INLSA
Lindiwe Rakharebe did something astounding as a newly matriculated 17-year-old in the early 1980s.
Lindiwe Rakharebe did something astounding as a newly matriculated 17-year-old in the early 1980s. Despite it being in the midst of apartheid-era South Africa, she walked into a major bank and demanded a job.
Today, she boasts more than 28 years in the banking industry, having worked for all four major banks. Late last year she was appointed regional executive of Absa in KZN.
She effectively heads the bank in the province, but shows no signs of the big-headed “I’m-the-boss” mentality. Instead of the business handshake, if she knows you well enough, she will give a big hug as a greeting gesture.
This comes as a surprise to the uninitiated, but it probably comes from her warm personality and having worked her way up the corporate ladder. Rakharebe was the first woman to become regional executive of Absa in KZN and replaced Themba Mathe, who left the bank to join Ithala.
Speaking from her office in one of the top floors of the Absa Towers regional headquarters in Durban’s Smith Street, she remembers vividly how her career in banking all began just down the road.
Rakharebe hails from Lesotho and grew up in Chesterville. After completing her matric, she could not study straight away.
Determined to get into banking, she took her matric certificate and other documents and school accolades, walked into Standard Bank in Smith Street and asked to speak to the bank manager.
“I did well in school and was a feisty young girl. Yes, I know it sounds crazy, especially because it was during apartheid, but I walked into the bank and asked for the manager.
“Bank staff were very surprised, thinking: ‘What does this black girl want?’ But I told them I would not leave unless I spoke to the bank manager. I eventually got my time with him, presented my case and told him I want a job.
“I managed to pull it off and he employed me in another branch, where I worked out of sight doing clerical work and counting cash,” said Rakharebe.
She said it was that decisive decision that determined her destiny in the banking industry.
Over the years Rakharebe learnt different aspects of the business of banking and customer relations. She eventually moved up the ranks and years later would be headhunted by the now defunct Durban-based bank, NBS.
Following management stints at Nedbank and Absa, Rakharebe spent seven years at FNB in a senior management position. She left the bank in 2010 to start her own business in the eventing and marketing arena with a friend.
But last year Absa approached her to take up the role of regional executive for KZN.
“It was an offer I could not refuse. My first love has always been banking, so my stint in entrepreneurship was short lived,” she said.
“I want to use the experience I have gained over almost three decades in banking to contribute to the growth of not just the bank, but the economy of KZN. Absa late last year got an extension to its banking contract for the provincial banking account as well as contracts for other institutions in the province,” added Rakharebe.
She said she drew inspiration from various people, especially women, including her mother, and Absa CEO Maria Ramos.
“It’s a true testament to transformation that we have women leading Absa at national and provincial level. There is scope for a lot more women to take up leadership positions in corporate South Africa,” she said.
Rakharebe said women were generally more hands-on in business.
She is passionate about gender issues, caring for the aged and, naturally, about financial literacy.
“I learnt from an early age the importance of saving for the future and a rainy day. You could say I was destined to be a banker. In my days at boarding school, my friends were so impressed with how I managed my money that they asked me to help them,” she said.
Rakharebe, who has a Bachelor’s degree in Management Leadership from the University of the Free State as well as other qualifications, said saving was integral to SA’s economic prosperity.
On a personal note, Rakharebe is an avid reader and cook. She has four children. On the sporting front, besides supporting the national teams, she plays tennis, table tennis, squash and basketball.
