Mr Lungelo Madondo and Mr Philani Nxele, both graduated cum laude with their Master’s in Commerce (Finance).
Their academic journeys – rooted in perseverance and shaped by personal sacrifice – offer inspiration to communities where access to Higher Education remains limited.
For 25-year-old Lungelo Madondo, who grew up in the small rural village of Mtebhelu in Ladysmith, the dream of Higher Education was far from certain. Raised by his mother, a street vendor who sold vegetables to support their family of three children, Madondo knew early on that education would be the only way to change his family’s circumstances.
Due to financial constraints, he worked while studying – but with determination and the support from his supervisors, Professor Paul-Francois Muzindutsi and Dr Damien Kunjal, he persevered.
His research titled: ‘Volatility Spillovers and Interconnectedness between Cryptocurrencies and Traditional Asset Classes in Emerging Markets,’ explored the risks associated with crypto investment.
“While cryptocurrencies are increasingly being adopted as a medium of exchange, their high volatility raises concerns and risks regarding their full adoption. The study aimed to assess whether this volatility spills over to traditional assets such as stocks, bonds, and commodities in emerging markets,” he explained.
The findings revealed minimal volatility spillovers, suggesting that cryptocurrencies are highly interconnected with each other but do not significantly influence traditional investments.
“This provides important insights for institutional investors and policymakers,” Madondo explained, noting that his work has direct implications for risk management and portfolio construction in volatile markets.
For 27-year-old Philani Nxele, from Cato Ridge in KwaXimba, the journey to his master’s degree became one of personal discovery. The youngest in his family and now a father, Nxele initially enrolled in the programme uncertain of his direction. The birth of his son, however, became a turning point – transforming his studies into a pursuit grounded in legacy and responsibility.
“Suddenly, my studies were no longer just about me. I had someone to write for, someone who might one day look back at this work as part of his legacy,” Nxele shared.
His dissertation, titled: ‘Initiatives to Support Small, Medium, and Micro Enterprises to Survive Load Shedding in KwaZulu-Natal, South Africa’, investigated the effectiveness of support systems available to SMMEs during persistent energy disruptions. Through interviews with entrepreneurs, funders, and policymakers, he uncovered the complexity of business survival – highlighting the need for proactive, context-specific, and collaborative approaches.
The study suggested that while government and private sector initiatives exist, their impact is often limited, particularly in under-resourced areas. Nxele’s recommendations call for simplified processes, improved financial literacy, and stronger partnerships to ensure support systems reach entrepreneurs where they are most needed.
For Nxele, the research is also personal. “Growing up, I saw countless individuals with ideas, drive, and ambition struggle because the systems around them were not aligned with their needs,” he said.
“This work is a mission to ensure that small businesses, which are the lifeblood of communities, survive, grow, and inspire the next generation.”
Their supervisor, Professor Paul-Francois Muzindutsi, commended both graduates for their achievements. “Both students are passionate about research and academic careers and have presented their work at an international conference. They have also registered for their PhDs in Finance and I am proud to be part of their research journey. They exemplify the spirit of perseverance and the transformative power of education. Their studies address critical issues in finance that have real-world implications, and their success demonstrates what can be achieved when determination meets opportunity,” he said.
Words: Ayanda Radebe
Photograph: Sethu Dlamini