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Indeed, be it the Economic Crime 2025 Index, the Ibrahim Index of African Governance for 2024 or the 2024 Corruption Perceptions Index, Sebastien explains how the jurisdiction is making a mark in the global investment landscape through good governance and transparency.

Edited excerpts from an exclusive interview:

1. In October 2024, the Seychelles and the UK reaffirmed their commitment to collaborate on enhancing economic growth, combating corruption and addressing climate change. The UK Minister for Africa also highlighted a new agreement to combat illicit financing, promoting transparency in the Seychelles. How do you see these commitments translating into an improved business climate on the ground?

Since the signing of the UK–Seychelles Economic Security Agreement in October 2024, we have seen concrete steps taken to bring these commitments to life. Notably, in May 2025, the two countries completed their first six-month review, leading to renewed UK funding to enhance Seychelles’ digital forensic capabilities and transparency frameworks.

Seychelles has also implemented new rules requiring all companies and legal arrangements to conduct annual reviews of their beneficial ownership data, including nominee declarations. This systematic approach aims to improve accuracy and support compliance processes.

For us from the financial services sector, this translates to smoother onboarding, reduced compliance friction, and increased credibility with international regulators and banks. When foreign institutions recognise that Seychelles entities operate under a transparent and enforceable regime, they are more likely to support transactions and relationships.

Moreover, Seychelles’ leadership in this area was underscored when it hosted the inaugural African Beneficial Ownership Transparency Network (AfBOTN) meeting in October 2024. Co-chaired by the UK and supported by the African Development Bank, this initiative positioned Seychelles at the forefront of regional governance and anti-financial crime initiatives.

In summary, these advancements indicate that Seychelles adheres to international standards and actively contributes to the progression of responsible business practices. For our industry, it is a boost in legitimacy, confidence, and international connectivity.

2. The recent report by consulting firm Secretariat International, the Economic Crime 2025 Index, has ranked the Seychelles as Africa’s least risky country for financial and economic crime. The index, which evaluates 177 countries on their exposure to financial crimes like money laundering, corruption, and organised crime, has also ranked the Seychelles as 22^nd in the world. Could you comment on key takeaways from the report released in April 2025, and what it has meant for investor confidence in the Seychelles as a fund jurisdiction of note?

This ranking is a standout achievement for Seychelles. According to the Secretariat Economic Crime Index (SECI), Seychelles not only ranked 1^st in Africa but 22^nd globally.

It is classified within the “Vigilant Players” category, recognised for actively strengthening its anti-financial crime frameworks.

This statement is supported by tangible reforms that have been both implemented and observed in practice.

For our sector, this is a game-changer. These rankings reflect that Seychelles is no longer viewed as a high-risk offshore jurisdiction. Instead, it is emerging as a low-risk, well-regulated jurisdiction for cross-border structuring. That has major practical benefits: for example, onboarding clients with financial institutions has become smoother because the due diligence flags are lower when Seychelles structures are involved.

We have also seen growing demand for Seychelles vehicles, especially from clients looking to diversify away from traditional centres. This report validates that trend, reinforcing confidence in our compliance infrastructure and the steps taken to reduce exposure to financial crime.

3. This report is not an isolated development but has also found echoes in others such as the Ibrahim Index of African Governance for 2024 where the Seychelles was ranked 1^st in Africa. Moreover, the Mo Ibrahim Foundation noted that the Seychelles is both the best performing and most improved country on the continent, gaining an impressive +10.0 points following progress over the decade, far above the modest continental average change limited to 1 point. Could you provide your views on key takeaways from the report and elaborate on how the improved governance climate translates into a more conducive environment for investors to do business?

The 2024 Ibrahim Index of African Governance (IIAG) paints a compelling picture of Seychelles’ governance trajectory. With a score of 75.3, Seychelles ranked 1^st in Africa and achieved the highest improvement over the last decade, with gains in every one of the 16 governance sub-categories, particularly in anti-corruption mechanisms and citizen participation.

This is significant for the financial services sector. Good governance is the bedrock of investor confidence. When clients see that a jurisdiction offers consistent regulatory frameworks, impartial legal systems, and functioning institutions, they are more likely to invest and establish structures. The IIAG results show Seychelles is delivering on all fronts.

This improved governance climate reduces uncertainty, enhances the ease of doing business, and positions Seychelles as a credible, long-term partner for international investment. For us, it means faster licensing processes, better interactions with regulators, and smoother coordination across government departments.

The index indicates that Seychelles is recognised for its governance in Africa. It is a clear signal to fund managers, institutional investors, and private clients that we are a jurisdiction where risk is managed, standards are rising, and business can be conducted with confidence.

4. Rounding up the trio of impressive accolades for the Seychelles is the ranking secured by the island nation in the 2024 Corruption Perceptions Index (CPI) published by Transparency International in January 2025. Here, the Seychelles not only ranked 1^st in Africa and 18^th globally, but also got its highest score of 72 out of 100 to date, further reinforcing its reputation for good governance and transparency. How does this continued thrust on transparency, with successive No 1 ranking in the index across the years, reflect on the Seychelles as a fund jurisdiction of substance?

Seychelles’ performance in the 2024 Corruption Perceptions Index is a strong vote of confidence in the country’s commitment to clean and accountable governance. Scoring 72 out of 100, our highest score yet, and ranking 1^st in Africa and 18^th globally, Seychelles has positioned itself ahead of major economies. This marks the fifth consecutive year that Seychelles has led the continent in this index, and the momentum is clearly moving in the right direction.

In our sector, reputational strength matters. When a jurisdiction consistently ranks among the best in the world for transparency and anti-corruption, it gives international clients, banks, and regulators added assurance that structures established here meet the highest standards.

We are already seeing the effects on the ground with increased interest for choosing Seychelles as a jurisdiction of substance. The reason is simple: decision makers and advisers now have independent, internationally recognised data to point to when justifying why they have selected Seychelles.

This reputation is reinforced by real regulatory reforms. We have introduced mandatory disclosures of beneficial ownership, including nominee relationships, and enforced regular reviews of that data.

Companies are required to file accounting records twice a year, with clear retention timelines. The trust legislation has been modernised to include stronger oversight, financial reporting, and recordkeeping. These changes give substance to our rankings, they are not just earned on paper but implemented in practice.

Seychelles’ top-tier CPI ranking is a reflection of the progress we have made and a signal that this is a jurisdiction where substance, compliance, and transparency are not optional, but expected. For our sector, this means we can confidently offer our clients a stable, credible platform for international structuring, knowing we are backed by global recognition and real reforms.

In our sector, reputational strength matters. When a jurisdiction consistently ranks among the best in the world for transparency and anti-corruption, it gives international clients, banks, and regulators added assurance that structures established here meet the highest standards.

We are already seeing the effects on the ground with increased interest for choosing Seychelles as a jurisdiction of substance. The reason is simple: decision makers and advisers now have independent, internationally recognised data to point to when justifying why they have selected Seychelles.

This reputation is reinforced by real regulatory reforms. We have introduced mandatory disclosures of beneficial ownership, including nominee relationships, and enforced regular reviews of that data. Companies are required to file accounting records twice a year, with clear retention timelines. The trust legislation has been modernised to include stronger oversight, financial reporting, and recordkeeping. These changes give substance to our rankings, they are not just earned on paper but implemented in practice.

Seychelles’ top-tier CPI ranking is a reflection of the progress we have made and a signal that this is a jurisdiction where substance, compliance, and transparency are not optional, but expected. For our sector, this means we can confidently offer our clients a stable, credible platform for international structuring, knowing we are backed by global recognition and real reforms.

5. Finally, innovation is a key success factor in the fund administration space. In September 2024, the Virtual Assets Service Providers (VASP) Act 2024 was officially enacted in the Seychelles, establishing a regulatory framework for VASPs that clearly defines their obligations and responsibilities in relation to virtual asset activities in or from the country. Could you provide your insights into how this cutting-edge legislation allows the Seychelles to enhance investor protection and foster innovation in the virtual asset space?

The VASP Act 2024 is a defining moment for Seychelles as a forward-looking financial centre. With this legislation, Seychelles has introduced a full-fledged legal framework to regulate virtual assets.

The law requires VASPs to be licensed by the Financial Services Authority (FSA), adhere to strict AML/CFT standards, and maintain a local presence. It also ensures robust consumer protection through segregation of client assets and mandatory cybersecurity safeguards.

For our sector, the opportunity is clear. We can now support clients within a regulated, credible environment. Investors benefit from greater legal certainty, and service providers gain a clear roadmap to participate in this space responsibly.

Importantly, the VASP Act included a transition period, during which existing providers were required to regularise their status with the FSA. Since then, the regulator has already taken steps against unlicensed entities, showing that enforcement is being taken seriously.

It is a robust framework that balances the need for innovation with the obligations of financial integrity. For investors looking to future-proof their structures, Seychelles now offers a regulated, transparent environment for engaging with digital assets, making us not only relevant, but competitive, in the fast-evolving world of finance.

ITL Reaffirms International Positioning Through CEO’s Participation at Key Events in Japan

Intercontinental Trust Ltd (ITL) has reinforced its international positioning with the participation of its CEO, Ben Lim, in two landmark events in Japan: the 9^th Tokyo International Conference on African Development (TICAD 9) in Yokohama, and the official inauguration of the Embassy of the Republic of Mauritius in Tokyo, held under the patronage of the Prime Minister, Hon. Dr Navinchandra Ramgoolam.

Importantly, the Prime Minister confirmed that his Japanese counterpart has agreed to the signing of an Investment Promotion and Protection Agreement (IPPA) and stressed the importance of also establishing a Double Taxation Agreement (DTA) between the two countries. H.E. Mr Kan Masahiro, the Ambassador of Japan to Mauritius reinforced this perspective, noting that a DTA should follow the IPPA as the natural next step, a declaration that underlines Japan’s commitment to deepening its economic partnership with Mauritius.

A Mauritian delegation, led by the Economic Development Board (EDB), took part in a series of strategic events aimed at positioning Mauritius as a hub for investment and trade, while consolidating economic relations between Mauritius, Japan and Africa.

TICAD 9: Mauritius as a Strategic Bridge between Africa and Asia

Prime Minister Dr Navinchandra Ramgoolam attended the 9^th Tokyo International Conference on African Development (TICAD) in Yokohama, where he also participated in bilateral meetings and working sessions with representatives from various nations. These exchanges focused on strengthening cooperation between Africa and Japan in key areas such as trade, investment and sustainable development, all of direct relevance to Mauritius’ positioning as a regional hub.

As part of the Mauritian delegation led by the Economic Development Board (EDB), ITL’s CEO Ben Lim also took part in TICAD 9, contributing to the promotion of Mauritius as a strategic bridge between Africa and Asia and showcasing ITL’s expertise in structuring cross-border investments.

Inauguration of the Embassy of Mauritius in Japan: A Historic Milestone

On 22 August, Ben Lim also attended the inauguration of the new Embassy of Mauritius in Tokyo. This milestone builds upon diplomatic relations established between Mauritius and Japan since 1968.

The Prime Minister, Dr Navinchandra Ramgoolam mentioned during this speech that the Embassy will serve as a key platform to advance economic cooperation between the two nations, facilitating trade and investment flows and promoting business partnerships. . It further consolidates Mauritius’ position as a trusted International Financial Centre (IFC) and a gateway for Japanese investment into Africa.

ITL: A Long-Standing Partner to Japanese Clients

For more than two decades, ITL has supported its clients in pursuing their regional and international ambitions. Among them are renowned Japanese groups such as Mitsui O.S.K. Lines (MOL), a testament to the strength and relevance of ITL’s solutions.

The inauguration of the Embassy reinforces ITL’s positioning as a strategic partner for investors seeking to leverage the Mauritian platform to connect with African opportunities.

“Mauritius has all the attributes to be a stable and innovative investment hub, i.e. a strong anchor point between Africa and Asia. At ITL, we are proud to accompany our clients, including those from Japan, in structuring international projects and building sustainable partnerships. The opening of this Embassy further strengthens our commitment to consolidating bridges between Mauritius, Japan and Africa. The progress towards an IPPA, and the prospect of a future DTA, will further enhance this bridge, creating a stronger framework for trade, investment and long-term collaboration” said Ben Lim, CEO of ITL.

The ITL Foundation recently gathered staff for a hands-on baking session at ECAL (École Culinaire Aline Leal) in the heart of Port Louis, in collaboration with ANFEN, to mark World Biscuit Day.

ANFEN, which stands for the Adolescent Non-Formal Education Network, was created in 2000 by the UNICEF organisation. With a focus on youth excluded from formal education, ANFEN support its members in their efforts to reintegrate those excluded from school into society through inclusive and vocational training.

The sweet smell of success: Creating impact, one biscuit at a time

Under the guidance of the ever-passionate Chef Kendra Li, and in the joyful company of ANFEN students, the group dove into traditional biscuit recipes – mixing, kneading and laughing their way through the morning.

But it wasn’t just about baking. Every biscuit made was more than a treat – it was a symbol of support. All baked goodies were purchased to fund ANFEN’s training programme, helping empower adolescents who have faced educational challenges.

“We can’t thank our dedicated team of volunteers enough, who seized the opportunity presented by World Biscuit Day and rolled up their sleeves for an activity that has been so truly meaningful. The session itself was full of smiles, shared stories, flour-dusted aprons, and heart-warming moments between volunteers and the students. It was a reminder of the impact we can make when we step out of our routine and connect with our community,” said Françoise Chan, Executive Director and Board Member of the ITL Foundation.

Beyond biscuits: Shining a spotlight on the ITL Foundation

All in all, World Biscuit Day was a proper treat! Once the biscuits were ready, our colleagues at ITL gathered for a cozy afternoon filled with the comforting aroma of homemade biscuits baked by our staff volunteers in collaboration with ANFEN, perfectly paired with Earl Grey, Chamomile, and Mint Infusion teas.

The event offered a space to pause and reflect – together with the chance to discover the brilliant work of the ITL Foundation. Our colleagues were given the opportunity to browse through photo displays and videos showcasing our past community projects, all beautifully laid out on screens and posters.

Indeed, the last few months since the official launch of the ITL Foundation in December 2024 have been marked by community initiatives such as a cozy Christmas celebration with SAFIRE children and the donation of refurbished laptops to vulnerable children. As the dedicated CSR arm that will drive our commitment to making a positive impact in our community, the ITL Foundation has been striving to touch lives and deepen its outreach to vulnerable segments.

Altogether, the event marking World Biscuit Day served as a great reminder of how small actions can drive big change. It was also the perfect forum to spark ideas for what we can do next through an idea wall where our colleagues shared suggestions for future Foundation projects.

Ready to learn more about how our community outreach is changing lives around us? Stay tuned for the next impactful initiative by the ITL Foundation!

The global movement towards corporate sustainability has significant overtones for Mauritius as a small island developing state. Integrating Environmental, Social and Governance (ESG) principles throughout its financial services ecosystem has been a key thrust for the government and is a pivotal aspect of the government strategy to develop the funds industry in particular.

In this line, the Financial Services Commission (FSC) has introduced the new Disclosure and Reporting Guidelines for ESG Funds, aimed at enhancing transparency and accountability within the sector. These guidelines are intended for investment businesses championing ESG strategies that align with the United Nations Sustainable Development Goals (UN SDGs) or other globally recognised sustainability frameworks. By setting a clear standard for transparency, the FSC is empowering these businesses to showcase the authenticity of their ESG commitments – while taking a firm stand against greenwashing. The goal is to equip investors with transparent, consistent, and trustworthy information that supports confident decision-making and reinforces integrity, accountability, and market discipline across the financial services landscape.

With ESG considerations now being a cornerstone of investment decisions and corporate strategies, Intercontinental Trust Limited (ITL) is proud to note that it has been a pioneer in the sustainability space in Mauritius. Indeed, since 2020, ITL has been a signatory to the Ten Principles of the United Nations Global Compact (UNGC), in the areas of Human Rights, Labour, Environment, and Anti-Corruption. In so doing, ITL shows its effort to integrate the Ten Principles into its business strategy, culture, and daily operations, and contribute to UN goals, particularly the Sustainable Development Goals (SDGs).

Making a positive difference: ITL’s commitment to the UNGC

Since January 2023, our Executive Director Francoise Chan has been representing ITL on the council of the UN Global Compact Network Indian Ocean and we are proud to announce that she has now been elected Vice-chair of the council. The UN Global Compact Network Indian Ocean is a multi-stakeholder regional platform for businesses in Mauritius, Madagascar, Seychelles and Comoros to align their strategies and operation with universal sustainability principles, and take action to advance the SDGs. It is the first regional network in Africa that provides an opportunity for businesses across the continent to share knowledge and create impactful partnerships to progress on the 2030 Agenda both locally and regionally.

This appointment reflects Françoise’s unwavering commitment to responsible business and sustainable development and underlines ITL’s long-standing dedication to the UNGC’s Ten Principles. By incorporating these universal sustainability principles into strategies, policies and procedures, and establishing a culture of integrity, companies are not only upholding their basic responsibilities to people and planet, but also setting the stage for long-term success.

Striving hard for sustainable outcomes: The UNGC and its Ten Principles

The UNGC notes that corporate sustainability starts with a company’s value system and a principles-based approach to doing business. Responsible businesses enact the same values and principles wherever they have a presence, and know that good practices in one area do not offset harm in another. The Ten Principles of the United Nations Global Compact are derived from: the Universal Declaration of Human Rights, the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption. Principles 1 to 2 pertain to Human Rights, 3 to 6 lie under the Labour paradigm, 7 to 9 pertain to the Environment and 10 deals with Anti-corruption efforts.

Strengthening our foundation for sustainability efforts

Over the 25 years of its existence, ITL has been actively supporting stakeholders, including NGOs and governmental agencies, that are engaged in ecological transitions. To further evince our dedication and commitment to our community, the recently launched ITL Foundation will continue to focus on education, poverty alleviation, environmental and sustainable initiatives for a better future through its different initiatives in the community.

The ITL Foundation launched in 2024 represents our concerted thrust on community outreach efforts and focuses primarily on the following pillars:

1. Education, including women empowerment,
2. Community development and poverty alleviation, and
3. The environment and sustainable development.

Apart from its commitment to the UNGC, at an overarching level, ITL has adopted a group sustainability strategy that actively focuses on specific UN SDGs. Our targeted SDGs include Gender Equality (SDG 5), Reduced Inequalities (SDG 10), Climate Action (SDG 13), and Life on Land (SDG 15).

A call to action: Do good while doing well

At ITL, we urge other management companies and fund service providers to join the movement to do good while doing well.

“Aligning financial returns with sustainable outcomes is now indispensable for businesses, especially those operating in key sectors such as financial services. Here, the importance of being part of impactful initiatives such as the UNGC Network cannot be overstated, with the wealth of resources available through their platform to support fund service providers and management companies in their ESG journey. Indeed, taken together with the new regulatory framework for ESG Funds which came into effect on 24th March 2025, the timing couldn’t be better!” notes Francoise Chan, Executive Director, ITL and Vice-chair, UNGC Network Indian Ocean.

As investors, governments, and the public become increasingly aware of the significant impact that businesses have on communities, societies, and the environment, the onus is on us to rise to the occasion and position our jurisdiction for sustainable success.

Sexual violence against children is becoming astonishingly widespread globally – and our island paradise is no exception. At Intercontinental Trust Ltd (ITL), it took a powerful session with Pedostop, a local organisation committed to fighting child sexual abuse, for us to fully understand the wide prevalence of this scourge in Mauritius.

More importantly, the session took us through a training that has equipped us to create a safer and more protective environment for children by understanding signs of abuse and sensitising us to the importance of speaking up.

Step one: Raising Awareness

The session, organised by the ITL Foundation, our charitable arm, was truly eye-opening and unveiled some staggering statistics. Indeed, as many as 42% of respondents in Mauritius reported having experienced at least form of child abuse in their lifetime. In Rodrigues, 31% of respondents have experienced similar situations.

According to official statistics, 3,221 sexual abuse cases were reported from 2016 to 2023, and the number of victims is estimated to be around 107,366 at a minimum. In terms of gender specific statistics, as many as 1 in 5 girls become victims of sexual violence before the age of 11 years, while 1 in 13 boys face a similar fate.

In terms of protective legal frameworks, Mauritius has enacted the Children’s Act 2020 which upholds the rights of children under various sections. For instance, Section 12 addresses the issue of marriage or co-habitation with a child and imposes a fine of up to one million rupees or imprisonment up to 10 years on offenders.

Similarly, Section 19 covers cases where children are caused, incited or allowed to be sexually abused, while Section 21 covers cases of child pornography. Other key sections are Section 22 which covers offenses related to ‘child grooming’ – making illicit arrangements to meet a child in any part of the world to engage in an unlawful sexual activity – and Section 26 which covers increasing instances of bullying, particularly cyberbullying.

The law also notes that any person undertaking professional or official childcare who has reasonable grounds to believe that a child that they are in contact with is either actively or potentially exposed to harm, must report the matter to the supervising officer or to the police. Those who fail to comply shall be liable to a fine up to 200,000 rupees and to imprisonment up to 5 years.

Step three: Creating a safe environment for children

Ultimately, the onus is not just on childcare service providers but also on each of us to spot the signs of child abuse and speak up.

A child who becomes withdrawn, appears anxious, turns uncharacteristically aggressive or shows unexplained changes in behaviour or personality should warrant a closer look. On this note, the ITL Foundation renders its sincere thanks to the Pedostop team for the impactful work they do, and to all colleagues who attended the training in person or virtually. It does indeed take a village to raise a child – the right way.

Organisational culture and values were at the heart of a powerful paper published by the ICAS (Institute of Chartered Accountants of Scotland) Ethics Board. The ICAS paper under the seminal “Power of One” series recognises that corporate culture is an organisation’s guiding force; and that successful organisational values are those that are “properly set, clearly stated and always lived”.

ICAS notes that, as a fundamental building block, the leaders of organisations must establish a set of clear values – and keep those values under review to ensure that they remain up-to-date and relevant. It is only fitting then that, as part of ITL’s 25th anniversary, we revisited the values we have upheld as our North Star for the last 25 years, to ensure that we are relevant and aligned for decades to come.

Commenting on the values refresh at our organisation as a pioneer in the Mauritian financial services sector, CEO Ben Lim reflects on the past and explains how the new values help ITL navigate the future with greater success: “The past 25 years have been remarkable, but I believe the best is yet to come. With our strong foundation and commitment to our refreshed values, I am confident that ITL will continue to lead, innovate, and make a positive difference for many years to come.”

Taking employees along on the values refresh journey

The ICAS paper also emphasises a clear need for alignment between the values of an organisation and those of its employees. There is some evidence that the younger generation has a stronger interest than previous generations in their organisations pursuing long-term, sustainable goals; this younger generation may therefore be instrumental in ensuring the success of organisations in the long-term. It is therefore essential that employees are involved in the process of determining an entity’s values – the employees need to feel empowered and part of the process.

Keeping this principle in mind, the refresh of our organisation’s values was conducted with a diverse group of ITL employees sitting around the table to reflect upon and reaffirm the company’s core values. 

Setting the tone for the future

Moreover, the ICAS paper notes that, in today’s world, there is also wider stakeholder interest in the impact of business on the economy, communities, and society. This needs to be considered when organisational values are being developed.

Indeed, we firmly believe that these refreshed values not only reflect the 25 years that have passed, with our organisation going from strength to strength, but also set the stage for our future. They embody the spirit of ITL and will guide us as we continue to innovate, grow, and make a positive impact both within our organisation and with our partners and clients.

Unveiling the values charter: What our values look like

Our refreshed encompass innovation, resilience, client-focus, responsibility, sustainability and collaboration.

To elaborate, here is the values charter that ITL is following to ensure that our organisation has a clear and stated focus on keeping employees and clients at the heart of what we do.

– We are Innovative Leaders: At, ITL we embrace new ideas and technologiesto drive progress. “Through ongoing training and mentorship programmes, we empower our team to master industry trends to drive our industry forward. We have fully embraced AI and have developed a comprehensive strategy around it,” says CEO Ben Lim.

– We are Client Focused: “We have built a culture that combines innovation while always putting the client first and making sure we know what we are doing. Indeed, our clients are at the heart of everything we do,” he adds. As a market leader, ITL’s client-centric approach means we anticipate needs, proactively seek feedback, and continuously refine our services to deliver exceptional value.

–We are Resilient: At ITL, we remain strong, perseverant, passionate,and resilient in pursuing long term goals and adapting to challenges. “We continually push forward, no matter the difficulties. This value is underpinned by our unwavering long-term focus, which guides our actions and decisions. We cultivate a growth mindset, viewing obstacles as opportunities for learning and improvement,” explains Ben. 

–We are Responsible and Sustainable: At ITL, we lead with a sense of responsibilityandethics towardssocial and environmental impacts. “As a proud signatory to the United Nations Global Compact (UNGC), we align our operations with its principles. Mauritius, as a small island state, is heavily impacted by climate change—just look at the current drought and the erosion of our beaches. ITL believes in leading the way in promoting ESG values, especially since we are directly affected by climate change,” he adds.

–Together, we are ITL! As one family, we support each other and work collaboratively.  “The true strength of ITL is its family-like culture, where staff feel a close bond with each other and the directors,” affirms Ben.

Facing the future with greater confidence

Ultimately, a recent study by Blue Beyond Consulting and Future Workplace demonstrated the importance of values. According to the survey, 52% of workers would quit their job — and only 1 in 4 would accept one — if company values were not consistent with their values. In addition, 76% said they expect their employer to be a force for good in society.

As we go into the future with a new value system, we are confident that our employees are on board with the key focus areas for ITL, and we are going into 2025 with the best that ITL has to offer.

“I am proud of how far we have come, and the credit goes to each of our employees. Your dedication, hard work and teamwork spirit really shone through. Let’s carry these values with us in everything we do. They are not just words on a page, but the very essence of who we are as ITL,” concludes Ben Lim.

The US is the largest global market for private debt, followed by Europe. In the US and European markets, private debt is a recognised asset class for institutional investors, who vouch for its potential to provide attractive risk-adjusted returns and help with portfolio diversification. However, industry onlookers note that Emerging Markets (EM) continue to lag, currently accounting for less than 3% of global private debt issuance annually.

The rise of private debt in Africa

The EM private debt sector hit a peak of USD10.5 billion in 2018, before slowing in 2019 due to the tightening of credit conditions in the US and then the COVID-19 pandemic in 2020

Activity picked up in the second half of 2020 and momentum was maintained into 2021, but still at a slower pace than pre-pandemic. Within the EM private debt sector, the largest portion of fundraising has gone to Emerging Asia, representing a staggering 80% of the total funds dedicated to emerging markets. In contrast, the total number of firms operating in private debt in Central and Eastern Europe, Africa, and the Middle East remains limited.

Meanwhile, Africa faces a credit gap of USD360-400 billion5, highlighting the urgent need for new financial tools to support economic growth and financial liquidity. Here, private debt has enormous scope to grow, as it currently accounts for only 7% of total funding raised in Africa5. Indeed, private debt is a nascent asset class compared to others such as venture capital and private equity, but it has the potential to grow fast as an alternative to traditional banking channels.

On the borrower side, the demand for alternative solutions such as private debt is clear as Africa’s mid-cap businesses frequently find themselves in a bind. Too large for micro or SME finance but too small or unproven for traditional private equity, they are forced to rely on expensive or inflexible debt solutions, or miss out on growth opportunities altogether. Private debt provides a balanced solution, allowing these businesses to grow without reeling under the burden of strict conditions or facing the prospect of sacrificing ownership.

On the lender side, when it comes to returns in this rising asset class, private fund managers are fast finding out that private debt can provide a stable income compared to private equity, with a significant premium over what they can expect in developed markets.

Is Africa still profitable for investors globally?

Indeed, notwithstanding the rise in interest rates and the increase in public debt following the pandemic, Africa remains attractive for a number of reasons. Crucially, the leverage in the market is still quite low compared to developed markets – private debt fund managers note that the businesses they finance on the continent have leverage of 2 to 3 times, compared to 5 to 6 times in developed countries.

They comment on the importance of backing regional champions that are resilient to interest rate rises and can weather economic and political challenges on the continent. Private debt managers believe that this rising asset class is set to provide a premium in Africa compared to developed markets, made all the more attractive by the extremely low default and loss rates of companies in the continent.

A key obstacle in attracting institutional capital to Africa is the gap between the perceived risk of doing business in Africa and the real risk. Often, important themes that make the continent an attractive investment destination, – such as the youth demographic dividend, political stability in key markets, and the potential for technology to leapfrog traditional economic models – are not adequately factored in by investors.

Private debt can help shift this narrative by unlocking the growth opportunity in the mid-market segment, which can power the growth of the real economy in key African countries. Here, private debt fund managers note that, in terms of the economic and political environment, firms must be conversant with the environment and be specialised in navigating it. Key considerations to keep in mind are the kind of markets the company operates in, how strong is the shareholder/management, how resilient is the business case to economic and political shocks, and what is the long-term future of the business in the markets where it operates. This helps manage the default risk and assess the borrower’s creditworthiness. Finally, when it comes to currency risks, providing debt financing in USD can help to hedge the risk of local currency volatility, and forms a good option if the borrower has income in USD; else, prospective portfolio companies can be stress tested to currency shocks before undertaking local currency lending.

 

Why should investors consider structuring a fund from Mauritius?

Successfully launching and managing a private debt fund in Africa requires more than investment appetite – it demands operational excellence, regulatory certainty, and deep regional insight. Key enablers include a robust fund domicile, efficient SPV and investor servicing structures, accurate performance reporting, and compliance with international standards.

At Intercontinental Trust Limited (“ITL”), we believe that Mauritius possesses all the key enablers for successfully launching and managing a private debt fund targeting African markets. As a strategic gateway for Africa-focused funds, Mauritius combines legal clarity with regulatory oversight. The jurisdiction provides investors with a favourable investment environment by offering incentives such as 100% foreign ownership, tax-free dividends, and no capital gains tax. Mauritius also boasts a deep network of double taxation avoidance and investment promotion agreements with many African economies. Finally, the jurisdiction offers innovative fund structures such as Variable Capital Companies (VCCs), positioning fund managers to respond with dynamism and efficiency to evolving investor demands.

How does ITL support private debt fund managers operating in Africa?

At ITL, we understand the operational rigour and agility needed to successfully manage private debt funds in dynamic markets like Africa. As a leading fund administrator regulated by the Financial Services Commission (FSC) in Mauritius, we offer end-to-end fund administration services, from fund set-up and compliance to investor servicing, accounting, and reporting. Our strength lies in our ability to bridge global standards with regional realities.

We support private equity and private debt managers with a robust suite of digital tools, including an advanced fund accounting platform tailored for the complex structures of closed-end funds. This allows for timely, transparent, and audit-ready reporting, giving fund managers and investors alike peace of mind.

Leveraging this robust economic and regulatory framework, together with our strong track record across fund administration, ITL enables fund managers to operate with transparency, agility, and institutional-grade governance across diverse African markets. With deep familiarity across multi-jurisdictional regulatory regimes, we ensure seamless coordination among fund vehicles, asset managers, and service providers. Our scalable solutions are built to support growth, drive transparency, and uphold institutional standards across the full fund lifecycle.

Ultimately, Africa’s private debt landscape presents a significant yet underexplored opportunity for institutional capital. With its combination of creditworthy borrowers, resilient mid-market demand, and evolving infrastructure needs, the continent offers meaningful potential for impact and returns. As fund managers increasingly seek diversified and sustainable portfolios, jurisdictions like Mauritius play a critical role in enabling efficient, well-governed investment vehicles into Africa.

 

Mauritius stands tall as a testament to economic progress, cultural development and social advancement, with women making up around 40% of the workforce.

Refreshingly, the financial services sector is reinforcing this trend, with over 55% of women at the forefront — driving leadership, innovation and transformation. We look to industry stalwarts such as leading management company Intercontinental Trust Ltd (ITL) to understand how Mauritius is standing out as a beacon of progress in this key economic pillar. As Mauritius gears up to celebrate Mother’s Day on Sunday, 25 May, we look at how working mothers at ITL are successfully balancing their family responsibilities and workplace duties.

In a series of interviews with Kate Kwok Choon, Business Development Manager; Diya Fullee, Senior Manager – Fund & Company Administration Services; and Beatrice Lan, General Manager, Private Office, at ITL, we understand how these intrepid ladies are working hard and succeeding in style when it comes to walking the tightrope between personal fulfilment and professional success.

Flexible work arrangements: Win-win for management, employees

What is the one key factor at ITL that sets them up for success, and how does the culture at ITL play a crucial role in perpetuating such success stories? Across all working mothers at ITL, a key thread emerges in the form of the flexible work arrangements offered at the company.

These arrangements, however, are not simply about convenience – they are part of a broader organisational philosophy that empowers employees to continue growing in their roles without compromising their family commitments. Career progression and personal growth remain firmly on track for mothers at ITL, many of whom have moved into more senior or leadership roles post-maternity.

“In the financial and offshore sector, life is dynamic and we embrace lots of challenges and opportunities every single day,” notes Diya. With her son in pre-primary school, she adds that the flexible work arrangements have been a significant source of support for her in this dynamic work environment.

Diya Fullee, Senior Manager – Fund & Company Administration Services, ITL

“I would say ITL’s supportive approach has helped me manage both my professional responsibilities and caregiving duties during challenging times. This helped me remain productive professionally without while fulfilling my responsibilities at home.. This balance ensured that I didn’t have to choose between my career and my child. This is something that speaks volumes to ITL’s commitment to supporting working mothers and supporting us as individuals,” she emphasises.

For her part, Kate, mother of two, adds that ITL allows mothers to work from home in case school is closed for any reason, for instance, due to heavy rain. Recently back from maternity leave, she feels the support extended by management in the form of flexible work arrangements has been a key criteria giving her peace of mind while at the workplace.

“During the months of January and February in particular, unexpected school closures can be challenging, especially during bad weather, with radio warnings issued at 4am in the morning, thus making it difficult to plan for childcare in advance. Thanks to the support from my team and understanding managers, I’ve been able to handle these types of unexpected situations without stress, and still stay on top of my work.”

Diya adds that flexible working also means that one can replace one’s working hours at their own convenience. In addition, ITL offers flexible hours in the morning and/or afternoon, for instance, if one wants to drop or pick up their child to/from school. She explains that staff are also encouraged to sign up for self-care through ITL’s focus on its wellness programmes. “We get sponsored if we need to go to a safe space and relax, for instance, some sessions at the gym, Pilates classes, order subsidised lunch from work if you do not get time for a meal prep, etc. Besides, ITL organises Family Fun Day where, once a year, your family is invited to form part of work events,” she elaborates.

A day in the life of a working mum at ITL

Kate Kwok Choon, Business Development Manager, ITL

It’s 6:00 am and Kate is already awake. With two young children at home, the morning begins with preparing breakfast, school lunches and navigating the usual rush of uniforms, school bags and gentle nudges to get ready on time. By 8:30am, she’s at her desk—whether at home or in the office—ready for team calls and client meetings. “There’s a rhythm to the day, a balancing act,” she says, “but there’s also the comfort of knowing I have the trust of my manager and the flexibility to manage both roles effectively.”

Finally, Beatrice explains that there is a sense of mutual respect between management and employees, as she highlights the autonomy and flexibility that comes with remote work arrangements.

“For instance, if your kid is sick, you can continue to work and look after your child. This has had a lot of impact. One time my son was sick, I had to stay with him at the clinic and ITL has been very supportive. But what I do in addition is to bring along my laptop so that we can work around if there is anything urgent that I need to do,” she elaborates. She notes that, with two kids at home – a daughter who is 8 and a son who is 2 years old – she especially values the trust and understanding that help her balance professional commitments and family life when needed.

Strong support systems inside and outside the organisation

Another common factor across these successful working mothers is a concerted effort to cultivate strong support systems both inside and outside the organisation.

In Beatrice’s case, she explains how her team proved to be an invaluable source of support when she returned from maternity leave and was finding her feet again after a difficult first pregnancy. “When I was pregnant the first time, I had to have complete bed rest. I could not work at all. I came back to work after more than 5 months. It was quite challenging because I was already manager of a team of around 15, and was unsure how I would cope with all the projects that had unfolded in my absence. At a broader level, I was unsure how I would be able to balance my professional and personal responsibilities as a mother. At ITL, I got that support – both from management and my team as well. My team had been keeping me abreast of everything while I was away. They also allowed me the time to settle back into my role.”

Beatrice Lan, General Manager, Private Office, ITL

For Diya as well, the support and advice of her fellow working mothers at ITL was a huge motivation for overcoming a pressing professional challenge – her first business travel opportunity after having a child. “When I was offered the opportunity of a business travel two years back, I was with a toddler. It was a tempting professional opportunity, but, being a toddler, my child really demanded full attention from me at that time. At the same time, I believed that accepting the trip would open doors and be a very enriching work experience. Sometimes your mind is in turmoil and mine kept querying whether I should accept it or turn down the opportunity, just because I have a child. I spoke to working mothers at ITL who had been on trips previously and not just one but all of them really encouraged me to go for it and their experience sharing really boosted my spirit,” she avers.

Finally, Kate explains that her team and management have both been key pillars for her within the organisation. “My team is my strongest support system within the organisation. Everyone in the team tries to help the other, be it my co-manager or team members themselves. When one is facing issues with childcare, one can count on the team to step into the breach. Moreover, the management is quite understanding. When there is an issue, they remain very supportive. They are approachable and we can easily turn to them without any fear of reprimand and can always find a solution together with them. When you approach a manager with your request, you feel like you are being heard and can find a solution that works for all. At ITL, management is flexible, understanding and supportive,” she elaborates.

Outside of work too, the importance of strong support systems cannot be underscored enough. Diya, who notes that she firmly believes in the classic proverb, ‘It takes a village to raise a child’, explains that her husband, parents, brother, and sister-in-law have been the rock solid foundation that her career is built on. ”Outside work, my husband is the person who has helped me most, including his parents. When he is not here, I step in, and when I am not there, he steps up. As a working mother, I was very worried that I would miss certain chapters of my child’s life. But my mother, father, brother, and sister-in-law are there – they are always present and taking pictures or capturing beautiful moments that I would otherwise miss because I am at work. At ITL, you do get to stay and work remotely at home. Here, even if I request for once or twice a week to work at home, I will be granted the flexibility which may not be possible with every other company. Moreover, once or twice a week, I get to pick my child up from school. Every other day, someone from the family would pick him up. But I love to see his face light up when I do the school pick up! Such assistance and flexibility have been invaluable at ITL.”

Diya also expresses gratitude to teachers for taking care of her child outside of the family support system. “The teachers are with my child every day, and I get the reassurance that they are looking after him. They are the ones closer to him, teaching him the values and principles of life after home. And when you get to hear how well your child is doing while you were away at work but you did the best that you could, it really is very emotional. So it’s the whole ecosystem that we speak to here, and every little help from every person to balance both worlds counts towards a better support system for working mothers.”

For Kate, her partner is a strong pillar of support who tides her over difficult times at work, allowing her to accept projects that require her to work hard past the usual working hours with complete peace of mind. “Whenever I have projects with tight deadlines that require me to work hard for days at a stretch, my partner serves as a key support system. Going beyond singular instances, his consistent support with childcare has really helped me progress at the workplace. Having him as my support system meant I didn’t have to compromise on work, so when work was more demanding, I always had his support with the kids. When I was working till late on projects with tight deadlines, having the support of my partner to be able to plough on post the usual working hours meant the world to me.”

Finally, for Beatrice, a combination of family support and paid childcare has worked wonders as a strong pillar outside of the workplace. “We have a chance in Mauritius to have our parents and extended family living close to us. I am fortunate to have that opportunity as I have my father and my in-laws living nearby and they have been very supportive indeed. Also, I have been able to get childcare services from someone who is well known to me and lives in the neighbourhood, making it easy for me to leave my kids early in the morning and pick them up after working hours,” she elaborates.

Words of advice for other working mothers

Across all mothers cultivating a successful career at ITL, the common thread that ties them is their strong sense of reliance on the ITL community.

Beatrice urges other working mothers to be open in their communications and ask for help from the vibrant ITL community as and when they need support. ”Never hesitate to ask for support. Communicate openly. If you decide to stay on your own and hesitate to ask for help, you will lose out on opportunities. We have a great community at ITL – so lean on the ITL community. There are plenty of people here to help you and who want to see you grow. Most importantly for all mothers to be – believe that being a mother makes you stronger, not less capable.”

For her part, Kate cautions that burnouts are increasingly common due to the heavy mental load that women carry. Hence, she advises that working mothers must build a strong support system. “At ITL, the mindset and culture is one of open understanding. The managers are open to finding a solution with you. ITL is marked by the human touch and human mindset. Of course, you have to deliver but if you have an issue, you can count on your team mates or management to support you. My advice to working mothers – turn to your team mates when you need to find a solution!”

Finally, Diya encourages working mothers to be vocal and transparent about their needs, motivating them to build a strong network as they tread the tough tightrope between professional success and motherhood. “Go for it! It is absolutely possible to do justice to both work and motherhood. Just be transparent and vocal about your needs. Don’t hesitate to ask for support. People will understand. Build a strong network. Being a working mother is not a limitation, it’s a strength. We can set an example and show our children how we balance hard work and independence in life,” she explains.

Working mothers at ITL: Stronger together

As we conclude our interview, Diya sums it up beautifully when she harks to the inclusive and performance-driven culture as the reason for her success, noting that it gave her the space to grow professionally while fulfilling her responsibilities as a mother.

“My need to be a working mum is about being financially independent. I always carried a strong sense of purpose about me. I come from a family background where I have seen my family – my mother, father and siblings – working hard. Now I wish to set the same example for my child. Indeed, at ITL, I never felt that just because I am a mother, I was given less responsibilities and opportunities. On the contrary, after I became a mother, the same opportunities kept flowing to me. I always believed that having a family and a career should not be mutually exclusive, and at ITL, that has proved to be true. I would advise other working mums not to let go of their dreams,” she concludes.

Indeed, for all the mothers interviewed, it is clear that the support at ITL have not only helped them cope – it has helped them thrive, acquire new skills through internal and external learning opportunities, and take on major projects – all while raising young children.