JOHANNESBURG – Nombuso Mkhulise is one of the most accomplished women in the financial sector and the only black woman to own a brokerage firm, she exclusively speaks to FX Magazine on how it all began for her.
The down to earth Globex360 Chief Executive Officer was born in Soweto, Johannesburg and challenges more women to venture into the money market.
She experienced a difficult upbringing as she had to deal with losing her mother at the age of 10. Mkhulise reveals that she is a seasoned CEO and that her company serves clients from around the globe hence the name, “Globex – Global exchange.”
“I’m a seasoned CEO and a business development professional. I grew up in Diepkloof (Soweto) with my grandmother after losing my mother at a tender age. Conquering all the trials and struggles of a disadvantaged background. Because I was working hard academically, I landed a bursary at the DSJ (Deutsche Schule Johannesburg),” she revealed.
“I have always been a go-getter with high ambitions and with an entrepreneurial vision in high school where I sold music tracks and albums to my peers to make extra money. The inspiration was influenced by my grandmother who owned an ice-pop business, selling them at 50 cents to buy day-to-day necessities. I studied Civil Engineering while working in an aggressive sales and call centre environment for one of the Major banks. As I was looking for greener pastures, I entered the biggest financial industry in the world, which is (FOREX) in 2011,” reflected the CEO
As she just alluded to the fact that she was a go-getter during her teenage years at school, Mkhulise says her journey into the Forex world began in 2011 and is now the only female to head a brokerage firm in South Africa.
“I started working for ACM Gold in 2011 as a sales agent and then moved into the partnership space where I was managing IBs and Institutional traders for many years,” continued Mkhulise.
“This was a very influential point in my life as I was gaining a lot of knowledge on the systems, the technology of the broker as well as grooming many of the successful IBs/Forex academies in Africa,” she reacted.
“Throughout the years, I have worked with startup and existing broker firms in South Africa. With nearly a decade, in the forex industry, I monitored market trends and gave advice to Executive Committee members on strategic developments and possible business opportunities in the financial industry.
“With the evolution of the industry, many challenges arose between traders and brokers, and I identified an opportunity where I saw the need to improve the standards,” she added.
Without experience in the Foreign Exchange industry, Mkhulise would not have reached the level she is currently enjoying and says she wanted to end the stigma that Forex is for the advantaged.
“Yes, I was a trader before, however, my passion has always been in management brewing leaders and owning my own Forex broker,” she said.
“There has always been a stigma that trading forex is for the advantaged therefore this was a gap I identified to reach out to fellow Africans and create a solution to reduce the high unemployment rate. The primary objective is for people to be self-empowered,” she continued.
In many sectors of the economy in the world, be it in mining, sports or in the engineering sector, men always have an upper hand when it comes to numbers and Mkhulise aims to rise head and shoulders above her counterparts.
“Yes, there is pressure to do well as this financial sector is highly dominated by males. Also, there are competitors who have been in the industry longer than we have, therefore outperforming them is a daily objective. We have managed to stay a step ahead through great services to our clients and partners,” she asserted.
Following the popularity of Forex Trading among the youth and many developing countries, the Globex360 boss says the future of trading in the country is looking bright.
Moreover, she acknowledged that the numbers are not so promising when it comes to demographics as far as women are concerned in the business sector.
“Based on the current market analysis, the future of trading in South Africa and Africa is very bright. Forex has become a household name and survived all negative publicity in the recent past. Ours is to see people using our platform and services as a medium of financial success,” she noted.
“Yes, of course, we need more women in male-dominated industries. For an example Sis Basetsana Khumalo in the travel and entertainment industry, Sis Connie Ferguson in the media and the film industry as well as Sis Funeka Montjane who is the Chief Executive Officer of personal and business banking – they are inspiring women,” she responded.
In many instances, life has taught that anything that is launched from scratch tends to experience challenges and Mkhulise admits there were challenges to fight and eliminate stereotypes.
Nevertheless, she said their policy is to ensure there is transparency and she revealed that many of her clients now call her ‘Mother of Forex’.
“Building a good brand in an industry which was under a cloud of negativity like clients complaining of being scammed by so-called mentors has challenges,” she conceded.
“As mentioned before, the industry was tarnished by bad business practices, however, we did not find it hard to get clients as I had a relationship with many of them before and we offer superior services as a team.
“However, at Globex360 our policy is to ensure transparency to the end users which led us to gain their full trust and confidence from our clients. Some even call me the Mother of Forex,” she laughed.
Speaking about scams and fraud in the Foreign Exchange industry, Mkhulise has challenged South Africans to do proper research when it comes to investing their hard earned money.
“South Africans must be equipped to become self-sustaining traders by using the right platforms and tools,” she encouraged.
“And the broker you trade with is one of the key elements of becoming a successful trader. Globex360 has taken the initiative to groom our IBs/Partners to run ethical business practice,” she concluded.