BankservAfrica names new CEO | Business

Stephen Linnell. Picture: Supplied by BankservAfrica

BankservAfrica, the continent’s largest automated payments clearing house, has appointed Stephen Linnell as its new CEO. 

Linnell, who was previously the chief operating officer and chief information officer for Global Markets at Rand Merchant Bank (RMB), starts in his new role with effect from 1 October 2023. He takes over from Roshan Moonsamy, BankservAfrica’s CFO, who had acted as interim CEO since April 2023 following the departure of Jan Pilbauer.

“Stephen’s credentials as a dynamic executive across a wide range of disciplines is impeccable,” said Teddy Daka, who chairs BankservAfrica’s board of directors. “His passion for the development of financial market infrastructure is evident and we are confident of Stephen’s expertise and ability to lead BankservAfrica in its journey towards the envisioned platform future state.”

Linnell has a wealth of experience in the financial services sector having previously worked at Accenture and Barclays while also serving on the boards of the JSE and Strate prior to his more than 10 years at RMB. His LinkedIn profile shows he holds a Bachelor of Commerce from UCT with majors in economics and computer information systems.

“It is a great privilege to become part of a brand that, for five decades, has been at the forefront of driving efficiency and fostering payment interoperability within the financial ecosystem,” said Linnell.

“As BankservAfrica continues to expand on services for its existing customers, and connect with new ones across the continent, we must recognise the dynamic nature of the landscape we operate in. To remain relevant and impactful in this context, our commitment to innovation and adaptability will serve as a foundation.”

BankservAfrica clears and processes billions of low-value card, ATM and EFT transactions for the banking system each year. Its main role in the South African National Payments System is to facilitate interoperability between the banks and ensure regulatory compliance while maintaining international banking security best practice.