build resilience as women leaders in Africa’s evolving corporate landscape.
After a short networking and brunch session, the programme continuesd with a Masterclass on Financial Planning led by Mpho Nzimande, CFP®, Regional Manager at PPS Insurance Company. This session provided practical tools and strategies for personal and professional financial empowerment, equipping women with the confidence to plan, invest, and lead with financial acumen.
Fireside chat with Tumi Dlamini
A fireside chat featuring Tumi Dlamini, Corporate Lawyer and Technical Advisor at the African Peer Review Mechanism (APRM), in conversation with Dr Phindile Cebekhulu-Msomi, a transformative entrepreneur and advocate for inclusive growth, sharing insights on governance from an African Union perspective.
Brief
Short Explainer Video
Podcast-Style Summary
Full Recording
Key Questions Answered by Tumi Dlamini
My journey to the African Union was less a planned trajectory and more a product of preparation meeting opportunity. I began my career as a corporate lawyer at Bowman’s, firmly rooted in the private sector. However, I reached a point where I felt a strong desire to transition into the public sector, and I knew I needed a broader skill set to make that shift effective. This ambition, combined with a lifelong dream, led me to pursue a master’s degree at Harvard University.
The real turning point came shortly after I returned to South Africa. I had a chance encounter with a former colleague who had just been appointed CEO of an agency within the African Union. Recognizing my background as a corporate lawyer, he made a direct and urgent request: “Please come help me with corporate governance. We’re just not making any inbounds in.”
I didn’t apply for the role or even deliberate on it for long. It felt like being “thrown in the deep end,” but I’ve always been a lifelong learner and have never shied away from risk. I embraced the opportunity to learn and to figure out what value I could bring to such a significant organization. That is how my work at the continental level began.
The need for a unique African framework became clear through the core work of the APRM, which assesses the governance performance of African countries across political, economic, and corporate spheres. As I reviewed our findings, I noticed a critical pattern: our reports and recommendations on corporate governance were consistently similar from one country to another.
My diagnosis was that we were dealing with a set of root problems common across the continent—namely, corruption, a lack of transparency, and the absence of a universal governance code. While South Africa has the King Code, there was no equivalent pan-African standard. We were applying principles borrowed from Western contexts, but these models were a poor fit. They were designed for highly sophisticated commercial environments, failing to address the realities of our economies, where the SME and informal sectors dominate.
This led me to champion the development of a new framework built on a fundamental paradigm shift. Instead of focusing solely on maximizing shareholder profits, our model asserts that corporations have an equally important developmental role to play in the societies where they operate. It’s about rewriting the rules to ensure that a company, which is a human creation, gives back to humanity and doesn’t just extract value.
This new framework, the African Principles on Corporate Governance, is built on three foundational pillars that set it apart:
- Shared Purpose: It must be clear what positive role the company plays within its community and society.
- Values-Based: Leadership and operations must be guided by a strong ethical foundation.
- Mission-Driven: The company’s objectives must extend beyond profit to contribute to broader socio-economic goals.
Essentially, we moved beyond the stakeholder model to place values, mission, and purpose at the very core of what good governance means in an African context.
Fortunately, I had to confront and learn to manage these dynamics very early in my career, which hardened me for the challenges I would later face on the continent. When I became a partner at Bowman’s, I was 33 years old, the only Black woman partner on the board. That experience forced me to grow up quickly.
The core challenge was “relearning” how to be expressive and authentic. Societal norms, particularly from my upbringing, had conditioned me to be quiet, to listen, and not to speak out. I had to consciously undo that programming to be effective. It was a scary process because it went against deeply ingrained habits.
To navigate this, I took several practical steps:
- I hired an executive coach to help me find my professional voice.
- I drew strength from my father’s advice. Despite being very strict, he always told me, “When you speak to a person, look them straight in the eye… Walk tall.” This was a direct contradiction to cultural norms that taught women to look down.
- Most importantly, it required a conscious and sustained effort to overcome the strong pull of societal conditioning.
Ultimately, I arrived at a clear and non-negotiable stance on my leadership. I decided that I had to speak my truth, regardless of the consequences. As I put it, “If I perish, I perish… but you will know exactly what I think at exactly the same time that I think it.”
The APRM process, where countries first conduct a self-assessment, has been incredibly revealing. A key lesson is that governments often submit exaggerated or overly positive self-assessments. It’s a difficult thing for a country to look in the mirror and confront its own shortcomings. This is why the role of civil society is so crucial; they drive the process and provide an accurate picture “from the ground,” which often contrasts sharply with the official government report.
From these reviews, several critical findings have emerged:
- In political governance, we’ve observed the rise of “non-violent coups.” These occur not through military force but through constitutional changes that allow governments to remain in power indefinitely. Just because there is no bloodshed doesn’t mean the government is legitimate.
- In corporate governance, the most significant finding is the very limited representation of women on boards across the continent. Even in a top-performing country like South Africa, the data is conflicting—one report places female representation on JSE boards at 38%, while another from the University of Stellenbosch puts it at a mere 19%.
This points to deep, systemic barriers that prevent women from reaching board level:
- A Weak Executive Pipeline: There is a failure to actively recruit and promote women into the executive roles that are the primary pathway to board appointments.
- Relationship-Based Appointments: Board seats are too often filled based on personal relationships rather than merit, creating an opaque system that excludes qualified women who aren’t in the right circles.
- Exclusion from High-Impact Committees: When women do get onto boards, they are often not allocated to high-impact committees like audit and risk, limiting their influence and experience.
Governing properly today goes far beyond ticking compliance boxes. For me, the absolute, non-negotiable core of good governance is inclusion. A board composed entirely of men, no matter how well it adheres to a code like King, cannot be considered “governed properly” in the modern sense. It must include women and people with disabilities to reflect the diverse world in which it operates.
The evidence for this is clear. Research has proven that when women are on boards, the company’s sustainability metrics improve significantly. This is because women, drawing from their societal roles as mothers, aunts, and sisters, naturally broaden a board’s perspective. They compel the board to think beyond narrow financial performance and consider crucial questions: How are we treating our employees? How are we treating our stakeholders? What is our role within the community we serve?
To be considered well-governed today, a board must have three critical issues on its agenda:
- Geopolitics: The board must actively understand and account for the volatile global landscape and how international events affect the company and its national context.
- AI and Technology: It is essential to have a clear AI governance strategy. A board that isn’t addressing how AI will impact its operations and its people has not started to deal with its own future resilience.
- Shared Purpose: The board must define, embed, and measure the company’s mission and its positive role within society. This returns to the core idea that a company must contribute to the community from which it derives its profits.
Masterclass with Mpho Nzimande
A masterclass on Financial Planning led by Mpho Nzimande, CFP®, Regional Manager at PPS Insurance Company. This session will provide practical tools and strategies for personal and professional financial empowerment, equipping women with the confidence to plan, invest, and lead with financial acumen.
Brief
Short Explainer Video
Podcast-Style Summary
Full Recording
Key Questions Answered by Mpho Nzimande
Before any budget is created or investment is made, it is essential to understand the foundational layer upon which all financial decisions are built: the psychology of money. This internal relationship influences everything from daily spending habits to long-term investment strategies. Mpho Nzimande frames this self-awareness not as an abstract exercise, but as the critical first step toward financial mastery.
Answer Synthesis:
Mpho begins his exploration of financial psychology by posing a direct and powerful question to the audience: “how does money make you feel?”
The answer to this question reveals the core of an individual’s financial identity. He explains that money can evoke a wide spectrum of emotions, making one feel “happy and empowered” or, conversely, “anxious and scared.” These feelings are rarely arbitrary; they are deeply rooted in personal history and experience.
To illustrate, Mpho shares his own complex relationship with money. While it makes him feel safe, it also triggers significant anxiety. This is rooted in a lifelong experience that “money doesn’t stay; money always leaves.” This belief, born from seeing savings repeatedly depleted by unforeseen events, conditioned him to operate from a “mindset or place of scarcity.” It required a conscious, concerted effort over a long period to begin shifting his perspective and operating from a “place of abundance.”
Understanding these feelings is crucial because they directly dictate our actions.
How Feelings Impact Financial Behavior
- How you save, invest, and spend: Your emotional triggers determine whether you hoard cash, take informed risks, or spend impulsively.
- The financial conversations you are willing (or unwilling) to have: Feelings of shame or fear can prevent crucial discussions with partners and family, while confidence can foster transparency.
- How you use money to either propel yourself forward or remain stagnant: A healthy mindset turns money into a tool for growth, while a negative one can make it a source of paralysis.
To help individuals identify their own patterns, Mpho referenced research from PPS that categorizes people into six primary “money habituits,” or personalities:
- Carefree: Money is not a priority; these individuals live with a high level of abundance and believe they can always make more.
- Spontaneous: Money is a tool to enjoy and live in the moment.
- Security: Money is essential for feeling safe and secure.
- Planner: Money is a mechanism to achieve specific goals.
- Giver: Money provides a sense of fulfillment through giving to others.
- Status-driven: Money helps create a positive external image through brands and flashy items.
Mpho identifies his own personality as a “Planner” who is highly focused on “Security.” He candidly admits that this combination can lead to a life with “zero spontaneity,” making it difficult to enjoy unplanned moments. His self-awareness has driven him to make a conscious effort to incorporate spontaneity into his life and budget, ensuring a more balanced and fulfilling existence for himself and his wife.
By first understanding your own financial psychology, you can then build a practical plan that works with—not against—your natural tendencies.
Moving from abstract goals and psychological awareness to tangible financial independence requires a disciplined, step-by-step process. A structured plan is the bridge between intention and reality. Mpho Nzimande clearly outlined the five essential components that form the bedrock of any effective personal financial strategy.
Answer Synthesis:
1. Budgeting: The Foundation
The entire plan starts with a budget, which Mpho insists must be an “exact” exercise. It is not enough to create a theoretical budget; you must consistently review it against your actual spending until the plan and reality match. He recommends the 50-30-20 rule as a guiding principle:
- 50% for your needs (housing, utilities, transport).
- 30% for your wants (dining out, hobbies, entertainment).
- 20% for your savings and investments.
To reconcile his own “Planner” personality with the need for flexibility, he budgets for a “Miscellaneous” category within his “wants.” This allows for planned spontaneity, giving him the freedom to enjoy life without derailing his financial plan or overspending.
2. Debt Management: Gaining Control
Mpho’s view on debt is unequivocal: “debt absolutely sucks,” particularly high-interest, short-term debt like credit cards and personal loans. He argues that you are often better off paying down this debt than investing, as the interest charged far outweighs any potential investment returns. However, not all debt is bad. “Good debt,” such as a home bond, is a necessary tool for acquiring a significant asset. Furthermore, an access bond can be a useful financial instrument, allowing you to pay extra to reduce interest and the loan term, while still providing the ability to borrow back those funds at a predictable interest rate in an emergency. He notes the signs of being over-indebted include being unable to afford minimum payments, using savings for bills, and taking out new loans to pay off old ones.
3. Emergency Fund: The Safety Net
A crucial distinction Mpho makes is that an emergency fund is not an investment. It must be a liquid and accessible bank account designed to cover unexpected expenses. The rule of thumb is to save 3 to 6 months’ worth of living expenses. As mentioned, an access bond can also serve as a source for emergency funds if a dedicated savings account is not feasible.
4. Investing: Building the Future
Investing without a clear destination is like driving without a map. Mpho stresses the importance of investing with a specific goal and purpose, asking, “How do I know that I am meeting your investment needs… if I don’t know where we’re going?” Whether for retirement, a child’s future, or another major life goal, having a defined purpose allows you to build the right strategy. He highlights two critical points:
- Start Early: Leveraging the power of compounding interest is essential. As he says, “compound interest is your absolute best friend.”
- Use the Right Tools: He warns against misusing investment vehicles, citing the example of parents using a child’s tax-free savings account to fund education. That vehicle, he explains, is meant for the child’s long-term wealth building, and using it for another purpose is effectively “stealing from your child.”
The ultimate objective of investing is to become financially independent. Mpho defines this as the point: “…where you know that you can outlive your money and leave something for those that are left behind.”
5. Risk Protection: Securing Your Assets
The final component involves protecting what you’ve built. This includes insuring your valuables (house, car), having adequate medical aid, and most importantly, protecting your single biggest asset: “Yourself, and your ability to generate an income.” This refers to life and disability cover that secures your legacy and protects your family.
Once these five components are in place, the next crucial step is to ensure the plan can survive and thrive through open communication with those who matter most.
A financial plan’s success extends beyond individual discipline; it relies on shared understanding and transparency within a family unit. Mpho Nzimande argues that keeping finances shrouded in secrecy is a primary reason why negative financial cycles persist and generational wealth fails to take root. Open dialogue is the key to breaking these patterns and building a lasting legacy.
Answer Synthesis:
The Problem of Secrecy Too often, families only speak about money “when you’re in crisis.” This reactive approach creates anxiety and prevents proactive planning. Mpho shared a powerful anecdote about his father-in-law, who, when asked to discuss his financial affairs, stated plainly, “I do not discuss my finances with my children.” While respecting the man’s position, Mpho noted that this silence meant “a lot could have been different for my mother-in-law even now today, had we actually had the conversation.”
The Necessity of Open Dialogue Partners, children, and potential heirs need to know what financial arrangements are in place to handle matters effectively in case of an emergency or death. Mpho acknowledges the common fear behind this secrecy—”they’ll kill me, they’ll take my money”—but presents open communication as the antidote. When family members understand the purpose and structure of a financial plan, they are more likely to become stewards of that legacy rather than threats to it.
The “Pay It Forward” Philosophy For Mpho, “paying it forward” is a core tenet of financial well-being. It is about more than just leaving an inheritance; it is about transferring knowledge and building a positive financial culture. This philosophy entails:
- Sharing the Process, Not Just the Success: People are quick to show off their achievements but often fail to “celebrate the process of how they got there.” Mpho argues that the process is what truly “needs to be glorified” because it provides a replicable roadmap for others.
- Teaching the Next Generation: He advocates for teaching children about budgeting, saving, and investing from a young age. Instilling these habits early will “shape a future in a more positive direction” and give them the tools to manage their own financial lives effectively.
- Being a Positive Influence: The central message is that your personal relationship with money will directly impact the financial attitudes and behaviors of those around you, from your partner to your children and community.
A robust financial plan, therefore, is not a private document but a shared vision. For many, navigating these complex plans and conversations is best done with the help of a trusted professional.
Selecting a financial advisor is not merely a transaction; it is a strategic decision to bring a crucial long-term partner onto your team. This individual can significantly influence the success of your financial plan and the security of your legacy. Mpho Nzimande provides a clear framework for identifying a good advisor and understanding their indispensable role.
Answer Synthesis:
A good financial advisor is more than a planner; they are a partner who walks alongside you through life’s financial milestones.
Qualities of a Good Financial Partner
- Credentials and Experience: They possess strong, verifiable qualifications and a proven track record in the industry.
- Client-Goal Focused: They actively listen to understand your goals and build strategies tailored to what you want to achieve, rather than focusing on their own potential commissions.
- Clear Communicator: They can explain complex financial concepts in simple, understandable terms, ensuring you are educated and empowered in every decision.
- Holistic Perspective: They seek to understand your life’s goals beyond the money, integrating your personal aspirations and family values into the financial strategy.
- A Lifelong Partner: They are committed to a long-term relationship, guiding you through major decisions and preparing to look after your family even after you are gone.
Mpho illustrated the profound impact of this partnership with the example of the PPS Beneficiary Trust. When a client passes away leaving funds for a minor, the trust safeguards the money. More importantly, when the child turns 18, specialists intervene. Instead of simply handing over a lump sum, they guide the young adult to use the inheritance to fulfill their parent’s wishes—such as funding their education—before receiving the remaining capital. This level of care is the ultimate proof of a lifelong partnership, demonstrating an advisor’s commitment not just to managing a client’s money, but to safeguarding a family’s legacy.
Recourse and Accountability In the Q&A session, Mpho also addressed what to do if you feel an advisor is not acting in your best interest. He advised a clear path for recourse: first, escalate the issue to the Financial Service Provider’s (FSP’s) internal complaints department. If the matter is not resolved satisfactorily, you have the right to take the case to the ombuds for an independent review.
Finding the right partner is essential because they help you navigate the path toward the ultimate goal of financial planning: achieving a secure and dignified retirement.
Understanding why financial planning is not a luxury but an absolute necessity is the most powerful motivation to commit to a long-term strategy. Mpho Nzimande uses sobering statistics about retirement in South Africa to underscore the urgency of taking control of one’s financial future.
Answer Synthesis:
The picture of a dream retirement, relaxing on a beach, free from financial worry, is a reality for very few. Mpho presented stark statistics that reveal the fate of every 100 South Africans who reach the retirement age of 65:
- 49 will be dependent on the state or their family to survive.
- 29 will be deceased.
- 12 will be bankrupt.
- 5 will still be working out of necessity, unable to afford to retire.
- 4 will retire comfortably.
- 1 will be wealthy.
To humanize this data and bring its impact home, he made a direct personal connection: “My grandmother. She was one of those.”
He clarified that his intent in sharing these numbers is not to instill fear but “to show that we could change those numbers.” A different outcome is possible, but it requires deliberate and sustained action. This reinforces why the journey toward financial independence, supported by a comprehensive plan, is so critical.
A successful financial future is an intentional creation, built on a series of deliberate choices and consistent actions.
As Mpho Nzimande so clearly articulated, it begins with understanding your own psychology around money, then moves to implementing a structured and disciplined plan. That plan is strengthened through open communication with loved ones and fortified by the guidance of a trusted professional partner. Throughout the journey, it is crucial to keep the ultimate goal of financial independence in sight. Mpho’s final call to action resonates deeply: understand your relationship with money, recognize the power of your influence, and share your knowledge to help create a better financial future for yourself and for all those who follow in your footsteps.
