After unpacking payments modernisation over the past two episodes - from infrastructure to fintech innovation - this conversation turns to the real test: adoption. How do these changes translate into everyday economic activity for millions of South Africans?

Hema Morar, Executive Head of FNB eWallet, shares how the platform is evolving to meet the realities of informal income, using AI, alternative data, and accessible channels like WhatsApp to drive meaningful financial inclusion.

Following last week’s conversation on the infrastructure behind South Africa’s payments modernisation, this episode shifts to the merchant frontlines as Michael Avery sat down with Rachel Cowan, Interim CEO of Ozow.

The discussion unpacked the growing shift toward real-time account-to-account payments and the importance of interoperability across the ecosystem. Rachel shared how evolving payment rails, including PayShap, are reshaping the checkout experience for South African businesses - and how these changes can improve cash flow, support financial inclusion, and unlock new opportunities in digital commerce.

Through the Payments Ecosystem Modernisation Programme (PEM), South Africa is moving away from legacy infrastructure toward faster, more open payment rails. Michael Avery spoke with Marin Cundall, Managing Executive: Identity, Customer, and Payments GoTyme Bank, to unpack what this shift means for banks, fintechs, and the broader economy.

From instant payments and interoperability to the role of digital identity and regulatory reform, the conversation explored how modernising the “arteries” of the financial system could reshape how money moves in SA.

Banking regulation today extends far beyond capital adequacy - fundamentally changing how shareholders, boards, and acquirers must approach transactions. Michael Avery met with Deborah Carmichael, Executive in ENS’s Banking and Finance practice, to unpack cross-border control of South African banks: why deals succeed, why they stall, and how to get them over the line, in light of the recent collapse of the proposed Bidvest Bank / Access Bank transaction.

From prudential scrutiny to governance, risk, and supervisory expectations, banking deals demand patience, precision and, above all, regulatory credibility.

This week, Michael Avery set out to understand why electricity reform is becoming far more than an energy story - and what it means for investment, market structure, and economic growth. He spoke with Peter Attard Montalto, Managing Director at Krutham and one of South Africa’s most incisive political-economy analysts, whose team authored a report on behalf of the South African Electricity Traders Association, alongside Cathy Oxby, Co-Founder and Chief Commercial Officer at Africa GreenCo.

Tune in to understand how South Africa’s energy transformation could reshape the broader economy.

Recorded during the African Mining Indaba in Cape Town, Michael Avery spoke with Thobela Bixa, Senior Research Analyst at Nedbank CIB, about copper’s evolving role in the global economy. The conversation explored Africa’s geological advantages alongside the infrastructure and energy constraints shaping future supply.

As copper transitions from industrial commodity to strategic economic infrastructure, the speakers reflected on the implications for pricing, investment, and Africa’s role in the global energy transition.

To understand why regulation should be seen as an enabler rather than a barrier to innovation, Michael Avery met with Lerato Lamola, Partner at Webber Wentzel. They unpacked why thinking outside the box and adopting a consumer-first mindset is critical, and how this applies to South Africa’s shifting retail banking and fintech landscape, particularly in light of the Conduct of Financial Institution's (COFI) mandate. Lerato also shared her expertise on payments infrastructure, crypto regulation, exchange controls, and new opportunities for non-bank payment providers.

To explore how embedded insurance is reshaping the industry across South Africa and Africa, Michael Avery was joined by Deloitte Africa’s Insurance Sector Advisory Lead, Andrew Warren. They unpacked how banks, telcos, and fintechs are using technology to simplify underwriting, automate claims, and bring insurance directly into everyday platforms - raising important questions about how traditional insurers can maintain visibility and customer connection.