BankservAfrica, a designated systematically important financial market infrastructure responsible for delivering payment services for the smooth functioning of South Africa’s financial markets and economy, is pleased to announce the appointment of Stephen Linnell as CEO, effective 1 October 2023.

“Stephen’s credentials as a dynamic executive across a wide range of disciplines is impeccable. His passion for the development of financial market infrastructure is evident and we are confident of Stephen’s expertise and ability to lead BankservAfrica in its journey towards the envisioned platform future state,” says Teddy Daka, Chairperson: Board of Directors at BankservAfrica.

Previously the COO and CIO for Global Markets at Rand Merchant Bank (RMB), Stephen brings with him a wealth of local and international experience and a proven track record of transformation-orientated delivery across the financial services sector. He also has experience leading wholesale securities and payments businesses for both RMB and Absa, and has held Board level positions at other financial markets infrastructure providers.

“It is a great privilege to become part of a brand that, for five decades, has been at the forefront of driving efficiency and fostering payment interoperability within the financial ecosystem. As BankservAfrica continues to expand on services for its existing customers, and connect with new ones across the continent, we must recognise the dynamic nature of the landscape we operate in. To remain relevant and impactful in this context, our commitment to innovation and adaptability will serve as a foundation. Throughout this transformative journey, we will remain committed to our fiduciary mandate and to preserving the trust of our stakeholders.” says Stephen, Incoming CEO.

The Board of Directors of BankservAfrica would like to thank Roshan Moonsamy for assuming the role of Interim CEO at BankservAfrica since April 2023 following the departure of the previous CEO, Jan Pilbauer.

“Jan played a pivotal role in transitioning BankservAfrica to be recognised as an influential force in the industry through the delivery of PayShap, and in steering the organisation’s vision towards its modernised, future state, which continued under the leadership of Roshan. With Stephen now at the helm, we will retain our position as the trusted partner in the National Payment System with the strategic focus of advancing digital payment solutions to facilitate interoperability and serve our customers, the broadening industry, economies and communities in South Africa and the rest of Africa,” ends Daka.