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Lindsey Schutters
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#Women'sMonth: Lindeka Dzedze shares her vision for advancing women in finance
28 Aug 2024
In this Women's Month Q&A profile, we spotlight Lindeka Dzedze, Standard Bank's Global Markets Head of Strategic Partnerships.
Source: Supplied. Lindeka (Leeds) Dzedze, is Standard Bank Global Markets Head of Strategic Partnerships.
Lindeka leads efforts to optimise financial solutions across investors, development finance institutions (DFIs), and sovereigns. With a career rooted in financial inclusion and Africa's development, she shares her journey, insights, and vision for advancing women in finance on the continent. Let’s delve deeper into her impactful work.
Can you share a bit about your career journey and what motivated you to pursue a career in banking and finance?
I am a South African by birth and a proud Africanist at heart. I come from the dusty villages of the Eastern Cape where exposure to career development is limited. I have always been passionate about finance, financial inclusion and the development of Africa and I studied Law at the University of KwaZulu Natal where I developed an interest in financial markets.
My journey began in corporate finance at a merchant bank in Johannesburg. I joined Investec focusing on equity sales and trading, and then worked at various international banks including JPMorgan Securities and Credit Suisse Standard Bank Securities as a senior equity-sales trader focusing
on high-touch clients, locally and offshore.
I joined Standard Bank Group in 2003 and since then I have held several senior roles in the global markets as a head of institutional sales where I led a team that won numerous industry accolades. This includes being recognised as the “best Foreign Exchange Sales Team in 2015 and 2016".
What are your primary responsibilities as the Head of Strategic Partnerships at Standard Bank Global Markets?
As Head of Strategic Partnerships, Global Markets, at Standard Bank Group, my primary role and responsibility is focused on working with international African investors to deploy capital into impactful opportunities across the continent by creating optimally structured financial solutions that speak to their needs.
I work very closely with US institutional investors and US government agencies through the bank’s partnership with MiDA Advisors, an implementation partner for investments and trade for USAid, to source sustainable capital at scale for longer tenors at reduced cost.
These typically involved blended finance solutions and guarantees to derisk the market. Given the colossal amount of capital required and the massive infrastructure demand across the continent, these partnerships are providing a new pathway for businesses across Africa to access capital at scale from offshore developmental institutions.
Can you elaborate on the impact of your work with Non-Banking Financial Institutions Innovations?
I currently chair the executive committee of the African Women Impact Fund (AWIF). The AWIF is a collaboration of United Nations Economic Commission for Africa (UNECA), UN Women, the African Union Commission, and the African Women Leadership Network (ALWN) aimed at creating a sustainable platform to grow and develop the number of women asset managers on the African continent.
AWIF falls under the financing pillar of the AWLN, which aims to bridge the estimated $42bn funding gap faced by women entrepreneurs. It targets the UN’s Sustainable Development Goals 5 and 8—focused on gender equality, decent work, and economic growth—to address the gender inequality where less than 5% of asset managers in Africa are women.
The gender gap in the business landscape cannot be overcome while the gender gap on the capital allocators’ side persists. It is only when female-led fund managers are fostered that any meaningful change will happen.
The AWIF as a capital allocator to women-led and women-owned fund manager businesses thus represents an opportunity for truly catalytic change in the industry.
As the chairperson of the African Women Impact Fund Executive Committee, how do you see the role of women evolving in the finance industry on the African continent?
Though there has been significant work done to accelerate the pace of change, women are still significantly under-represented across sectors in business. The role of women in business is still evolving, and we see more women ascending into positions of leadership and influence as evidenced by the recent appointments in some of the major banks in South Africa.
There has been a steadily growing trend globally towards gender-focused investing to generate impact, driven by the recognition of the economic benefits of gender equality and empowerment. An IFC study on gender parity in emerging market private equity (PE) and venture capital (VC) funds reveals a compelling correlation between gender balance and fund performance.
Companies with diverse teams are more profitable and create greater value. Encompassing women in business across the value chain, holds
immense potential and could serve as a catalyst for future growth across Africa.
Empowering and investing in women is smart economics. Bridging the gender divide could potentially increase Africa's GDP by an estimated 10% by 2025, according to a recent McKenzie study. Yet only 1.5% of funds raised by African startups between 2019 and 2023 were allocated to businesses led by women.
Addressing issues and dismantling the obstacles preventing progress of women is therefore a business imperative. Companies have to be intentional and deliberate in making sure that we create space and the right environment for women to thrive in business.
This is why we are proud of the work we do in AWIF as it promotes women’s representation and entrepreneurship. It has been proven that most women fund managers are bound to invest in other women businesses which helps accelerate the reduction of the gender gap and promote financial inclusion.
The World Economic Forum recently reported that women constitute 58% of self-employment across Africa and contribute approximately 13% of Africa’s total GDP. By supporting fund-management entrepreneurs who invest in businesses across a variety of sectors, we can accelerate the growth of the African economy.
You are known for mentoring young professional women. What advice do you give to women entering the finance industry?
Representation and exposure matter. We operate in very tough markets. It’s not going to get easier; it just means we must get tougher. And as a woman in this sector, we need to be mindful about making space for others by always sending the lift back down for others to come along on the
journey.
I believe in mentorship, and it is because of that throughout my career, I have fought to break the barriers and find ways to let other women into the sector hoping their experience is easier and smoother than mine.
Can you discuss the collaboration between Standard Bank Group and MiDA Advisors? What are the key outcomes expected from this partnership?
From a gender perspective, the collaboration between Standard Bank, ECA and AWLN, makes AWIF a true public-private partnership towards African women empowerment and financial inclusion.
In operationalising the AWIF, Standard Bank has partnered with MiDA Advisors, and RisCura Invest to launch the AWIF platforms – the AWIF Fund of Funds investment vehicles and the AWIF Foundation.
Establishing an impact investment fund with an accompanying technical assistance facility that targets the identified hurdles faced by women fund managers in a sustainable manner is necessary to promote the emergence of African women fund managers and, in turn, African women entrepreneurs.
In doing so, AWIF is able to ‘cast a wider net,’ tackling hurdles such as lack of track record, insufficient exposure to systems and procedures, lack of support networks, and resistance to women in leadership.
The expected key outcomes include:
What are your future goals and aspirations for your role at Standard Bank and within the broader finance industry?
I work for Standard Bank because it aligns with my purpose and values. Through my work, I aim to play a role towards the development of Africa through transactions and investments that create a significant positive impact on the continent. These are high-impact opportunities that leverage US institutional investors’ diversified pools of capital.
Through our work with AWIF, we aim to raise $1bn in the next 10 years, which will be allocated to African women fund managers across the continent who in turn invest in high-impact and under-served sectors, most of which feature women-led businesses.
How do you balance your professional responsibilities with your personal life and passions?
I am all woman, and I always present myself as such in all the rooms I enter and spaces I occupy. I also see my personal life apart from my passion and it is for this reason that I always say, I am honoured to be part of a company that is aligned to my personal values and I happen to be in a role
that enables me to pursue my passions and make an impact where it matters most to me - my home, Africa and the people in it.
Beyond that, I always believe in always showing up at your best, but I am always prioritising based on what is important at that specific time. Finding the balance between work and my personal life is a delicate balance that I still find challenging to always get right. However, I still strive to show up at my best at all times and that is what matters.
