AWCA Investment Holdings Supports inaugural project costs for a property alleviation rural development Initiative. Wekesa Afri- Farming Project

AWCA Investment Holdings Supports inaugural project costs for a property alleviation rural development Initiative.

WEKESA AFRI-FARMING was first established with the mission to develop agricultural projects in rural South Africa
and to address the critical issue of food insecurity in our
We are a women-owned organisation whose roots are planted
firmly in the hills and plains of Mtingwevu, a village in the
former Transkei region. Our ethnically diverse founders have pioneered the world with their strong bank marketing skills and
extensive rural development experience. We are passionate about the upliftment of rural communities
and we believe subsistence farming is the foundation on which this vision can evolve.

Developing Rural Communities

AIH got involved in the La’Kheka initiative to provide funding
support on the project. Women empowerment is key to AIH
which is why one of the requirements was that Lakheka had
strong female leadership.
AIH has made it possible for this project to find its footing and
will be central to the expansion of this project. Additionally,
the diverse experience of the AIH board will be critical in
finding partnerships and funding for this rural development

-Sindi Mabaso- Koyana (AIH Cahirperson)

Phase 1
Phase 1 is about encouraging Subsistence Farming. On September 28th, 2022, in
Mtingwevu, Cala we launched the LaKheka project by giving people a kick-start,
providing them with vegetable seedlings, fruit trees, agricultural tools and water
harvesting tanks.

For Any Information on Wekesa for any donations Please contact below:

Email: [email protected]
Website: www/wekesafarms.org

or you can contact AWCA Investment Holdings Directly.

Moody’s Acquires Majority Stake in GCR Ratings, AIH Confirmed as Empowerment Partner

Mauritius, May 18th, 2022 – Global Credit Rating Company Limited (GCR) is pleased to announce that Moody’s Corporation (NYSE: MCO) has acquired a majority (51%) stake in GCR. GCR is a leading credit rating agency in Africa with a broad geographic footprint that includes South Africa, Nigeria, Senegal, Kenya, and Mauritius.

GCR’s 25 year proven track record and successful domestic operations across the African continent, together with Moody’s international expertise represents a unique opportunity to contribute to the development of capital markets and the wider economies across Africa. GCR expect this acquisition will further solidify its position as a leading provider of quality, objective and independent credit opinions on African markets.

As part of the broader GCR acquisition, African Women Chartered Accountants Investment Holdings (AIH) has acquired a 20% stake in GCR South Africa. AIH is a 100% black women-owned investment company. AIH will provide local strategic support through its equity participation and representation on the GCR South Africa board.

Following the acquisition, GCR will continue to develop its own ratings methodologies and issue its own credit ratings and will maintain a separate management team.


With a 25-year track record, GCR has developed a very substantial, market leading pan African credit ratings business, encompassing over 600 credit ratings across 25 countries in Africa. GCR is licensed as a rating agency in a number of markets, including Mauritius with the Financial Services Commission, South Africa with the Financial Sector Conduct Authority, Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, and CREMPF in the West African Monetary Union. GCR is also recognised as an eligible External Credit Assessment Institution (ECAI) by the Bank of Mauritius and the South African Reserve Bank. 


AWCA Newsletter



March 2022

On the 3rd of March 2022, Futuregrowth Asset Management (Pty) Ltd (Futuregrowth) and Old Mutual Investments Holdco has announced the signing of a Share Sale Agreement for the acquisition of 21.2% of Futuregrowth shares by AWCA Investment Holdings (Pty) Ltd (AIH)

The Transaction – which is subject to some conditions precedent, including the receipt of regulatory approval – will see a special purpose vehicle owned by AIH and AIH Capital (Pty) Ltd purchasing the Futuregrowth shares from Old Mutual Investments Holdco.

“We are truly honoured to be partnering with an asset manager that made its mark as a responsible investor many years before the recent emergence of the ESG movement. We look forward to continuously making a positive impact in our country as we together serve Futuregrowth’s clients and grow the business.” Say Sindisiwe Mabaso- Koyana who is the founder and chairperson of AIH, as well as Managing Partner of AIH Capital

AWCA has been instrumental in helping to transform the sector, particularly by supporting aspiring black female CA candidates with the added aim of creating the next generation of leaders and captains of industry. Like Futuregrowth, AWCA believes that investing in education and skills development will reap the long-term benefits of an increase in scarce skills, as the beneficiaries of this investment will ultimately contribute to increased productivity – either as employees or business owners

Futuregrowth Asset Management is a leading fixed interest investment company that manages around R193 billion (+/- US$12 billion) * of assets on behalf of its investors, which are predominantly South African retirement insurance and retail funds. Futuregrowth has been part of the South African asset management landscape since 1995 and is an affiliate of the Old Mutual Investments Holdco (OMI). OMI has been the majority shareholder of Futuregrowth since 2008.

Ms Jesmane Boggenpoel who is director at AIH and Managing Partner at AIH Capital had this to says: “The AIH/ Futuregrowth deal is a flagship deal for us, as our first deal for our new Private equity fund and as an acquisition in a leading & well-respected asset manager.”



AWCA Newsletter

(ARTWORK:I feel her by Reggie Khumalo)

The President’s View

Welcome to the month of February!
For some, the month of love 💕; some, the end of “Januworry” but for all a blessing of health and life.

The country has bled  at the loss of life from the COVID-19 pandemic and most recently the damage caused by Cyclone Eloise. However, we have much to be grateful for. February also marks the turn of the tide in the fight against COVID-19 as we received our first consignment of the COVID-19 vaccine. We look forward to many positive outcomes from the planned rollout and hope it is the beginning of reviving the economy and the end of our collective pain and strife.

Still with new beginnings, how are those resolutions coming? If we have learnt anything at all, it is that life is precious and we ought make the best of it everyday. So spend time with loved ones, write that book, learn how to ride a bike, bring your Pinterest boards to life … bring out your best self  always.

We are certainly looking forward to hosting an exciting number of programmes and initiatives in the year ahead. We set the ball rolling with a sensational collaboration with fine artist Reggie Khumalo (@reggiethenomad). We present to you an exclusive body of art titled ‘I Feel Her..”. It is without a doubt an ode to women everywhere. Here’s what the artist had to say about the piece;

” She doesn’t have to show you her power, she is the power. She doesn’t have to conform but from the back she leads. Her humbleness is her strength. Her weakness worn as armour. She doesn’t know it yet but she is a future President, CEO, engineer … Her doubt is not a matter of confusion or disbelief but of asking herself, “will they be able to handle me”,.. She knows she is already all of the above and more. Is true power what you see or is power, what is felt. I can feel her energy all the way from the back of the room. She doesn’t have to announce herself. I feel her…” – Reggie Khumalo
Reggie Khumalo is a South African fine artist and motorbike adventurer. He travels and works across Africa to bring back Ubuntu and help disadvantaged children from all over Africa to get an education. After every big trip, he holds an exhibition of the work inspired by the journey and donates a percentage of his profits to charitable causes. As such, collecting his art is not only an investment, but also a vehicle for social change.

AWCA, a champion for education and the development of the African child, has partnered with @reggiethenomad to bring you ” I feel her”. You can now own 1 of 10 of these special edition prints by emailing [email protected] to express your interest.

Artwork retails at R10 000 each.All proceeds go
towards the AWCA Bursary Fund.
Framing available at cost.

Yours in service,
Zama Khanyile CA (SA)

Scroll to Top

Sindi Mabaso-Koyana CA (SA) (Chairperson)

Sindi Mabaso-Koyana,

A Chartered Accountant, Sindi is the founder of The African Women Chartered Accountants. She later led the formation of the commercial arm, AWCA Investment Holdings (AIH) which she currently chairs.

She is the Managing Partner of AIH Capital the Private Equity firm of AIH.

AIH has built a portfolio of solid investments which include ReefTankers, Atlas panel Beaters, Hollard, Foskor and recently added Bidvest Protea Coin, Global Credit Agency and Futuregrowth Asset Managers.

She has extensive experience In the Public Sector where she served on a number of Sate Owned Companies as Executive and Non-Executive Director. She was Group CFO of Transnet and Prasa in the first phase of South Africa’s democracy. Her passion for the public sector was seen in her continuous contribution as Non-Executive Director in SOC’s including SANRAL, SAA, Eskom, PIC especially when there was a call by our new President Ramaphosa for professionals to serve in the reforms of the State Owned Entities. Sindi has also serve on listed and international entities where she chairs Audit & Risk Committees, Social & Ethics Committees and Remuneration Committees including MTN Group, Bidvest Group, Sun International Limited and was part of the Governance Reforms of FIFA where she was Deputy Chair and subsequently Chair of their Audit and Compliance Committee. She has had the honour to be the independent Chair of The Sugar Association of South Africa to drive the industry’s turnaround.  She is a Fellow of the Aspen Global Leadership Network, Member of International Women’s Forum , Advisory member to the Antwerp Management school( Belgium) and Innsbruck Management Centre (Austria). Other international business schools where she has delivered lectures include Duke University in North Carolina and Insead in France

She continues to contribute in the public sector by lecturing at the National School of Government.

Sindi is a former YPO member.


Nomavuso Mnxasana - CA (SA) (Non-Executive Director)

Nomavuso is a Chartered Accountant, having obtained her B Compt and Hons from the UNISA. She trained at Deloitte and Touche and after completing her articles she spent one year at Deloitte before joining SizweNtsaluba vsp (former Nkonki SizweNtsaluba). She spent 10 years as Senior Partner and Exco member at SizweNtsaluba VSP. She was specialising in consulting, internal auditing and attest function. She started the Corporate Governance division which housed the internal audit services as she identified this opportunity during the introduction of the Public Finance Management Act (PFMA). She was also involved in staff development and training as a staff partner for five years. Some of her major clients included, Eskom, SAA, MTN and Sentech.

Nomavuso was the head of the Imperial Group Internal Audit division and responsible for risk management in the Group. She successfully implemented risk management in the group both locally and internationally. As a result, she obtained a good understanding of the various industries within which the Imperial Group operates. Having recognised the shortage of black qualified Chartered Accountants in South Africa she introduced Training Outside Public Practice (TOPP) within the Imperial Group. Her current directorships include Nedbank, JSE, ArcelorMittal, and IDC. She has previously served on the boards of Landbank, Wiphold, Imperial Bank and Optimum Coal.

Precious Sibiya CA (SA) (Non-Executive Director)

Precious Sibiya CA(SA)  Precious is an accomplished executive and non-executive director with many years of experience in various leadership roles. She has more than 20 years corporate experience in finance, risk management, financial management, supply chain management and compliance. She is a seasoned professional who has worked in various roles across diverse industry sectors (viz logistics, energy, financial services, insurance, consulting) within private and public sectors. Her roles range from Internal auditor, Risk manager, General Manager Finance to Internal Audit Director.

She has served and continues to serve on various boards and audit committees in the roles of Board member, chairman, deputy chairman and committee member.

Her current boards and committee engagements are Ithala Development Finance Corporation, AIH, Ethekwini Municipality, National Credit Regulator,  Ekurhuleni Municipality, Financial Intelligence Centre and Reef Tankers (Pty) Ltd.

She has previously served on the boards and/or audit committees of Sentech, SkX, Parliament of South Africa, Gauteng Provincial Government, National Gambling Board, AWCA, Union Life, NEHAWU Investment Holdings (NIH), South African Reserve Bank Captive Insurance Company Limited (SARBCIC) , City of Johannesburg, Eskom Finance Company and Eskom subsidiaries in Africa (Umeme Ltd in Uganda, Elgas in Mozambique), amongst others.

Precious is a member of the South African Institute of Chartered Accountants and African Women Chartered Accountants. She completed her articles at Deloitte in Durban where she qualified as a Chartered Accountant. She is also a registered business rescue practitioner.

She is passionate about community development especially programmes involving children and rural women.

Melanie Elephant is employed as a Manager within the Diversified Lending and Leverage team of Standard Bank’s Investment Banking division. Her role includes the origination and execution of term lending transactions for corporates listed on the Johannesburg Stock Exchange. She has gained extensive experience in Black Economic Empowerment (BEE) both in her capacity as Operations Director at PKF BEE Solutions and Regional Executive at Empowerdex. Prior to joining Empowerdex, Melanie managed an audit practice as a sole practitioner, servicing both private and public companies. Melanie qualified as a Chartered Accountant in 2004 after completing her training contract with Deloitte & Touché in Johannesburg in 2003. In October 2007, Melanie joined the Board of African Women Chartered Accountants (AWCA). Her role in the Professional Development portfolio included the facilitating of Qualifying Examination preparatory workshops for members and hosting of the annual AWCA Career conference which showcases employment opportunities for members. She has also been responsible for fostering and maintaining key stakeholder relationships as part of the Strategic Alliances portfolio and spearheads the AWCA weCAre CSI project which aims to help disadvantaged individuals by providing them with monthly food parcels. In 2011, Melanie assumed the role of Deputy President, a position she held until her resignation from the Board of AWCA in 2015.

Busi Silwanyana (Non-Executive Director)

Busi Silwanyana  has an interest in corporate governance having held various executive positions in corporate, being a member of compliance committees and held positions in governance committees as an independent member. She looks to Share expertise, skills and experience with the organizations’ board members and executive team by contributing to strategy formation and direction of the company leveraging what I have achieved throughout my career in providing strategic financial expertise while driving business growth and profitability improvements for multimillion-dollar, global organizations.

The Value Add as a board member is as a commercially focused finance executive who  contributes towards the setting and implementation of strategy. She plays as oversight of risk management, policy formulation and implementation in my banking experience I collaborated with risk governance division in identifying key business risk, outline acceptable risk levels and development risk management policy as member in both credit risk and operational risk management committees. She Leverages strong business acumen with experience working with large scale businesses in effort to structure complex, high-value transactions across various geographies and Possess strong financial aptitude critical to the evaluate financial statements and concluding on the performance of the company.

Busi currently has board positions in Stefanutti stocks limited, YeboYethu investment (RF) Limited, Finbond mutual Bank and AVI Limited all at Independent non- executive director.

Olivia Serithi (Non- Executive Director)

Olivia Serithi CA(SA)

Olivia is an experienced Finance Executive with expertise in the following core areas:

  • Financial Reporting & Accounting;
  • Taxation;
  • Forecasting & Budgeting;
  • Investor Relations; and
  • Corporate Finance. She is a member of the South African Institute of Chartered Accountants and an MBA Graduate from the Gordon Institute of Business Science

She leads with passion and have an interest in people development and organisational development and transformation. I believe that my analytical mindset, positive and solutionist thinking and approach, good communication skills and compassion for people enable me to be impactful to the teams that she lead and to her colleagues, which is underpinned by my solid values. Furthermore. She is a believer in lifelong learning and continuous self improvement.

Olivia is Board of Director of Allergan Pharmaceuticals (Pty) Ltd

 was previously Non-executive Board of Director of African Women Chartered Accountants Investment Holdings (“AIH”) and has since came back in February of 2023. She was a Non-executive Board of Director of Atos South Africa, Member by invitation to the following sub committees of the Discovery Limited Board:

– Audit & Risk Committee – November 2008 to 2014

– Actuarial Committee – November 2008 to 2014

– Capital, Currency and Investment Committee – November 2008 to 2014

Ms. Alupheli Sithebe CA(SA)

(Non- Executive)