Enterprising Investor Podcast Summary
Episode: Narina Visser, CFA: Elevating Investment Impact Across Africa and the Middle East
Release Date: July 1, 2025
Introduction
In the July 1, 2025 episode of Enterprising Investor, the CFA Institute’s flagship podcast, host Chris Wease engages in an insightful conversation with Narina Visser, CFA. Narina, a multifaceted professional based in South Africa, serves as an independent ETF strategist and advisor, hosts the ETF Investor Podcast, and represents the President’s Council for the Middle East and Africa for the CFA Institute. Their dialogue delves into critical topics such as the cost of obtaining the CFA charter in Africa, progress in gender diversity within investment management, nuances of ETF investing, and the burgeoning opportunities in African capital markets.
1. Unique Challenges and Opportunities in the Middle East and Africa
Narina Visser begins by discussing the vast and diverse landscape of the Middle East and Africa, highlighting the affordability and currency volatility as primary challenges for investment professionals in these regions.
“Affordability remains a big challenge, but I think an opportunity for us is to start thinking in terms of the cost of what CFA Institute offers as a proportion of the salary of the average salary that someone can earn.”
— Narina Visser [01:20]
She emphasizes the importance of contextualizing program costs relative to local salaries rather than mere purchasing power parity, proposing a more equitable approach to accessibility.
Chris Wease underscores the CFA Institute’s efforts to mitigate these challenges through initiatives like scholarship programs, encouraging regional candidates to take advantage of available support.
2. Scholarships and Affordability Initiatives
Narina acknowledges the popularity of the CFA Institute’s scholarship programs but points out that hidden costs—such as travel, visas, and conference attendance—often pose significant barriers.
“The much more significant part is the cost of the travel, the cost of the visas. Often, when you come from Middle Eastern Africa, visas is a major factor.”
— Narina Visser [04:01]
She advocates for a broader consideration of all associated costs to fully understand and address the financial hurdles faced by aspiring CFA candidates and members in these regions.
3. Promoting Gender Diversity in Investment Management
As a co-founder of the Women in ETFs South Africa chapter, Narina passionately discusses the strides made and the work still needed to achieve gender diversity in the investment industry.
“South Africa is probably one of the most advanced countries in the world when it comes to gender diversity.”
— Narina Visser [05:03]
She highlights successful initiatives, such as all-female speaker lineups at conferences, and the broader impact of gender diversity on enhancing organizational performance and innovation.
“Gender diversity is one of just many aspects and very happy to be involved in promoting that gender diversity in our industry.”
— Narina Visser [07:21]
Despite progress, Narina notes that women often hit a glass ceiling, advancing to mid-level positions but facing barriers to higher leadership roles. She calls for continued efforts to support women’s career progression through targeted initiatives and mentorship.
4. Educating Investors on ETFs and Addressing Misconceptions
Through her ETF Investor Podcast, Narina focuses on demystifying ETFs and combating the prevalent misconceptions surrounding them.
“There is no such thing as passive investment. All investments involve an active or several active decisions.”
— Narina Visser [08:35]
She critiques the term "passive investing," arguing that every investment decision involves active choices, whether in selecting the ETF or managing its portfolio. Narina emphasizes the importance of understanding the composition, rules, and underlying exposure of ETFs to make informed investment decisions.
“Transparency is one of the key benefits of ETFs.”
— Narina Visser [10:08]
By highlighting transparency, efficiency, and flexibility, she educates investors on how ETFs can be effectively integrated into diverse investment portfolios.
5. Vision for the Growth and Integration of African Capital Markets
Reflecting on her leadership role in Africa, Narina shares her vision for the growth and integration of African capital markets within the global investment landscape.
“In young, developing, nascent markets, the ability to shape, to influence, to bring global best practice to these markets is significantly more so.”
— Narina Visser [11:26]
She outlines strategic partnerships with continental bodies like the African Stock Exchanges Association and the African Union, aiming to harmonize regulations, enhance payment systems, and facilitate capital flows within the continent. Narina underscores the importance of local currency transactions to reduce dependency on external currencies like the US Dollar, fostering greater financial autonomy and resilience.
“Our work is not done by any stretch of the imagination.”
— Narina Visser [13:08]
Her commitment highlights the ongoing efforts and the vast potential for capital market development in Africa, positioning the region as a critical player in the global investment arena.
Conclusion
Chris Wease commends Narina Visser for her multifaceted contributions to the investment industry, acknowledging her dedication to fostering a more inclusive, educated, and integrated financial landscape across Africa and the Middle East.
“You are so engaged in so many different ways at making the investment industry around you a better place. And I have so much respect for that.”
— Chris Wease [13:08]
The episode concludes with gratitude from both hosts, leaving listeners with a comprehensive understanding of the pivotal work being undertaken to elevate investment impact in some of the world’s most dynamic regions.
This episode of Enterprising Investor offers a deep dive into the intersection of education, diversity, and market development, providing valuable insights for investment professionals aiming to navigate and influence the evolving landscapes of Africa and the Middle East.