Few names have made as significant an impact on South Africa’s Chartered Accountancy profession as Babalwa Ngonyama. A trailblazing leader and the dynamic Group CEO of Sinayo Global, she sat down to share insights on her journey on leadership, the empowerment of black women in finance, and the far-reaching influence of Sinayo Global on SMEs and Entrepreneurs. Here is what she had to say.
Leadership & Personal Growth
Your career spans leadership roles in finance, investment, and corporate governance. What core leadership principles have guided your journey?
Throughout my career in finance, investments, trading, and corporate governance, I have been guided by three fundamental leadership principles: purpose-driven leadership, sacrifice, and the power of giving. These principles have shaped my decisions, my approach to challenges, and the way I lead others.
1. Purpose-Driven Leadership
In leading, vision and purpose are the key guiding light. They inform your efforts and encourage perseverance despite all odds, more so when the corporate vision embraces the values you share. Our clarity of purpose has enabled us to build a purpose-led organization. Purpose provides focus and direction and inspires everyone towards a common goal. More importantly, it acts as a constant reminder of why you started in the first place. There will be moments of exhaustion, self-doubt, and setbacks, but a strong sense of purpose pulls you out of bed in the morning and keeps you going.
However, purpose must be personal—you cannot model it on someone else. When your vision is truly yours, it aligns with your passions and values, it makes the journey not just bearable but fulfilling. Passion transforms challenges into stepping stones and makes the toughest sacrifices worthwhile.
2. Sacrifice as the Price of Success
Success and sacrifice are inseparable, they are synonyms. Sacrifices are necessary to realise your personal ambitions and business goals. To achieve meaningful growth, you must be willing to let go of distractions and short-term comforts. Focus is critical, it directs your energy towards the implementation of your vision. Spreading yourself too thin slows progress. Whether it means working late nights, missing out on social gatherings, or stepping away from personal comforts, sacrifice is often the necessary price of long-term success.
A clear vision makes these sacrifices easier to bear because they are not losses; they are investing in the future. While others may not always understand the choices you make, the rewards of discipline and commitment are undeniable. The short-term discomfort eventually leads to long-term fulfilment and prosperity.
3. The Power of Giving
One of the most overlooked yet profound virtues, particularly by entrepreneurial businesses, is the act of giving. I find that life is richer and more rewarding when you lend a helping hand to those in need. Many assume that success comes from pursuing wealth as an end in itself, irrespective of the socio-economic challenges around you, but in reality, true success is built through generosity—whether it is sharing knowledge, offering mentorship, or simply being present for those who need guidance. Its bounty is in the individual success stories and sustainable livelihoods these various actions spawn.
Giving does not just pertain to material wealth, nor is it merely in response to the platitude that privilege entails responsibility. When you give, you build strong relationships, earn trust from your stakeholders, and create a positive impact on those around you. It can be the time you spend assisting those confronting business challenges, the support you give to clients and start-up businesses, or the wisdom you share with those that seek your guidance. In turn, this generosity comes back through trust, credibility and loyalty as your own customers will treasure being associated with your brand. It also comes in unexpected and meaningful ways, creating a cycle of success, fulfilment, and continuous growth.
Whether through our firm or the organizations I remain involved with, we have developed bursary schemes and mentorship programmes to assist young black professionals attain the skills and experience necessary to enhance employment prospects and accelerate their entry into the highly competitive financial services industry. We also support CEO’s and management teams of small businesses who are facing numerous challenges in their businesses.
Leading with Impact: These three principles—purpose, sacrifice, and giving—are not a mere strategy for me; they are a way of life. Leadership is not about power or control; it is about influence, service, and resilience. By staying true to your vision, making the necessary sacrifices, and uplifting others as you rise, you create not just a successful career, but a meaningful legacy.
What are the biggest mistakes entrepreneurs make when starting or growing a business?
Starting and growing a business is an exciting yet challenging journey, and many entrepreneurs make critical mistakes that can hinder their success. For some budding entrepreneurs, the urgent need to make a living may weaken their resolve to persevere when times get tough, in contrast to those who passionately seize the opportunities they spot and throw in their all. While the failure rate for startups is often emphasized, the reasons behind these failures are just as important. Here are four of the most common mistakes that entrepreneurs make:
1. Failure to Focus on the Customer
It is amazing how most new entrepreneurs fail to look at their products from a customer perspective and earnestly ask themselves the question; why would anyone buy my product or choose my service? How does it add value to our customers? People often approach me and say: I want to start a business, what should I go into? I usually advise them that starting a business in not just about making money. To ensure success, there must be a strong value proposition—be it a novel product idea or enhancement, service improvement or business location advantage, you can deliver competitively.
One of the mistakes some SMEs make is not to prioritize the benefits their products will provide customers. This usually arises from failure to engage customers and understand what they want. Most entrepreneurs focus on selling products they like, but which may attract limited customer interest.
2. Surrounding Yourself with the Wrong People
Business is about people. They assist you run and manage the operations and are the point of interface with your customers. The team you build can make or break your business. No entrepreneur can do everything alone—collaboration and strong partnerships are essential. However, many fall into the trap of working with people whose values, purpose and work ethic are mismatched to their own. The people misstep may entail hiring unsuitable employees, choosing unreliable business partners, or failing to delegate effectively. A weak team can derail even the best business ideas, leading to inefficiency, conflict, and ultimately, failure. Entrepreneurs must be pro-active in building a team that shares their vision, complements their skills, and contributes positively to business growth.
3. Lack of Financial Literacy
Financial acuity is critical to business success. Understanding the economics of your business and best practice cash flow management is not optional—it is a fundamental skill for business success. Many entrepreneurs either neglect financial management or rely too heavily on others to handle their finances, which can be a costly mistake. Business owners need to stay close to their money, they should prioritize managing cash flows, reduce unnecessary costs, and focus on revenue generation. Cost discipline is crucial; expenses should be tightly controlled, especially in the early stages of building a business, to ensure its sustainability. A cost-conscious business culture links cost escalations to enhanced customer experience and revenue growth. This approach enables businesses to prudently manage their cost structure as they grow and expand into new markets. Taking finance courses or seeking financial mentorship is invaluable to developing cash flow management skills.
4. Inconsistency and Lack of Focus
Success in business requires consistency and reliability. Many entrepreneurs struggle with maintaining consistency. They may frequently change business models, products, or strategies in response to various challenges that include slow growth. While adaptability is important, constantly shifting focus can lead to instability, making it difficult to build a solid brand, retain customers, and gain trust from stakeholders who include banks and investors. Consistency in execution, branding, and service delivery establishes credibility and ensures long-term sustainability. Entrepreneurs who remain focused and committed to their vision have a much higher chance of weathering the tough times.
While each business presents a unique set of challenges and different experiences from which to learn, avoiding these key mistakes can help business owners build more resilient and thriving enterprises. By choosing the right people, mastering financial management, and maintaining consistency, entrepreneurs can set themselves up for long-term success.
Overcoming Challenges & Business Growth
The South African business environment is challenging and constantly changing. What advice do you have for SMEs and Entrepreneurs?
Challenges are a constant part of business—just as the seasons change, so too does the economic landscape. It is important to understand that difficulties are not personal; they are part of the natural course of events. The key to business longevity is resilience and adaptability.
Throughout history, we have confronted adversity—our forefathers dealt with it, our parents faced it, and today, we continue to encounter new challenges. Just as life would have it, the business environment is not immune to adversity. As the winter cold compels us to dress-up warmly, tough economic times imbue you with a strategic mindset and fortitude. When conditions shift, you do not stop working; you adjust, innovate, and keep moving forward.
Laws will change, regulations will evolve, and economic conditions will fluctuate. Sometimes the market thrives, and other times it contracts. What truly matters is not the challenge itself but how you respond to it. You have control over your mindset, your strategies, and your ability to adapt. By strengthening your resilience and sharpening your problem-solving skills, you can navigate even the most difficult business climates.
It is also crucial to shift your perspective—challenges often come with hidden opportunities. Consider this: if a single stick breaks in two, you now have two sticks instead of one. But the natural tendency is to dwell on the broken stick than to remain open to the new opportunities the two sticks present. Similarly, disruptions in business can create new avenues for growth and innovation. Instead of limiting your focus to obstacles, also seek to identify the latent opportunities the various hurdles may present.
Businesses operate in volatile and uncertain environments. Success in the South African business context, as elsewhere, requires a steadfast mindset that embraces the highs and the lows that come with being an entrepreneur. Prepare yourself, remain flexible, and approach challenges as stepping stones rather than roadblocks. Your response to change defines your trajectory—so ensure that any strategic pivot has been sufficiently evaluated.
Women in Business & Transformation
You were the founding chairperson of the African Women Chartered Accountants (AWCA). What inspired you to champion such an organization?
The inspiration behind AWCA stemmed from witnessing the challenges faced by black female Chartered Accountants in South Africa. Despite holding the same qualifications as their male counterparts and working in the same environments, many women were not treated equitably. They often felt unheard, unsupported, and excluded from growth opportunities. This lack of inclusivity led to an alarming trend of some women abruptly resigning from their jobs, sometimes giving just 24-hour notice, despite the substantial monthly personal financial obligations they had to honour. Their departure was neither due to a lack of competence nor dissatisfaction with their profession, but rather the absence of a supportive and an enabling work environment.
Recognizing this pressing need, AWCA was established to create a safe and empowering space for black women in the accounting profession. We focus on mentorship, career guidance, and advocacy. Through AWCA, we actively engage with employers and stakeholders to foster inclusive workplaces. Often, organisations are unaware of the unique challenges women face, but through dialogue and engagement, we bridge that gap and drive meaningful change.
Over the years, we have mentored and supported over 4,000 women, a significant leap from the ninety black female CAs in South Africa when we established AWCA in 2001. AWCA holds various annual events that play a pivotal role in inspiring the next generation of Chartered Accountants by providing visible role models. When young women see successful black female CAs, they realize that they, too, can achieve the same. Through corporate partnerships, we also facilitate financial support in the form of bursaries, ensuring that aspiring accountants have the resources they need to succeed.
Our advocacy has contributed to a tangible shift in the industry. Today, numerous black women Chartered Accountants are thriving in their careers, and the workplace environment has substantially improved due to AWCA’s influence. This journey is about more than just numbers—it is about transforming the profession, ensuring that black women Chartered Accountants are seen, heard, and given the same opportunities to excel.
Wow, that is quite a tremendous achievement Babalwa. But, despite progress, women—especially black women—still face barriers in leadership. What must change?
Leadership sets the tone for inclusivity. When businesses prioritize gender diversity and inclusion from the top, the rest of the organisation follows. Leaders must deliberately foster an environment where women—especially black women—are given equal opportunities to thrive. If inclusivity is not visibly championed at the highest levels, progress will be slow and superficial.
Men must play an active role. A significant shift can happen when men in leadership recognise, they have a significant role to play in creating an equitable workplace. After all, women are their sisters, mothers, and daughters. Changing attitudes and actively supporting gender diversity can break down long-standing barriers. More than half the battle is won when men embrace inclusivity and advocate for women in decision-making spaces.
Recognition and accountability matter. For inclusivity to gain traction and momentum, companies should treat it as a business achievement, rewarding leaders—both men and women—who actively promote gender diversity. Inclusion should not be a side initiative; it must be ingrained in company values and reflected in key performance indicators. When businesses see diversity as a driver of innovation and profitability, they create systems to support it.
Acknowledging bias is essential. One of the biggest challenges is that many leaders, particularly men, do not recognise the extent and adverse impact of the biases that exist simply because they do not personally experience them. Whether conscious or unconscious, bias shapes workplace culture and career trajectories. Leaders must acknowledge these challenges, educate themselves, and take proactive steps to dismantle these structural barriers.
Progress is happening, but much more needs to be done. True transformation requires a commitment from leadership, active allyship from men, and a workplace culture where inclusivity is not just encouraged but expected.
What advice would you give young women entering male-dominated industries like chartered accountancy or finance field?
My advice to young women entering male-dominated fields like chartered accountancy or finance is to be authentic and equip yourself with the knowledge that will allow your self-assurance to blossom. Authenticity is a powerful magnet. People value genuine connections, and they want to connect with the real you. Do not try to fit into a mould or be someone else, because people see through that. By staying true to yourself, you build trust and stronger relationships, which are invaluable in any industry.
Bring your unique strengths to the table—do not try to blend in by emulating others. Diversity is your advantage, let your perspectives enhance discussions and improve performance in the workplace. Understand that while the “boys’ club” is still a reality, it is slowly changing. Instead of resisting it as a barrier, view it as an opportunity to build strategic alliances. Find allies, build relationships, and do not underestimate the importance of developing a diverse network of business relationships.
Remember that meaningful contribution to the success of your team is key and valuable. Prepare thoroughly, contribute meaningfully, and always be willing to collaborate. When you make your colleagues and team look good, you enhance your own credibility and influence. Recognise that men often have egos—by acknowledging their contributions and supporting their successes, you can build rapport and open doors for yourself.
Stay true to who you are, leverage your unique talents, and never stop adding value to your team. Your authenticity, confidence, and ability to connect with others will not only help you thrive but also pave the way for future generations of women in these industries.
Sinayo Global’s Role & Vision for SMEs and Entrepreneurs
How does Sinayo Global support SMEs and Entrepreneurs?
At Sinayo Global, we are committed to integrating SMEs and Entrepreneurs into broader economic opportunities, providing them with the tools, resources, and networks necessary to thrive beyond South Africa’s borders. Our primary focus is on connecting SMEs and Entrepreneurs seeking to expand to larger markets across the African continent, and ensure they are able to compete on a larger scale and secure them growth opportunities they would struggle to individually access.
Through Sinayo Trading, we facilitate trade across Africa, sourcing goods and services from South African SMEs and exporting them to countries like the Democratic Republic of Congo (DRC), Zambia, Uganda, and Tanzania. By aggregating products from multiple SMEs and Entrepreneurs—such as small poultry producers across South Africa with limited processing, distribution, and marketing capacity—we create consolidated, large-scale supply opportunities that allow SMEs and Entrepreneurs to compete with bigger businesses.
In addition, we bridge the gap between supply and demand by informing SMEs and Entrepreneurs about specific market needs in different countries. For instance, the soft texture of South African mealie meal is not popular in other parts of Africa. Through direct engagement, we bring insights back to SMEs, enabling them to tailor their products for new markets.
Beyond market access, we provide logistics support, financial guidance, and business advisory services to ensure SMEs and Entrepreneurs can focus on production while we handle transportation and cross-border trade complexities. Recognising that many small businesses struggle to secure funding due to inadequate bookkeeping, we also offer financial support and advisory services to help SMEs and Entrepreneurs strengthen the financial management skills.
South Africa is chairing the G20 this year. Can you tell us about Sinayo Global’s upcoming SME and G20-related events?
At Sinayo Global, our commitment to SME and entrepreneurial growth extends beyond borders, fostering thought leadership and global engagement. In line with South Africa’s G20 chairmanship, we are hosting a landmark SME and Entrepreneur-focused conference in 2025. This event will connect SMEs with the G20, providing them with unparalleled access to international networks, financial insights, and market opportunities.
With the G20 Summit set for November 2025, in Johannesburg, our goal is to position African entrepreneurs to benefit from this platform. By aggregating SMEs, creating economies of scale, and facilitating entry into high-value markets, Sinayo Global is ensuring that small businesses play a significant and sustainable role in Africa’s economic growth. This initiative will empower SMEs and Entrepreneurs to scale up and become competitive on the global stage by maximising the benefits of G20-led economic frameworks.
Are South African financial institutions doing enough to support SMEs and Entrepreneurs?
In contrast to many other countries in Africa where access to funding remains an even greater challenge, South African financial institutions have made significant progress in supporting SMEs. However, despite these advancements, there remains a considerable gap to bridge between financial institutions, SMEs, and Entrepreneurs.
One of the key obstacles is that banks continue to perceive SMEs and Entrepreneurs as high-risk. While this concern is valid, risk can be managed through structured lending, financial education, and improved access to capital. By fostering better engagement, collaboration, and understanding between SMEs and financial institutions, we can navigate these risks together and create a more enabling environment for small businesses to thrive.
Compliance is another critical factor. Many SMEs and Entrepreneurs struggle to adhere to tax, VAT, and other regulatory requirements—not because they are unwilling, but often due to a lack of knowledge or resources. Addressing this challenge requires a dual approach: empowering SMEs with financial and regulatory education while also encouraging financial institutions to develop more inclusive, tailored solutions.
The financial ecosystem needs more players who are willing to actively contribute to closing this gap. With stronger partnerships, increased financial literacy, and a shift in approach from financial institutions, funding can flow more effectively to SMEs and Entrepreneurs, driving economic growth and job creation in South Africa.
Personal Reflections & Legacy
What keeps you motivated after achieving so much?
What keeps me going is knowing that my work is far from over. As long as poverty and inequality persist, there is still so much to do. My passion and driving force have always been to assist create a more inclusive economy—one that benefits everyone, not just a select few.
Every morning, I wake up with the goal of leaving my country, my society, and my continent in a better place than I found it. This purpose is what fuels me to keep going, even in the face of daunting challenges. Of course, business success and financial gains come with the journey, but for me, they are not the end goal. The real reward is in shaping better futures for others.
That is what keeps me going, pushing forward, and waking up at 4 a.m. ready to take on the day. There is still a lot of work to be done.
If you could give 24-year-old Babalwa one piece of advice, what would it be?
Be true to yourself. Knowing yourself is the beginning of all wisdom. Freedom and prosperity come from choosing your own path. Sharpen your strengths and spend time building your character. Allow your values to guide you. The good you leave behind will define your legacy. Be cautious of obsessing with crafting a reputation, it is fleeting and has a diminishing value, also pandering to external opinion usually conflicts with your inner self.
Importantly, listen to your inner voice—it is your North Star, guiding you towards fulfilment and purpose. Too often, we allow the noise of the world to drown out that inner wisdom by emulating others instead of charting our own paths. But true success comes from aligning with your deepest convictions, not from seeking external validation.
Clarity of mind is essential to hear that voice. Anger, agitation, and distractions create mental noise, much like muddy water obscures what lies beneath. To navigate life wisely, you must clear the mud—find calmness, process emotions quickly, and focus on what truly matters. With a clear mind, you can sharpen your intellect, and with discipline, you can make decisions that shape a meaningful and successful life.
And very important, be self-sufficient. Relying on others comes naturally, but true strength lies in knowing you can stand on your own. Like a tiger, you must have the ability to hunt alone—confident, capable, and unwavering. Yet, when the challenge is too great, you should also have the wisdom to call upon others for assistance and collaborate to realise your goal.
So, to my 24-year-old self, I would say: above all be true to yourself, cultivate discipline, trust your conviction, and walk through life with objectivity, independence, and purpose. Be the tiger—strong, self-reliant, and fearless in the pursuit of your destiny.
What impact do you want to leave behind?
I want to be remembered for making a real difference in people’s lives—elevating businesses, mentoring young professionals, and helping create a more inclusive economy in South Africa and beyond. Overall leaving our society in a better place than I found it. If my legacy is one of empowerment, where people can say, ‘She helped me rise,’ then I will know I have done my part.
Babalwa Ngonyama’s leadership extends beyond Sinayo Global. As she and her company work to connect African SMEs with the G20, her vision of an inclusive global economy is becoming a reality. Her journey is a testament to resilience, innovation, and purpose-driven leadership—one that leaves others in a better place.
ABOUT SINAYO TRADING:
Sinayo Trading is a dynamic leader in commodity trading, facilitating seamless transactions across wholesale and retail markets, both locally and globally. Committed to innovation, integrity, and sustainability, we support SMEs and entrepreneurs by providing market access, strategic insights, and growth opportunities. Our expertise enables us to navigate complex trade environments with agility, leveraging technology to enhance efficiency. With a strong focus on ESG principles, we foster economic development while promoting responsible business practices. As a catalyst for change, Sinayo Trading empowers businesses to thrive, driving a more connected, sustainable, and prosperous global trade landscape for all stakeholders.
ABOUT SINAYO GLOBAL:
Sinayo Global is a transformative force in the global marketplace, dedicated to touching lives and making a meaningful difference across industries that include financial services, renewable energy, cross-border trading, and corporate hospitality. As game changers, the company harnesses human potential through cutting-edge innovation that drives tangible impact. With a deep-rooted commitment to progress, Sinayo Global is redefining business practices while empowering communities, SMEs, and entrepreneurs worldwide. By blending creativity, expertise, and sustainable solutions, the company provides the support and resources needed to foster growth, resilience, and long-term success. Sinayo Global is shaping the future, creating lasting value, and championing a thriving ecosystem that resonates on a global scale.
