Association of Black Securities and Investment Professionals tackles economic transformation

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The Association of Black Securities and Investment Professionals (ABSIP) President, Sibongiseni Mbatha officially opened the annual event, in Sandton on 25 October 2017, under the theme, Towards a Transformed, Inclusive and Thriving Financial Sector by 2022. 

The Annual Financial Sector Conference aims to provide a platform for discussion, policy proposals, business opportunities and exposure for all stakeholders.

“The Association of Black Securities and Investment Professionals was formed to address the then apparent lack of black professionals in the financial services sector and black company aspiration in the sector,” said Ntlai Mosiah, ABSIP Secretary General.

“Over the years, we have seen that the financial services sector has not been transformed as you expected it to be,” he stressed.

“The challenges remain as you are all very aware of them.”

“It lacks the inclusivity that our citizens deserve to be meaningful participants in all aspects of their lives in South Africa. It lacks the high growth, especially in more recent years, that can propel the economy, create opportunity, drive transformation and make sure that every citizen and participant in our economy gets the thriving and moving forward that they ought to be able to achieve,” said Mosiah. 

“The 2017 conference has been put together to address these triple challenges of transformation, of inclusivity and of high growth. 

The conference delegates debated the topics in full length in order to find concrete resolutions to the current South African economic needs.

“ABSIP sees itself as the appropriate national platform on which the debate these issues,” said Mosiah. 

At the stock broker summit, earlier this year ABSIP revealed their new mission and value statement. 

“We wish not to shy away from any of these issues uncomfortable as some of them may be.” 

“The economic barriers to black advancement have been slow to fall and nowhere more than in the financial services sector which remains largely untransformed ,” said Sibongiseni Mbatha, ABSIP President. 

“In this regard, ABSIP vision to achieve a transformed and inclusive sector carries with it a task of responsive and strong leadership.”

“South Africa’s Asset Management Industry has been slow to transform and Black Asset Managers managing about 4.5% of assets under management. The black stock brokers share of the market is less than 2%. Black ownership in banking is a rare find.”

So how do we correct these imbalances? asked Mbatha.

He said the financial services sector should commit itself in promoting a transformed, vibrant and globally competitive industry that reflects the demographics of South Africa and contributes to the establishment of an equitable society by providing accessible services to black people and directing investments into targeted economic sectors. 

In addition, black people should be included in providing meaningful input on regulation affecting capital markets and provide a platform to stakeholders to collaborate with transformation initiatives and use this mechanism where necessary in order to raise issues collectively. 

“We are still way below the mark after 23 years of democracy. This is a major concern for us at ABSIP.”

Mbatha provided an example that only two black asset managers handle funds of over ZAR50 billion. 

“These are the major imbalances that need to be corrected,” concludes Mbatha. 

 

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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