In South Africa, access to decent housing is both a social right and a cornerstone of economic stability. The National Housing Finance Corporation, or NHFC, plays a central role in making that access real for millions of households. Under the leadership of Chief Executive Officer Azola Mayekiso, the entity has forged strategies that move beyond traditional lending. Her approach is reshaping how affordable housing finance works in the nation, and offers lessons for business leaders and policymakers alike.
Reframing the Business of Housing
At its core, the NHFC operates as a development finance institution mandated to broaden access to affordable housing finance for low- and middle-income South Africans. It focuses on what executives call the “gap market,” households earning between 3,500 and 22,000 South African Rand. Rather than working directly with individual clients, the NHFC uses a business-to-business model. The corporation provides capital to developers and nonbank intermediaries, who in turn deliver housing solutions on the ground.
This model allowed the NHFC to increase housing finance approvals by 20% 2023 alone, a notable achievement in an industry where demand far outpaces supply. Mayekiso points out that financing flows where demand exists, and the “gap market” remains substantial.
Bridging Finance and Market Gaps
A key strategy under Mayekiso’s leadership has been the use of bridging finance to developers working on both fully subsidized and affordable housing projects. Bridging finance gives developers the short-term capital needed to push projects forward, with the expectation that longer-term financing or sales revenues will follow.
The NHFC also facilitates access to other housing finance instruments, including subsidies that help first-time homeowners afford their properties. These subsidies are scaled according to income, ensuring that the lowest earners receive the most support.
The result is more than a funding mechanism. It is a system that enables developers, intermediaries, and ultimately households to participate in a market that otherwise would remain out of reach. For a nation with millions of unmet housing needs, these strategies create leverage for progress where conventional finance cannot.
Managing Risk in a High-Stakes Sector
Affordable housing finance involves inherent risks. The NHFC’s success depends on prudent risk management practices that protect both the institution and the communities it serves. Mayekiso led a comprehensive review of the corporation’s policies related to pricing, credit risk, and investment guidelines. She emphasizes that risk management is not an abstract concept but a strategic asset that supports sustainable growth.
The corporation also strengthened its post-investment monitoring to ensure funds are used as intended and projects stay on track. These enhancements improve accountability and give the NHFC confidence as it expands its reach into new housing segments and geographic areas.
A Personal Commitment to Meaningful Impact
Mayekiso’s leadership is informed by deep personal motivation. Her career journey through finance and business has consistently pushed her toward roles where she could make a measurable difference. After years in investment consulting and asset management, she chose to lead an institution with a social impact mission. Loss and reflection during the COVID-19 pandemic also shaped her perspective, prompting her to focus on work that combines economic growth with real improvements in people’s lives.
Her message to emerging professionals is clear: learn relentlessly, seek mentorship, and let your work demonstrate your value. For Mayekiso, professional success aligns with personal fulfillment when it generates positive societal outcomes.
Crowding In Private Capital
The challenge of housing finance is too great for any single institution. Mayekiso advocates for strategic partnerships with the private sector and donor organizations to complement government funding. Crowding in private capital can expand the pool of resources available for affordable housing, reduce pressure on public funds, and accelerate delivery.
This approach signals a shift in how public entities operate. Instead of acting in isolation, the NHFC seeks synergy with commercial banks, private equity investors, and socially focused funds. This is not only smart business but also a scalable way to address systemic problems.
Looking Ahead: The Human Settlements Development Bank
Under Mayekiso’s stewardship, the NHFC is transitioning toward becoming the Human Settlements Development Bank, with broader mandates and expanded capacity. This evolution aims to embed affordable housing finance more deeply into the national economic framework. If successful, it will create a new class of development bank focused on human settlements, with the capacity to drive transformative investment.
Conclusion: Leadership That Delivers Change
Azola Mayekiso’s leadership at the NHFC demonstrates what is possible when strategic business thinking meets social purpose. Her vision extends beyond numbers on a balance sheet to measurable impact on communities. For business leaders, her work offers a reminder that sustainable growth often requires bridging traditional boundaries between sectors, embracing risk with rigor, and seeking partnerships that amplify impact.
As South Africa continues to grapple with housing deficits and economic inequality, the NHFC under Mayekiso’s leadership stands as a model of how finance can serve both people and prosperity.
