Investment in financial inclusion extends far beyond broadening access to banking and credit, serving as a crucial tool for promoting equity and economic participation through financial technology.

Unisa’s Prof Athenia Bongani Sibindi’s research centres on financial market development and financial technology, with a specific emphasis on understanding the roles of financial institutions, such as banks, insurance companies and the stock market, in driving economic growth through their intermediation functions. "I focus on the critical issues of financial access and inclusion, examining how they can be enhanced to benefit individuals and firms, particularly in emerging and developing economies," he says.

According to Sibindi, a full professor at the Department of Finance, Risk Management and Banking in the College of Economic and Management Sciences, growing concerns among policymakers that the benefits of financial intermediation are not widely distributed across the population and economic sectors, is what drove him to this area of research.

"I discovered a pressing need to delve into the intricacies of financial access, encompassing not only the availability of financial services, but also the barriers that prevent individuals and businesses from utilising them effectively," he points out. This understanding has led him to explore alternative financing, including innovative methods such as crowdfunding, to identify solutions for those who remain financially excluded from traditional markets.

His journey into this research domain began with a desire to extend the frontiers of knowledge on the finance–growth nexus, inspired by the foundational works of economists such as Schumpeter, Goldsmith and McKinnon. Their insights sparked his curiosity about how financial systems evolve and their impact on economic development. As he dived deeper, the advent of the Fourth Industrial Revolution (4IR) prompted him to explore how the adoption of information and communication technologies (ICTs) could influence the markets and enhance financial access.

Sibindi has a keen interest in examining the unique challenges facing African countries, where, in his view, there is still a significant lag in terms of technology adoption, not to mention persistent obstacles to improving financial access. "This focus on Africa stems from my realisation that the continent holds immense potential for leveraging the advancements of 4IR to foster economic growth," he states. By investigating these dynamics, he aims to contribute meaningful insights and policy recommendations that can help bridge the gap in financial access and promote inclusive growth across diverse populations.

From a grassroots interest to financial expertise

Sibindi’s scholarly journey is a testament to his perseverance and dedication. Born in 1979 in Bulawayo, Zimbabwe, he completed his primary education and excelled in secondary studies there. After achieving remarkable success in his Ordinary Levels, he pursued Advanced-Level studies at St. Francis Xavier’s Kutama College, laying a solid foundation for his future career path.

He earned a Bachelor of Commerce Honours degree in Insurance and Risk Management from the National University of Science and Technology (NUST) in Bulawayo, gaining invaluable experience through an underwriting internship at NicozDiamond Insurance. Following graduation, he embarked on a career as an underwriter at Tristar Insurance Company before heeding his calling to become an educator, teaching at Inyathi Mission and St. James Mission schools. His commitment to learning drove him to earn a master’s degree in Banking and Financial Services from NUST.

In 2008, Sibindi took the bold step of retracing his forefathers' footsteps by emigrating to South Africa, joining Unisa as a lecturer in the Department of Finance, Risk Management and Banking in 2009. He steadily advanced through the academic ranks, reaching the esteemed position of full professor by 2022. His insatiable thirst for knowledge led him to complete a PhD in Financial Management and a Postgraduate Certificate in Actuarial Science, among other qualifications.

Sibindi, who is a National Research Foundation C3-rated researcher, Fellow of the Insurance Institute of South Africa, and Certified Risk Management practitioner, serves on the Education and Training sub-committee of the Institute of Risk Management of South Africa (IRMSA). He is currently developing a monograph based on his inaugural professorial lecture, which examined the intersection of artificial intelligence and the evolution of insurance markets. 

* By Mpho Moloele, PR and Communications, Department of Research, Innovation and Commercialisation