South Africa : Gloria Serobe, a promoter of women’s economic empowerment

In 1994, soon before the Apartheid’s end,  Gloria Serobe along with three other South african women entrepreneurs, cofounded Women Investment Portfolio Holdings (WIPHOLD). The first private equity firm geared towards empowering economically South african women. More than two decades later, the South african businesswoman still runs WIPHOLD, namely as CEO of WipCapital, a subsidiary of the group focusing on operational financial services.

Building on the upcoming birth of democracy in South Africa, Gloria Serobe along with her three fellow businesswomen, namely Louisa Mojela, Nomhle Canca, Wendy Luhabe regularly met in the early nineties and decided to build a corporate that would spearhead this change. As professional women at the time, they attended workshops aiming at showing black-owned business the opportunities that were opening to them. They noticed that the meetings gathered only men, while several South african black women had jobs, poured their sweat in their savings. Therefore, they decided to create a company that would allow these women to invest in South Africa’s biggest companies. In 1994, WIPHOLD was officially launched, the first black-owned and managed investment company. Today, it has a multi-billion rand investment portfolio and brings hope to more than 200 000 beneficiaries.

With a BCom degree from the former University of Transkei and an MBA from Rutgers university in the US, Gloria Serobe started her career in the banking sector, before going into the private equity. Today, she is best known in the South African Business world and widely recognized in the banking, insurance and mineral and mining sectors and the tourism field where she has held senior positions. She worked in companies such as Exxon Corporation (USA), Reinsurance Company of SA, the Premier Group and Transnet and served as a member of the tourism board.

Defining economic models suitable for rural people

Gloria Serobe is also known for having designed mass-based participative economic models. She notably, redefined economic value, notably to be inclusive of village-based live-stock, knowing that the economic asset of rural people is often communal and not based on traditional banking. She redefined an economic model that would be regarded as collateral and as insurable against loss.

Apart from her position in WIPHOLD, Gloria Serobe has joined several boards of directors. She has been the Chairperson for Adcorp Holdings Limited, a company that provides employment services. She is an honorary member of the Actuarial Society of South Africa and also serves on the advisory council of the South African Institute for Chartered Accountants (SAICA).

In 2020,  she was appointed by the South African president, Cyril Ramaphosa, to head the Solidarity Fund aiming at driving economic recovery following the economic consequences of the Covid-19 pandemic.

Gloria Serobe’s extensive work has been rewarded with many accolades. In 2006, she won the African Woman chartered Accountants Woman of substance Award. In 2003, she received the Top 300 Award for her major role in the transformation, job creation, the economy. In 2006, she won the Businesswoman of the year Award in the corporate category.

In 2021, The Nelson Mandela University confered her the degree of Doctor of Philosophy (Honoris Causa) for her contribution to promoting social equity, justice, fighting against poverty, creating jobs, reducing unemployment, building a stronger economy.