A broader mandate. A stronger regional ambition

You now have a regional mandate covering Mauritius, Zambia, Mozambique and Botswana. What do these new responsibilities involve in practical terms?

This new role is first and foremost about bringing a broader regional perspective to how we serve our clients and grow our brand and business across Southern Africa.

As the longest-serving Managing Director among Absa’s African subsidiaries, I have had the opportunity to observe how client expectations have evolved over time and to lead through several economic cycles.

This experience, together with Absa’s regional growth ambitions, led to my appointment. The Group believes I can make a strategic contribution by supporting and advising the Managing Directors across these markets.

It was with this in mind that I was appointed Regional Executive for Southern Africa, covering Mozambique, Botswana, Zambia and Mauritius. I assumed these additional responsibilities on 1 September 2026, while continuing in my role as Managing Director of Absa Mauritius.

We operate in a highly interconnected global economy. This is equally true in sub-Saharan Africa, where trade, investment and the activities of many clients increasingly extend beyond national borders. Our ambition is therefore to strengthen regional synergies, encourage the sharing of expertise and good practices across markets, and build on the successes of each country to support growth across the region.

This is fully aligned with Absa Group’s Pan-African ambition. Our role across sub-Saharan Africa is to support that ambition by bringing our markets, expertise and capabilities closer together, creating new opportunities for growth and, most importantly, greater value for our clients.

The role also involves developing a better understanding of the risks specific to each market, while maintaining a strong focus on governance, risk management, control frameworks and regulatory requirements. Closer collaboration among our different entities will help accelerate our transformation, support innovation and deliver economies of scale.

Our objective is to build a more agile and effective organisation that can respond to changes in the banking sector. Beyond this coordination, I am convinced that Southern Africa holds significant growth potential, supported by its young population, an emerging middle class and expanding economic activity. We want to make the most of these opportunities and contribute to the region’s long-term development.

Another of my key responsibilities is to improve our ability to support clients whose needs extend beyond a single country. This may be a company entering a new market, an entrepreneur seeking to join a regional supply chain, or a large organisation managing financing and treasury requirements across several jurisdictions.

Each market retains its own leadership and governance responsibilities. The regional mandate is intended to build on these strong foundations, while improving collaboration and coordination across the different entities within the Group.

This appointment is a privilege and an important step in my career. It also creates an opportunity to strengthen Mauritius’ strategic positioning within Absa Group. This is particularly relevant to Wealth Management and Corporate and Investment Banking, where Mauritius has clear strengths and the potential to become a regional platform for more sophisticated and structured financial solutions.

This additional responsibility will also allow us to showcase the capabilities available in Mauritius. We have strong local talent and expertise that are recognised across the Group. My ambition is to build on these strengths, increase Mauritius’ contribution to Absa’s regional development and reinforce its position as a centre of excellence and a strategic financial platform for Southern Africa.

How is Absa Mauritius positioned within this collaboration among the Southern African markets?

Mauritius already occupies a strategic position within Absa Group, particularly as a liquidity and asset hub, with the ambition of becoming a centre of excellence in Wealth Management. The Group is also exploring the possibility of establishing Mauritius as a talent hub capable of attracting highly skilled professionals internationally.

Based in Mauritius, these professionals could apply their expertise not only within Absa Mauritius, but also in support of the Group’s different entities across Africa.

It is important to emphasise that while my additional responsibilities relate specifically to Southern Africa, the role of Absa Mauritius within the Group extends well beyond this region. Our business already makes a meaningful contribution to the Group’s activities and ambitions across the continent.

My appointment gives me additional scope to promote Mauritius’ strengths, increase its visibility and accelerate its development as a strategic platform. This ambition does not start from scratch. Mauritius is already considered an important part of Absa Group’s Pan-African strategy.

This development gives Absa Mauritius an opportunity to increase its contribution to the Group’s regional business while maintaining a strong commitment to our local clients. As at the end of December 2025, Absa Mauritius had loans and advances of Rs 115.4 billion and customer deposits of Rs 164.9 billion. These figures reflect the scale of our business and the extent of our responsibilities towards our clients.

The regional dimension of the role should also strengthen synergies and deepen commercial relationships among our markets. Mauritian companies seeking opportunities in Zambia, Mozambique or Botswana will be able to benefit from closer collaboration with Absa’s local teams in those countries. Similarly, clients operating in other African markets will be able to draw on the capabilities, expertise and financial solutions available from Mauritius.

It is equally important to make clear that this appointment does not change my responsibilities as Managing Director of Absa Mauritius. I remain responsible for leading our business in Mauritius, with the same commitment, focus and determination to support our clients and continue developing the bank.

Our clients should view this appointment as an opportunity to strengthen regional connections and synergies, rather than as a reduction in the attention given to our local business.

The real measure of success will be our ability to translate these synergies into tangible benefits for clients through more relevant advice, a better quality of service and new business opportunities.

The future of banking will not be defined solely by the products we offer. It will also be shaped by the quality of the relationships we build and our ability to support clients in achieving their ambitions. This is the philosophy guiding our approach.

For around a decade, the Mauritius International Financial Centre has been repositioning itself with the ambition of becoming a preferred platform for channelling investment into Africa. How is this transformation taking shape, and what role does Absa Mauritius play?

The progress is very encouraging, both in terms of investment flows into Africa and those originating from the continent. I believe the Mauritius International Financial Centre is making meaningful progress towards becoming an important platform for African investment. There is still more to be done, but the direction is positive and the prospects are promising.

One of Absa’s principal strengths is its long-standing presence on the African continent. We have been operating in Africa for more than a century, with a presence across several markets. This gives us a deep understanding of local economies, regulatory environments and business ecosystems.

That knowledge enables us to go beyond the traditional role of a financial solutions provider. Our ambition is to be a strategic partner to our clients, placing our expertise, market knowledge and connections at the service of their ambitions.

This means helping them understand different markets, identify opportunities, establish the right connections and structure their growth and investment projects. Our differentiation also lies in our ability to understand our clients’ ambitions and build long-term relationships with them. Our capacity to support them over time is what gives real meaning to our Pan-African presence.

Mauritius plays a strategic role in structuring and channelling international investment flows into Africa. Investors from the United States, Europe, the United Kingdom, Asia, the Middle East and Australia, particularly in sectors such as mining, use the Mauritian financial platform to access opportunities across the continent.

In this respect, Absa Mauritius has a significant competitive advantage through its membership of a banking group with deep roots in Africa. We can build bridges between international investors and African markets, while providing local expertise and support tailored to their needs.

At the same time, we are strengthening our support for Mauritian companies seeking to expand into Africa. This is a role we already play and one we intend to develop further. Through our knowledge of the different markets and our regional network, we can support them at every stage of their expansion. This may include identifying commercial or strategic partners, assessing investment opportunities, supporting due diligence processes and structuring their financial arrangements.

Are you seeing growing interest among Mauritian companies in establishing and expanding their operations across Africa?

Several large Mauritian groups have growing ambitions on the African continent. This points to genuine interest in new markets and growth opportunities, in an environment where market knowledge and the ability to build the right connections are increasingly important.

Not every local company has the same appetite for regional expansion. Those that are ready to take that step, however, can rely on our expertise and the strength of our Pan-African network.

As I mentioned earlier, our contribution goes well beyond financing. We can assist businesses with due diligence, connect them with trusted partners with whom we already work across the continent, and provide financing solutions suited to their projects. Our understanding of African markets, their economies and their regulatory requirements gives us an important advantage.

Does this mean investing in Africa is completely straightforward and free of constraints? Not yet. Each country has its own regulatory framework and every Absa entity is accountable to its local regulator. We must, of course, comply with these obligations.

Nevertheless, I believe we can go much further in simplifying processes and providing clients with a more integrated banking experience across markets.

This is one of the matters we are discussing with the Bank of Mauritius. Certain processes, particularly those relating to account opening, remain relatively complex. Consider an Absa client in South Africa who wants to open an account with Absa Mauritius. Although the person is already an Absa client, we are required to repeat the full Know Your Customer verification process.

It would therefore be useful to explore mechanisms that could simplify these procedures. One possibility is a “KYC Passport”, which would facilitate the sharing and recognition of client verification information across jurisdictions, while respecting the applicable regulatory requirements.

Examples of shared and mutually recognised KYC procedures already exist in Europe and could offer useful lessons. This does not mean applying the same mechanism indiscriminately to every country, particularly where regulatory and compliance standards differ.

However, where jurisdictions have comparable regulatory standards and the necessary safeguards, why should we not consider the mutual recognition of certain checks? The objective is simple: to make our clients’ lives easier.

Beyond the large Mauritian companies expanding across Africa, are small and medium-sized enterprises and mid-sized companies showing similar interest?

Interest is somewhat more limited among small and medium-sized enterprises and mid-sized companies. Their objective is not necessarily to establish a physical presence in Africa. They may instead be seeking new commercial outlets, strategic partnerships and export opportunities.

There is considerable work to be done in market development and commercial prospecting. Africa offers significant potential, supported by its young and rapidly growing population and its expanding middle class. These trends are creating new areas of demand and opportunities for Mauritian companies able to provide products and services suited to the needs of these markets.

Mauritius must therefore do more to pursue these opportunities and encourage local businesses to look more closely at the African continent.

This is particularly important because Mauritius faces a major macroeconomic challenge in the form of its trade deficit. This imbalance contributes to pressure on foreign currency availability, the depreciation of the rupee and inflationary pressures across the economy.

We must be realistic. No one will grant us special treatment in international markets. We need to identify the sectors in which Mauritius has a competitive advantage and develop exportable offerings that meet the quality, pricing and consumer requirements of international markets. In my view, Africa represents a genuine strategic opportunity for Mauritius.

Some observers argue that Mauritius’ limited integration within COMESA is largely due to a reluctance among local entrepreneurs to do business with African partners. Do you agree?

That may have been true in the past, but this perception now deserves to be seriously reconsidered. The sophistication and progress achieved by many African countries are remarkable. The economic and technological transformations taking place in countries such as Kenya and Ghana illustrate the scale of this development.

I was recently in Mozambique and was particularly impressed by the adoption of digital payment solutions. During a restaurant dinner, we even paid the tip through a mobile transfer. It is a simple example, but it says a great deal about how consumer and payment habits are changing.

From what I observed, cash now plays a secondary role in many transactions in Mozambique. In this respect, the country may even be ahead of Mauritius. Kenya is another compelling example, with a highly developed mobile payment ecosystem.

These experiences demonstrate how far certain African markets have progressed and why it is important to move beyond some of the traditional perceptions we may still hold about the continent.

You referred earlier to the potential for developing Absa Mauritius’ Wealth Management business. With a growing population of affluent clients in Africa seeking to manage and grow their wealth through a safe and stable jurisdiction, how could greater collaboration among Absa’s businesses in sub-Saharan Africa strengthen Mauritius’ positioning and accelerate the growth of its Wealth Management activities?

We must first consider the Mauritian financial ecosystem. Mauritius has steadily developed an environment that supports its ambition to become a regional centre of excellence in Wealth Management.

To realise this ambition, we need to consider two complementary dimensions: supply and demand. On the supply side, both Mauritius as a financial jurisdiction and Absa Mauritius as a bank have an important role to play.

We must ensure that we have an appropriate regulatory framework, highly skilled professionals, effective digital platforms, and a sufficiently broad and sophisticated range of products and financial solutions to meet the expectations of affluent clients.

The objective is not simply to attract wealthy clients who want to domicile or manage their assets in Mauritius. We must also have the ability to serve them to a high standard.

An important trend in recent years has further strengthened Mauritius’ potential in Wealth Management. Europe was traditionally the preferred destination for substantial private wealth. However, we have seen some large European wealth managers reduce their exposure to African markets as part of their risk management strategies.

Some institutions are no longer necessarily interested in clients with less than USD 5 million in investable assets. This is partly driven by a perception that Africa presents higher risk and compliance requirements. It does not mean that African clients are inherently riskier.

This is precisely where Mauritius has a meaningful opportunity. We have identified potential among the “mass affluent” segment, with investable assets of between USD 500,000 and USD 5 million. This is a segment that Mauritius is well positioned to develop, and the opportunity extends across the African continent.

We have made this ambition one of the pillars of our model, with the full support of Absa Group. The objective is to establish Mauritius as a Wealth Management centre of excellence serving the wider Group.

This strategy is already being translated into concrete action. Our Head of Wealth is currently completing a six-month assignment in South Africa to develop and structure this model further across the Group.

In addition, when clients of another Absa entity in Africa express an interest in international Wealth Management solutions, including access to an offshore platform, Mauritius is now positioned as a preferred centre for meeting those needs.

We have also established collaboration agreements with other Absa entities, encouraging them to refer clients who may benefit from the expertise available in Mauritius. These agreements include revenue-sharing arrangements. For example, when Absa Ghana refers a client who then makes use of our Wealth Management services, part of the resulting revenue is shared with that entity.

What share of Absa Mauritius’ loan portfolio relates to Segment B?

The contribution is significant. Segment B currently accounts for approximately 60% of our revenue and close to 80% of our profit before tax.

At the end of 2025, international and Segment B activities represented approximately 42% of our customer loan portfolio. Loans and advances to non-resident clients stood at Rs 48.8 billion, out of a total portfolio of Rs 115.4 billion.

Within this portfolio, loans to financial companies amounted to Rs 8.5 billion, reflecting our role in supporting and developing the financial services ecosystem. This development is also taking place in a context where the tax burden on domestic banking activities has risen considerably, reaching 35%.

These activities are a major part of our business model and illustrate the strategic role of Absa Mauritius in supporting cross-border trade, facilitating investment flows and financing clients operating across African and international markets.

They also demonstrate Mauritius’ ability to position itself as a credible financial platform that connects international capital with investment opportunities in Africa. Our objective is to continue growing our international activities responsibly, while maintaining a diversified and resilient loan portfolio.

The Mauritian banking sector remains financially robust, with combined profits reaching record levels. This profitability has attracted criticism, with some describing these profits as “indecent”, particularly at a time when households and businesses face a higher cost of living and significant financial pressures. How do you respond?

We often hear that banks generate substantial profits. However, profitability must be considered in relation to the capital required to generate those returns and the risks assumed by banking institutions.

Banks currently tend to generate a return on equity of between 15% and 20%. However, there are material differences among the various business segments. In our case, Segment B, which covers international activities, generates a return of approximately 30%, while Segment A, covering domestic activities, produces a return of no more than 10%. The latter is relatively modest when considered against the risks we take.

It is therefore important to qualify the claim that banks generate excessive profits solely from the Mauritian market. A significant share of banking sector profitability comes from offshore activities.

At the same time, taxation of the banking sector has increased substantially in recent years. This raises an important question about the competitiveness and attractiveness of the Mauritius International Financial Centre. International banks have several choices when deciding where to book and develop their activities.

Nevertheless, I understand the concerns being expressed. Clients experiencing financial difficulty have every right to question whether their banks are delivering genuine value and whether they are receiving fair and equitable treatment.

Profitability is essential for a bank to remain financially sound, strengthen its capital base, absorb potential losses and continue supporting its clients. However, this alone cannot justify a bank’s financial performance.

Clients must also experience tangible benefits through fair treatment, reliable and high-quality services, and responsible access to financing.

Absa Mauritius, for example, recorded profit after tax of Rs 4.6 billion in 2025, with a capital adequacy ratio of 19.3%. These annual indicators reflect both our profitability and the strength of our financial position.

Our responsibility is to ensure that this financial strength supports not only the sustainability and resilience of our institution, but also tangible improvements in the experience and benefits delivered to clients.

Strong financial performance does not remove our responsibility to listen and challenge ourselves. Where our service, pricing or access conditions do not fully meet clients’ expectations, we must be prepared to acknowledge the shortcomings and make the necessary improvements.

Returning to taxation, do you consider a rate of 35% too high?

At 35%, I consider the level of taxation to be high. For Segment B, it is around 22%, which is higher than in financial centres such as Singapore and, even more so, Dubai.

It is important to compare Mauritius with international financial centres that have similar characteristics and activities if we are to assess our tax competitiveness objectively.

I also believe that one of the mistakes we make as banks relates to how we communicate our financial performance. When we publish our results, attention tends to focus on each bank’s total profit. A bank may announce profits of several billion rupees without necessarily explaining where those earnings came from.

It would be more helpful to distinguish clearly between the profits generated by Segment A and those arising from Segment B. Greater transparency would help the public understand the structure of banks’ profitability and the actual contribution made by each segment.

It is entirely understandable that bank profits raise questions, particularly when many households and businesses are under financial pressure. When people see banks continuing to report substantial profits, sometimes increasing by 10%, while they are facing economic difficulties, their questions are legitimate. We must recognise this and communicate with greater clarity.

At the same time, it is important to understand the implications of taxing international activities. If the tax burden on Segment B continues to increase, Mauritius risks weakening its attractiveness as an international financial centre.

International clients have alternatives and may choose to move their business to jurisdictions with more competitive tax environments. Over time, Mauritian banks themselves may need to reassess their operating models and consider establishing entities in other financial centres through which to book their international assets.

Bank fees and commissions are regularly criticised, with many clients considering them too high. How do you respond?

I fully understand these concerns. However, there is now greater transparency around banking fees and commissions. The Bank of Mauritius requires all banks to publish their schedules of fees, enabling clients to understand the charges applying to different products and services.

I also believe that digital transformation should reduce banks’ operating costs and, over time, contribute to lower fees and commissions for clients.

However, certain traditional banking transactions involve real costs. A cash withdrawal at a branch, for instance, requires employees, infrastructure and security arrangements. These operating costs must be taken into account when services are priced.

How far has Absa Mauritius progressed in its digital transformation?

We have already made significant progress. One of our main developments is Spark by Absa, a payment application open to everyone, whether or not they are an Absa Mauritius client.

This openness matters because our ambition is to build an ecosystem that goes beyond the traditional banking relationship. Through the possibilities created by open banking, Spark is intended to develop progressively into a lifestyle platform that supports users in their everyday lives.

In addition to Spark, we have digitalised the process of becoming an Absa Mauritius client through a proposition that allows for fully remote onboarding and account opening.

Integrated with the Bank of Mauritius’ centralised KYC arrangements and with the Credit Reporting Database for companies, this solution helps streamline verification, reduce administrative steps and shorten turnaround times without compromising compliance requirements.

This provides a practical illustration of our approach to digital transformation: simplifying the client experience, removing friction and making our services faster and easier to access.

Digital remains a major pillar of our development. We continue to enhance our platforms to make banking simpler, faster and more accessible.

Spark by Absa supports this ambition by facilitating everyday payments for customers and merchants. We are also strengthening mobile payments through Google Pay, which is already available, and Apple Pay, which will be launched soon.

With around 70% of smartphone users in Mauritius using Android devices, Google Pay has strong adoption potential. Apple Pay will complement our existing offering and respond to the different preferences of our clients.

Artificial intelligence is developing rapidly and gradually transforming every sector of the economy. How is Absa Mauritius integrating this technology into its operations, and what measures are you taking to protect data and manage the associated risks?

We strongly believe in the potential of artificial intelligence and are actively preparing to integrate it into our activities. This is a major transformation that requires a structured approach because it affects many areas of our organisation.

We have taken an initial step with the introduction of Microsoft Copilot, while Absa Group is working on several initiatives to make use of the opportunities created by artificial intelligence. Some projects have already been launched.

At the same time, we have implemented a specific AI governance framework to guide its use and ensure that it is deployed responsibly, securely and in line with our internal requirements.

Beyond the technology, one of the key considerations is our people. We have therefore undertaken detailed workforce planning to anticipate how AI will transform banking roles. We have also engaged a specialist consultant to help us reassess our workforce strategy in light of these developments.

Cybersecurity has become a major issue for the banking sector, particularly as fraud appears to be increasing. What measures is Absa Mauritius taking to protect clients’ funds and data, and how do you help clients adopt the right security practices?

In many cases, clients become involved in fraudulent schemes without fully understanding what is happening. Their involvement is not necessarily deliberate, but fraudsters often exploit a lack of information or vigilance.

We have observed an increase in “mule accounts”, where an individual’s bank account is used to transfer funds that may be linked to fraudulent activity. Money is paid into a local account and then transferred almost immediately to another beneficiary.

The account holder may agree to facilitate these transactions in return for payment without realising that they could be contributing to money laundering or fraud.

To detect and prevent such situations, Absa Mauritius monitors unusual transactions and activities on clients’ accounts.

For example, if a teacher earning Rs 50,000 a month suddenly receives Rs 200,000 into their account, without the transaction matching their normal activity, it may attract our attention and lead us to request information about the nature and source of the funds.

This does not mean that every unusual transaction is suspicious or fraudulent. Our role is to understand the activity, identify possible warning signs and intervene where necessary.

Mauritius has enacted the Virtual Asset and Initial Token Offering Services Act, which regulates virtual assets and digital token offerings. How does Absa Mauritius approach the risks associated with these transactions, and what measures are being taken to ensure secure transfers and regulatory compliance?

Most banks have not yet adopted digital assets as a means of payment. At Absa, however, we monitor developments closely and follow what I would describe as a “fast follower” approach.

In other words, we aim to be among the first to adopt innovations once they have been proven, while ensuring that the associated risks are properly understood and managed.

Know Your Customer, anti-money laundering and regulatory compliance requirements remain fundamental. We cannot disregard these responsibilities. Our approach is to monitor developments internationally and regionally, understand the changes taking place and determine how Absa can participate in the digital asset ecosystem responsibly and meaningfully.

Digital assets are an area we are actively exploring. Absa Group was the first bank in Africa to provide digital asset custody services. We are working with the Group to build on this expertise and examine whether this capability could eventually be offered from Mauritius.

Beyond custody, we are exploring other possible applications, including the use of stablecoins for certain international transfers and the potential of tokenised assets as a new investment class.

We are progressing gradually and in a controlled manner. Our ambition is to develop relevant value propositions for clients while contributing to Mauritius’ positioning within emerging financial ecosystems.

You have repeatedly emphasised the importance of human capital to the development and competitiveness of Mauritius’ financial sector. How do you assess the current availability of talent and skills?

The financial sector is one of the pillars of the Mauritian economy and plays an essential role in positioning the country as an international financial centre.

However, if the sector is to enter its next phase of development, particularly by moving towards activities with greater added value, talent will be critical.

The World Bank’s recent report on growth and employment in Mauritius highlights a paradox. While the country has high-quality talent, it also faces shortages in certain specialised fields, a mismatch between available skills and business needs, and the continued emigration of qualified professionals.

We must act on several fronts. We need to continue building local expertise, particularly in emerging areas of finance, technology, data and artificial intelligence. We must create the conditions needed to retain our best professionals, encourage Mauritians with international experience to return, and attract high-level international expertise where necessary.

The objective is to build a genuine talent ecosystem capable of supporting Mauritius’ development towards more sophisticated and higher-value financial activities.

In the longer term, the competitiveness of our financial centre will not rest solely on regulation, taxation or international connectivity. It will depend equally on our ability to build the skills, expertise and capacity for innovation needed in Mauritius to support new economic and financial models.

Human capital must therefore be recognised as one of the principal drivers of the Mauritius International Financial Centre’s next phase of development.

What strategy has Absa Mauritius implemented to attract, develop and retain talent as competition for skilled professionals intensifies in the financial sector?

Attracting, developing and retaining talent is a strategic priority for Absa Mauritius. We believe the success and sustainable growth of our bank depend first and foremost on the quality of our colleagues, their engagement and their ability to evolve in a constantly changing environment.

Our approach has been recognised through our Top Employer certification for two consecutive years.

We also conduct regular internal surveys to measure colleague engagement and understand their views on the work environment.

One point is clear: we cannot continue to grow or realise our ambitions without sustained investment in our people. However, this issue extends beyond Absa Mauritius. At a national level, we must also build an ecosystem capable of attracting and retaining more Mauritian and international talent.

Following the recent incidents of violence in Mauritius, which could raise concerns about the country’s stability and attractiveness, have clients or international investors approached you for reassurance?

We have received several questions from clients, particularly institutional clients, about the recent events in Mauritius.

Our role is to explain the context in which these incidents occurred and to keep clients informed about the measures taken by the authorities to restore confidence and preserve the country’s stability.

However, it is important not to confuse “a moment in time with time”. These events represent a difficult moment in our history, but they should not, on their own, define Mauritius.

We must nevertheless learn the necessary lessons and take appropriate measures to prevent similar situations from recurring.

Our institutional clients naturally have questions, and we are working to reassure them. Other countries also experience periods of tension and violence, but that is neither a justification nor an excuse.

International investors have particularly high expectations of Mauritius because our country has built a reputation for stability, safety and reliability. We must acknowledge that we went through a difficult week and that these events did not help promote the country’s image internationally.

I sincerely hope we can take a step back collectively, draw the right lessons from this period and look firmly towards the future.

This does not mean ignoring or minimising the challenges facing our society. On the contrary, we must acknowledge them and work towards practical responses.

We must continue building a fairer and more inclusive society that is attentive to the concerns of all its people. This requires responsibility, understanding and solidarity, together with lasting solutions that benefit the population as a whole.

Mauritius and Botswana are among the sub-Saharan African countries with investment-grade ratings. To what extent does this provide Mauritius with a competitive advantage?

It is unquestionably a major strength for Mauritius. However, I believe investment grade should be considered from a broader perspective than simply the cost of financing or our ability to attract foreign investment.

Beyond the rating itself, it is fundamentally about economic discipline and responsibility. We must manage our public finances carefully, live within our means and maintain sound macroeconomic fundamentals.

This discipline should not be driven solely by the expectations of international rating agencies such as Moody’s.

Access to international funding will become more difficult and, importantly, more expensive. Financial services are one of the key pillars of our economy, and we have spent years building the sector’s reputation. It is our collective responsibility to protect and strengthen it.

Maintaining our investment-grade status should not be an end in itself. It should be the result of a well-managed and resilient economy that continues to inspire confidence among international investors.

The global credit rating market remains largely dominated by the “Big Three”, Moody’s, Standard & Poor’s and Fitch. Their assessments significantly influence perceptions of sovereign risk, investor confidence and the cost at which governments can borrow internationally. In this context, what difference can the Africa Credit Rating Agency, headquartered in Mauritius, realistically make?

The Africa Credit Rating Agency has the potential to provide a more balanced perspective, grounded more closely in African realities, to complement the work of the major international rating agencies.

One of its main contributions could be to broaden credit rating coverage across the continent, particularly for governments, financial institutions and companies that currently have limited access to external assessments of their creditworthiness.

However, like any rating agency, AfCRA will need to demonstrate its independence, transparency and the rigour of its analytical methodologies if it is to earn the confidence of international investors and establish its credibility.

AfCRA could play an important role in ensuring that Africa’s specific characteristics and economic realities are better understood, assessed and reflected in international capital markets.