Impact Partner Content: Absa
Bongiwe Gangeni, the Deputy CEO of Absa Retail and Business Bank, talks about her journey to the top.
When asked about the people who inspire them, it is not unusual for successful women entrepreneurs and executives to point to other females.
Bongiwe Gangeni, Deputy CEO of Absa Retail and Business Bank, is no exception.
Her mother – a social worker who raised five children while studying towards a Master’s Degree – has undoubtedly had the biggest influence on her while growing up.
“It was through her that I realised the notion that one cannot be a mother and a professional concurrently is a myth. My mother showed me that it is certainly possible to have a long and rewarding career, balanced with a very thriving family life.”
“In addition, my mum, being an incredibly strong woman, possessed a fabulous balance between being assertive, yet kind,” she recalls.
Gangeni grew up in Tembisa on the Eastern outskirts of Johannesburg. From a young age, she knew she wanted to enter the world of medicine and become a pharmacist.
“Appropriate development and mentoring programmes – and the support that goes with it – can go a long way in unlocking the potential of women entrepreneurs.”
She worked hard to make her dream a reality and qualified after she finished her degree at Wits University. While she enjoyed her first few years working as a pharmacist, the environment was just too predictable. Itching for change, she enrolled for a Postgraduate Management Diploma (PMD) at the Wits Business School.
While leaving pharmacy was no easy decision, she soon started working as a management consultant at a global consulting firm. The move opened up a whole new world – one that ultimately led her to banking. She started at Absa in 2007, quickly moved up the ranks and was appointed Deputy CEO of the Retail and Business Bank (RBB SA) in 2018.
One of the key strategies of the bank’s Relationship Banking business unit – the unit Gangeni heads up – is to engage, empower and serve entrepreneurs – women in particular. Despite significant progress, women have to fight harder to get ahead. The business world remains a place where men dominate the playground. Yet, unlocking opportunities for women can often go so much further. According to the Clinton Global Initiative, closing the gender gap in education adds half a percent to a country’s Gross National Product. It also found that when women work, they invest 90% of their income back into their families, compared to 35% for men.
It is against this background that Absa believes its partnership with Lionesses of Africa is the right fit.
“Appropriate development and mentoring programmes – and the support that goes with it – can go a long way in unlocking the potential of women entrepreneurs,” Gangeni says.
Many African entrepreneurs do not choose this path voluntarily. They become business owners out of necessity. Others are fortunate and chase after their dreams. Yet, with the right assistance, coaching and teamwork, many of these entrepreneurs can take their businesses to the next level, she adds.
Lionesses of Africa realised the importance of women entrepreneurs in solving Africa’s socio-economic problems and fittingly, looked to the “queen of the jungle” for inspiration. Collaboration, perseverance and stealth are stand-out features of lionesses. Women entrepreneurs can also benefit from these traits.
Over the past few months, Absa and Lionesses of Africa hosted several enterprise events where women entrepreneurs could showcase their products and services, engage in lively discussions and learn more about the ways in which Absa is supporting the growth of women-owned businesses. Supporting entrepreneurs and getting closer to the communities it serves, is a key part of the Absa strategy.
Given the difficulty many women face to break the glass ceiling, RBB SA is very proud of the diverse nature of its Executive Committee, which has more women than most large corporates in South Africa.
“We believe that this diversity adds depth to our decision-making and will be a big positive as we continue on our journey of reinvigoration. There is still a lot of work ahead, but we are confident that our new path will lead to success,” Gangeni says.
Yet, even as the bank strives to embed a digital focus in everything it does, Gangeni still believes that building and fostering relationships will remain at the heart of banking.
“We value our partnership with Lionesses of Africa and women entrepreneurs. We know there will be challenges ahead, but we know that we can overcome every obstacle if we work together as a team.”
Just like her mother, Gangeni is an inspiration for many women around her – not only at Absa. She gets on with the job, and is also a dedicated wife and mother.
Yet, she is also pragmatic about women’s fixation with work-life balance.
“My sense is that there is no such thing as work-life balance,” she recently told a radio station. “You prioritise what makes sense at any point in time.”
Support structures are also incredibly important – whether it is a partner, family members or someone employed to provide assistance. You don’t have to be Superwoman, she says.
“You have to understand what support system you require in order to be successful.”
Just like the lioness.
