Nonkululeko Nyembezi, Chairman, Standard Bank Group

Culture as Capital: Unleashing Africa’s Creative Economy for Inclusive Growth

By Nonkululeko Nyembezi

Reframing Cultural Expression As Economic Infrastructure

As Africa advances towards inclusive and sustainable development, one of its most dynamic yet underutilised assets is culture. Beyond heritage and tradition, culture represents a form of capital, an economic driver, a social integrator, and a global identity marker. Within the continent’s evolving growth narrative, the creative economy warrants recognition as a strategic sector with transformative potential.

The 20th anniversary of the Standard Bank Top Women Leaders publication presents a timely opportunity to reflect on the role of creative industries in shaping Africa’s future. Women creators, entrepreneurs, and leaders are central to this movement, redefining innovation and economic participation across the continent.

The Creative Economy: Africa's Untapped Growth Engine

Africa’s creative industries, including fashion, film, music, literature, design, and digital arts, are experiencing rapid growth and global recognition. According to UNESCO, the global creative economy contributes over US$2.25-trillion annually and supports nearly 30 million jobs worldwide.

While Africa currently accounts for a share of this output, the continent’s creative sector is poised for significant expansion, fuelled by a digitally connected and youthful population,

From Nollywood’s cinematic rise to the global resonance of Afrobeats, African creativity is influencing international markets and reshaping global narratives. Yet, the sector remains undercapitalised, fragmented, and vulnerable to exploitation. Addressing these challenges calls for a collaborative, multi-stakeholder approach, one in which financial institutions can play a catalytic role by supporting the development of sustainable creative ecosystems.

Supporting Creativity: Standard Bank's Engagement

Standard Bank recognises the creative economy as a vital contributor to Africa’s development and actively supports initiatives that foster cultural innovation and creative entrepreneurship. Across the continent, the Bank engages with platforms that promote artistic expression, intellectual property awareness, and inclusive participation.

In South Africa, flagship initiatives such as the Standard Bank Young Artist Awards, presented annually at the National Arts Festival in Makhanda, have become a launchpad for emerging talent across disciplines. The Standard Bank Joy of Jazz Festival in Johannesburg celebrates musical excellence and provides a global stage for African artists. The Standard Bank Art Lab in Sandton offers a collaborative space for visual experimentation, while the Standard Bank Gallery and Corporate Art Collection showcase both contemporary and historical African works.

Beyond South Africa, Standard Bank’s cultural footprint extends to:

• Mozambique, where the Bank has supported music and dance festivals that preserve indigenous traditions

• Namibia, through partnerships with visual arts exhibitions and youth arts education programmes

• Nigeria, via engagement with creative hubs and fashion incubators that support entrepreneurial growth

• Kenya, through collaborations with digital art platforms and film collectives that amplify East African storytelling

• Ghana, where the Bank has participated in cultural forums exploring the intersection of heritage and innovation

Internationally, Standard Bank has showcased African creativity on global stages, including the “Continent on the Move” exhibition at the World Economic Forum in Davos, which featured works from its Corporate Art Collection and highlighted Africa’s evolving cultural and infrastructural landscape. Through these diverse partnerships, Standard Bank contributes to mentorship, ecosystem-building, and capacity development across the creative sector.

Gender Empowerment In The Creative Economy

Standard Bank also recognises that creativity is not gender neutral. Women remain underrepresented despite being central to the sector’s vitality. For two decades, the Standard Bank Top Women platform has elevated gender empowerment as a foundational element of economic transformation.

Milestones In Gender Empowerment

The Top Women initiative highlights gender-inclusive excellence through:

• Longevity and influence: Two decades of consistent advocacy and recognition

• Leadership recognition: Awards for entrepreneurs, innovators, and executives across sectors

• Sectoral diversity: Spotlighting women in mining, technology, and creative industries

• Network building: Annual conferences convening global icons and entrepreneurs

• Thought leadership: Masterclasses, podcasts, and publications addressing financial wellness, leadership, and work-life balance

Catalysts Of Change: Impact of Awardees

The legacy of the Top Women Awards is reflected in its laureates:

• Zeenat Ghoor (2019): Director of Aspire Consulting, advancing inclusive leadership and social impact

• Veronica Motloutsi (2018): CEO of SmartDigital Solutions, driving digital transformation

• Lynette Magasa (2017): Telecommunications pioneer, championing mentorship and resilience

• Sarisa Ferreira (2016): Agripreneur and former Paralympian, redefining entrepreneurship through innovation

These women are not only success stories, but they are also change agents, reshaping industries and redefining leadership across Africa.

Culture As A Vector For Unity and Development

Beyond its economic value, the creative economy is a powerful tool for nationbuilding and social cohesion. Artistic expression reflects collective memory, fosters empathy, and strengthens civic pride. In Africa’s diverse cultural landscape, creativity serves as a unifying force, challenging stereotypes, amplifying indigenous narratives, and cultivating shared identity.

There is growing recognition among financial institutions that culture is more than a branding opportunity, it is a developmental lever. Supporting cultural capital can enhance dignity, resilience, and unity across communities.

Enabling Artistic Entrepreneurship

To unlock Africa’s creative potential, enabling conditions must be strengthened. These include:

• Access to finance: Flexible funding models suited to creative project lifecycles

• Intellectual property protection: Legal frameworks that safeguard creators’ rights and ensure fair compensation

• Market access: Platforms, festivals, and trade missions that connect creatives to global audiences

• Capacity building: Incubators, mentorship, and training programmes that integrate business skills with artistic talent

Standard Bank continues to engage with partners and platforms that advance these goals, particularly those that elevate women-led ventures and foster inclusive growth.

Women As Architects Of Africa's Creative Future

Looking ahead, it is essential that women are not only participants in the creative economy, but they must also be its architects. The Standard Bank Top Women platform remains committed to spotlighting female creatives, supporting women-led enterprises, and building networks that empower women to shape Africa’s cultural narrative.

We envision a continent where a young girl in Soweto can aspire to be a filmmaker, designer, or tech innovator, and access the tools, mentorship, and opportunities to realise that vision. Where creativity is not a luxury, but a livelihood.

Honouring Visionaries Driving Transformation

The 2025 Standard Bank Top Women Awards will celebrate those who have translated vision into impact, women who are building businesses, shaping culture, and driving inclusive growth. The platform will continue to champion gender empowerment as a cornerstone of sustainable development.

Since its inception in 2003, the Standard Bank Top Women Awards have championed trailblazers whose influence extends far beyond national borders. These awards have consistently recognised and elevated high-calibre leaders, women whose journeys exemplify global leadership, innovation, and transformative impact.

Standard Bank also recognises that creativity is not gender neutral. Women remain underrepresented despite being central to the sector’s vitality

Among These Phenomenal Women

• Linda Mabhena-Olagunju secured a landmark US$3.3-billion wind farm deal and earned a place on Oprah’s prestigious “Power List.”

• Mpumi Madisa broke barriers as the first Black woman CEO of Bidvest and was later named one of Forbes’ “World’s Most Powerful Women.”

• Phuti Mahanyele-Dabengwa was honoured as Forbes Woman Africa’s “Business Woman of the Year,” spotlighting her visionary leadership.

• Dr Thuli Madonsela, renowned for her integrity and advocacy, was featured on Time magazine’s “100 Most Influential People” list.

These women are not only celebrated for their achievements, but they also embody the enduring legacy of the Top Women platform: to inspire, empower, and shape a future where African women lead boldly on the global stage.

As Chairman of the Standard Bank Group, I reflect with pride on the journey thus far, and with optimism for the road ahead. Africa’s next chapter will be written not only in boardrooms and balance sheets, but in studios, stages, and stories. And women will be holding the pen.