Babalwa Ngonyama, Sinayo Global CEO, talks to South African Business Integrator about her entrepreneurial journey of breaking down barriers, growth, leading with integrity and overcoming challenges to successfully execute the vision.
What was the impetus to become an entrepreneur?
My grandmother was my inspiration. She recognised my talent and flair for business at a young age. As a child, I sold vegetables on the street, sweets at school, and even hats during summer. My grandmother helped steer my future by placing me at a commercial school, and it was there that I realised I love what I do, and I told myself that one day I would be a businesswoman.
When I became a chartered accountant, I joined Deloitte as a partner specialising in financial services. I honed my skills in financial services, which served as a solid foundation for expanding my horizons into establishing a stockbroking business.
What was vital in helping you become a successful entrepreneur?
For me, stockbroking came naturally. I have always had a passion for buying and selling, which is what a trader does. Working as a trader enabled me to increase my knowledge and recognise opportunities.
When you become an entrepreneur, there is always a level of risk involved. Successful entrepreneurs move out of their comfort zone – one has to be willing to take calculated and strategic risks, which has the potential to open more doors. It is crucial to have a positive outlook and to trust in yourself. As an entrepreneur, I am aware of challenges, but more importantly, I am conscious that there is an opportunity to provide solutions. Successful entrepreneurs have a flair for creativity – we have an innate ability to create and innovate, which is crucial.
Additionally, I would say that it is vital to embrace change and have agility. You must think on your feet and adapt your execution accordingly to pursue your vision.
When you started Sinayo Securities, did you already have ambitions to grow into Sinayo Global? Give us some insight about embarking on the journey to make Sinayo global.
It has always been a goal to globalise Sinayo. The financial services sector serves as the foundation of interconnectedness with other countries. I’ve always told myself I cannot just swim in a small pond when there is a much bigger one. My team and I were in agreement to become global players.
I am immensely grateful to South Africa as it has allowed me to step up and play a meaningful role globally. I see globalisation as a means to champion and promote South Africa, contrary to the idea that globalisation implies you have a problem with your country. Looking at Africa, I see so much untapped potential on the continent, but working with others is required to unlock opportunities.
While we are headquartered in the Netherlands, South Africa remains the heart of our operations and is also present in China, Singapore, Australia, the Democratic Republic of Congo and France.
Sinayo Securities operates in the finance sector, but Sinayo Global has ventured into renewable energy, travel and hospitality. Tell us a bit about the journey of diversifying portfolios.
Sinayo Securities was the golden goose that laid the eggs. It allowed us to have insights into different industries. One of the key aspects that enabled our diversification and growth is that we are a purpose-led organisation. Our commitment to making a meaningful impact on society and driving upliftment initiatives is the vision that guides us. Thus, our rationale for expanding into the energy and hospitality sectors was quite simple.
We saw a dire need for this valuable commodity from an energy perspective. I would travel around the world, and my colleagues in South Africa sometimes had to reschedule meetings because we had loadshedding. Loadshedding hindered progress and economic growth in many ways. Electricity is like oxygen – oxygen allows you to function optimally. Similarly, energy enables progress and optimises efficiencies. Returning to our vision of being an impact-driven organisation, we saw our expansion into energy as a means to drive progress.
We invested time, research and resources before execution. The team and I spent a lot of time in China, as China is known to be a country that drives innovation according to rapidly changing needs. Through our engagements with experts in the energy field, we spoke about the essential requirements, such as budget efficiencies, while ensuring quality products – and, of course, innovation. It was undoubtedly a time of sleepless nights because finding something cost-efficient while maintaining high-quality standards can be challenging. Still, we, as a team, were committed to seizing this opportunity. It is crucial to undertake research before spending money.
Besides having proactive engagements with partners, it is essential to understand what your customers are looking for. When we engaged with customers, we spoke about offering solar panels, and the customer response was, “Okay, great you are offering solar panels, but what we want is a power solution.” We then changed our strategy to be able to deliver what was wanted.
Concerning our hospitality arm, we saw an opportunity with the 2023 Rugby World Cup. We knew people were passionate about sports and willing to travel for the World Cup. A fellow entrepreneur approached me and discussed how to tap into this market. Initially, we thought of just selling tickets, but going back to Sinayo’s vision of meaningful impact, we made it bigger – we saw an opportunity to help make people’s dreams a reality. People are looking for more – for example, at the Rugby World Cup, it was not just about going to the games; it was about experiencing a new country, and we worked to ensure that we were able to connect people holistically to the entire rugby world experience.
What have been the most significant changes for you in becoming the CEO of a larger global organisation?
I firmly believe that you can’t go far alone. If you want to go far, you have to collaborate with others. When we embarked on globalising Sinayo, we prioritised engagement and cooperation. In all my years of business, I have never had to negotiate as much. We engaged in everything – contracts, deals, partnerships and more. Constructive engagement allows you to understand where other people come from and is a solid foundation for building strong partnerships. When you go global, it’s not just about looking after yourself and your interests – it’s about driving win-win collaborations.
Many personality and cultural dynamics come into play when playing on a global field. It is important to be respectful of this but also remain authentic. Some players just want to make things happen and push innovation. The ability to innovate, particularly in the energy space, is critical. Technologies are rapidly evolving; partnering with people who understand this is paramount to remaining competitive.
Another critical learning curve about being in new territories is being cognisant of standards/policies. South Africa has high standards, but some other countries have higher standards.
Across many sectors, males still tend to dominate in executive positions. Did you face additional challenges as a female CEO, and how did you overcome them?
In general, patriarchal attitudes continue to persist across different cultures. There is still much work for us to do to help empower women and change perceptions. We, as women, have a responsibility to play a role in changing the narrative about the role of women in society.
As the founding Chairperson of African Women Chartered Accountants (AWCA), I am privileged to have the opportunity to mentor and promote the development of Black female Chartered Accountants.
What have been the top lessons you have learned as a Black female entrepreneur?
- Having a bigger purpose than you. Don’t chase money; focus on adding value, and money will come.
- Do what you are passionate about. Success is painful. You will always encounter challenges in life, but when you do something you love, it is a driver for you to navigate and overcome.
- Be focused and commit fully. Being successful requires much sacrifice. I travel a lot, which meant there were things I had to miss out on at home.
- Cooperation is vital – if you want to go far, bring others. It is also crucial that you surround yourself with the right people – people who share your vision.
- Know yourself and constantly develop yourself. Know who you are, what you value, and what you stand for, and grow your intellectual capacity. When you know yourself, you let others dictate who you are and what you can accomplish. Have conviction in belief in yourself and your abilities.
- Have faith. We don’t have a crystal ball, but faith and hope keep you floating.
- Build resilience. Growing up, we are told life must be good; however, life is not linear. Life has highs and lows; resilience is crucial to push yourself forward.
