In this Smart Money with Alishia Seckam interview, South African Reserve Bank (SARB) deputy governor Dr Mampho Modise discusses the Corporation for Deposit Insurance (CODI). Dr Modise’s public service career began in 2004 as an intern at the SARB, where she steadily rose through the ranks to become an economist. Recently, in April 2024, Dr Modise was appointed to her current position as a deputy governor of the SARB by President Ramaphosa.

Dr Modise is also a member of the SARB’s Monetary Policy Committee and oversees the Financial Stability Cluster, which includes:
• The newly established CODI
• The Economic Statistics Department
• The Risk Management and Compliance Department
• The Fintech Unit

In this Smart Money interview, Dr Modise explains the CODI and why it was created. She talks about how CODI is funded and helps protect South Africans from bank failure. Dr Modise then explains how much of the depositors’ funds are protected by the CODI and under which circumstances. She also unpacks how long it takes for depositors to get a claim payment, and tells listeners what the Paybox-Plus mandate is. Finally, Dr Modise talks about the future of CODI and its influence on the resilience of the South African banking industry.