Bank One on strategic positioning to capitalise on Africa's growth

Bank One Mauritius is embarking on a strategic journey into Sub-Saharan Africa, a region teeming with possibilities for economic growth and development. In an exclusive interview with CNBC Africa's Tabitha Muthoni, Mark Watkinson, the CEO of Bank One Limited, shed light on the pivotal strategies and roles driving Africa's economic progress. With a robust shareholder backing from the CL Group and the INM Group, Bank One is strategically positioned to capitalize on the vast opportunities present in the African market. Leveraging what Watkinson terms 'the Mauritian Advantage,' the bank prides itself on stability, good regulation, and seamless funds movement within the International Financial Centre. Bank One's primary focus lies in catering to financial institutions and central banks across approximately 10 to 12 Sub-Saharan African nations. By offering a range of services, including syndicated facilities, treasury products, and access to global equity markets, the bank aims to facilitate economic growth by supporting its clients in meeting their specific requirements and furthering their country's developmental agenda. One of the cornerstones of Bank One's strategy is the African Continental Free Trade Area (ACFTA), which Watkinson views as a significant driver for fostering intra-African trade and collaboration. The bank is committed to enabling cross-border transactions and bolstering businesses to leverage the benefits of the ACFTA by providing trade lines and collaborating with central banks to establish pan-African payment systems. Additionally, Bank One emphasizes capacity building initiatives to foster self-sufficiency and enhance the implementation of the ACFTA. Taking a progressive stance towards sustainable development and financial inclusion, Bank One is at the forefront of developing innovative financial products tailored to the burgeoning African middle class. One such groundbreaking initiative is the POP payment application, designed to facilitate free instant payments between accounts across various banks in Mauritius. The bank is also working diligently to integrate internet banking solutions with the POP application to enable cross-border payments for African customers. Moreover, Bank One's collaboration with various development finance institutions (DFIs) underscores its commitment to SME financing and sustainability initiatives, aimed at enhancing access to finance for small and medium enterprises. Navigating the complex regulatory landscape across diverse African markets poses inherent risks for financial institutions operating in the region. Bank One mitigates these risks through robust risk management practices, regular country visits to key markets, and real-time monitoring of economic and political developments. Utilizing risk mitigation tools such as insurance, the bank prudently manages financial risks associated with currency fluctuations, political instability, and potential loan defaults in specific regions. In closing, Watkinson reflects on the key insights gleaned from the Africa CEO conference, emphasizing the need for shared knowledge and unity in driving Africa's growth trajectory. He highlights the necessity of amplifying Africa's success stories and championing initiatives like the ACFTA to realize the continent's full economic potential. With a profound sense of optimism for Africa's future, Watkinson advocates for a cohesive voice and collective action to transform dreams of growth into tangible realities.