PROFILE
Today customers are being offered very innovative products
and channels, compared to a decade ago. You can do almost
everything on ATM’s, computers, and cellphones. While there
are always “early adopters” to these methods of transacting, there
is still a huge need for banks to assist the more traditional customers
becoming comfortable with alternative ways of transacting.
This is ultimately very beneficial to customers from a cost and
convenience perspective.’ By Phakamisa Ndzamela
Nxasana Round-up
Sizwe Errol Nxasana CA(SA), BCom, BCompt (Hons) is one of
the first 10 black people to qualify as a chartered accountant in
South Africa in 1987, and was awarded an honorary doctorate
from the University of Fort Hare in 2004.
In January 2006, Nxasana took over as CEO of FirstRand
Bank, the wholly-owned subsidiary of FirstRand Limited. In
January 2010, he was appointed CEO of FirstRand Limited.
Nxasana’s passion is all about the development of youth
and the transformation of the accounting profession. This is
evidenced by the role he played within the Association for the
Advancement of Black Accountants (ABASA), and the fact that
he was the longest serving president of the organisation.
In 2001, Nxasana was approached by SAICA (as the CEO of
Telkom at the time) to assist with their Thuthuka initiatives. He
is currently the Chairman of the Thukuka Bursary Fund.
CURRENT POSITION
• Executive Director | FirstRand Limited | 2009 - Present
• Chief Executive Officer | FirstRand Limited | 2009 - Present
In 2013, the FirstRand foundation established three new
programmes. These included a R5.3 million FNB Fund aimed at
primary schools, the FirstRand Foundation leadership programme
which is committing R7.5 million to develop South Africa’s current
and future leaders, and the R2 million KhulaSangam programme
aimed at addressing critical skills shortages.
Nxasana says banks also have a responsibility to educate
consumers, especially on financial literacy, as well as educating
traditional customers to transact comfortably with the new digital
technology in banking. He adds that there is room for banks to teach
customers to understand budgeting, saving, insurance, borrowing
and how interest works.
‘Financial literacy can improve the lives of many South
Africans, and banks must empower customers with the right
information to enable them to effectively manage their financial
affairs and choose the right products for their needs. This is key
to a sustainable relationship between banks and customers,’ adds
Nxasana.
‘Consumer education is a win-win as both customers and banks
benefit.
PREVIOUS POSITION(S)
• Non-Executive Director | FirstRand Limited | 2003 - 2006
• Chief Executive Officer | Telkom SA SOC Ltd | 1998 - 2005
• National Managing Partner | Nkonki Sizwe Ntsaluba
South Africa | 1996 - 1998
• Non-Executive Director | NBS Boland Bank | 1995 - 1998
• Chairman | Audit Committee | South African Revenue
Services (SARS) | 1995 - 2006
• Non-Executive Director | Development Bank of Southern
Africa (DBSA) | 1995 - 1998
• National President | Barclays Africa Group Limited
South Africa | 1994 - 1998
• Chairman | Msele Hosken Group (Pty) Limited | 1994 - 1996
• Chairman | Barclays Africa Group Limited South Africa |
1991 - 1994
• Finance Accountant | SA Sugar Distributors (Pty) Limited |
1986 - 1989
• Business Advisor | Small Business Development Corporation |
1985 - 1986
• Audit Supervisor | PricewaterhouseCoopers International
Limited South Africa | 1984 - 1986
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