What will the corporate and investment bank of the future look like? What part will RMB play – especially across sub-Saharan Africa? How will financial services change in a digital world? Will our jobs be secure, or will we soon be replaced by robots and AI (Artificial Intelligence) systems? These are a few of the many questions that Nkosana Malumba would like to find answers to. He is one of the latest recruits to join the elite RMB Class Of Programme.
Unlike most RMB Class Ofs who hail from non-financial and non-IT backgrounds, kosana knew from the get go that he wanted to pursue a career in computer science and technology in the financial sector. With a BSc Computer Science and Information Systems Honours degree from UCT in hand, he started his career as a Software Engineering intern at Electrum Payments in Cape Town. His career then gained momentum at Standard Bank where he worked on the Global Markets Equities and Derivatives Desk for two years.
Nkosana however had the desire to learn more about venture capital and investing – specifically how to build and launch businesses in Africa. The opportunity to learn, grow and execute ideas with the next generation of entrepreneurs was offered by the Allan Gray Orbis Foundation, where he spent seven years, initially as candidate and later as associate fellow.
Eternal student
Being the proverbial ‘eternal student’ Nkosana still wanted to learn more about how corporate and investment banks go about funding sustainable growth in Africa. It turned out to be a classic case of being at the right time at the right place talking to the right people before the RMB Class Of Programme became a reality for Nkosana. He met a Class Of alumnus while visiting a friend at RMB. They started exchanging ideas about banking and his drive to grow businesses in Africa, and so the Class Of seed was planted.
Nkosana joined the elite Programme in November 2018 and started his first rotation in the bank’s Corporate Banking division. While he gained valuable knowledge at other financial institutions before joining the Programme, it is the blank canvas and the ability to learn from great minds at all levels that makes the RMB Class Of Programme unique.
“There is no hierarchy at RMB, which means that you can interact with business leaders at any time they are available. People at RMB are generous with sharing their time and knowledge,” says Nkosana. He also appreciates the camaraderie and sense of belonging among fellow RMB Class Ofs.
Africa is the new frontier
Nkosana has always been passionate about growing and supporting businesses in Africa – putting an end to poverty by using technology to enable and empower communities.
“The rise of telecommunication networks and sprawl of mobile phones have opened up new channels for people to send and receive money. Businesses are no longer limited to physical locations, but traders can expand their businesses across borders – all thanks to new digital platforms. But all these things will take time and require a shift in mindset to realise its full potential,” adds Nkosana.
Closer to home, Nkosana believes that the digital revolution will have its biggest impact on traditional roles in banks such as Chief Financial Officers (CFOs) and how banks interact with their customers. “Where CFOs in the past only focused on interpreting and following accounting, payroll and treasury rules, they now need a much broader and deeper understanding of technology and how it potentially impacts business strategy and creates value for shareholders and customers,” adds Nkosana.It was during his second year of studies that Tshepo received a bursary from Sasol, which paved the way for a bright future as chemical engineer at Sasol in Secunda and later Johannesburg. He initially started on the production support division from where he progressed to engineering design and plant optimisation. He later moved into construction management and plant commissioning of Sasol’s many plants, locally.
As the world grew more conscious about protecting the environment, so did Sasol. It was during this time that Tshepo played an instrumental part in ensuring that Sasol developed sustainability strategies and roadmaps that enabled the company to transition to a low carbon economy.
Are we ready?
But are banks, especially banks in Africa ready? Nkosana believes that a great deal of ‘unlearning’ first needs to happen. “CEOs from the previous generation are now turning to millennials who are on the cutting edge of technology trends. This form of reverse mentoring is what will enable CEOs to think differently and add more value,” says Nkosana. He also believes that a one-size-fits-all-solution may not necessarily work in Africa, which is why client centricity and knowing what our clients want and need will be paramount to our survival.
Nkosana still plans to do a few more rotations in the bank, such as at the RMB FOUNDeRY where he hopes to gain more knowledge about using technology to grow the bank’s footprint in Africa.
It is clear that Nkosana has found his happy place – a place where there will always be opportunities to learn and earn.
Nkosana says:
I am passionate about the arts and music and love strolling through art galleries and listening to jazz from the late Hugh Masekela. I am particularly fascinated by how his music tell stories about his experiences and life.
The best advice I’ve ever received was to never give up – if you put in the effort, you will succeed
I try to achieve a work/life balance by virtually disappearing from the face of the earth and reading as many books as I can. Some of my favourites are: Ray Dalio’s “Principles: Life and Work” and Malcolm Gladwell’s “Outliers: The Story of Success”
Meet the other RMB Class Ofs
