Coming full circle: How the ITL Foundation marks a key milestone in an impactful journey
In 2016, ITL became the first management company in Mauritius to set up a foundation in the island economy. The Foundations Act of 5th June, 2012 empowered companies to set up private foundations, and ITL leveraged this Act to mark a cornerstone in a journey that has since spanned a decade. Today, we have various clients within our portfolio, with foundations focusing on Africa and Mauritius.
As we celebrate our 25th anniversary, it also serves as an occasion to remind ourselves that our journey has come full circle, with a foundation of our own. On the last Friday of 2024, the ITL family gathered for our end-of-year celebrations and bore witness to the official launch of the ITL Foundation, our dedicated CSR arm that will drive our commitment to making a positive impact in our community.
Making a positive difference: ITL’s commitment to creating positive impact
Since 2020, ITL has been a signatory to the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative that believes businesses can be a force for good. We are also a proud supporter of the Sustainable Development Goals (SDGs). UNGC urges companies worldwide to align strategies and operations with ten universal principles on human rights, labour, environment, and anti-corruption, while asking them to take actions that advance societal goals.
At an overarching level, ITL has adopted a group sustainability strategy, which embraces the rising global ESG initiative. ITL develops solutions and services that align with key UN Sustainable Development Goals (SDGs). Our expertise particularly supports clients in areas related to Gender Equality (SDG 5), Reduced Inequalities (SDG 10), Climate Action (SDG 13), and Life on Land (SDG 15).
As a signatory to the UNGC, ITL submits an online Communication on Progress (CoP) questionnaire which focuses on five disclosure areas (Governance, Human Rights, Labour, Environment and Anti-Corruption) and a CEO Statement of continued support.
One of ITL’s directors, Françoise Chan, also represents ITL on the council of the Global Compact Mauritius and Indian Ocean Region. The council provides a regional platform for businesses to engage with stakeholders from the Governments, the UN, civil societies and communities to map a shared approach for the achievement of the SDGs.
The role of foundations: Why ITL started its own
In a world filled with challenges, the role of foundations, both charitable and non-charitable, stands paramount. These organisations serve as beacons of hope, driving positive change in communities worldwide. We take pride in our mission to support and empower these foundations in their noble endeavours – and, recently, we have followed on the heels of such inspiring examples by establishing our own charitable foundation, the ITL Foundation.
Drawing from our vision and mission, the ITL Foundation focuses primarily on the following pillars:
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1. Education, including women empowerment,
2. Community development and poverty alleviation, and
3. Health.Our foundation’s pillars of focus are aligned with our employees’ interests and values, to enhance engagement and foster a sense of purpose, by leveraging their passion and commitment to drive meaningful social impact.
ITL has been actively supporting stakeholders, including NGOs and governmental agencies, that are engaged in ecological transitions. We are committed to partnerships that foster environmental sustainability and contribute positively to ecological conservation. To further evince our dedication and commitment to our community, the ITL Foundation shall continue to focus on education, poverty alleviation, environmental and sustainable initiatives for a better future.
Beyond sustainability: Adding magic to the season of cheer
With our focus on driving meaningful social impact, the season of cheer last December was a clear call to action for the ITL Foundation. This festive season, it was our honour and privilege to treat 30 SAFIRE (Service d’Accompagnement, de Formation, d’Intégration et de Réhabilitation de l’Enfant) children to a magical day, bringing them joy and wonder!
As soon as the ITL Foundation volunteers arrived, with beautifully wrapped presents in tow, the children’s excitement was palpable. The excitement was perpetuated by the rest of the carefully crafted programme which went on to encompass a delicious lunch, a creative decoration workshop, fun games and traditional carols.
With laughter and music echoing in equal measure through the children’s home in Verdun, the children also performed a dance show, demonstrating their artistic talents to a delighted audience.
Of course, the most highly anticipated moment was the unwrapping of presents. The children regarded this year’s star-studded gifts with touching euphoria and the remote-controlled cars were well used in an exciting race that brought bright moments of joy to both the budding young drivers and adults alike!
This memorable day would not have been possible without the valuable involvement of ITL Foundation volunteers, who gave their time and energy to create unforgettable moments. “This celebration perfectly embodied the spirit of Christmas – bringing happiness to others and sharing these precious moments. Seeing the children’s radiant smiles whilst unwrapping their presents and participating in activities was simply magical,” said Luana Virahsawmy, Council member of the ITL Foundation.
ITL Foundation and SAFIRE: Twice the impact
Finally, the Foundation made a well-deserved donation to SAFIRE, reaffirming its ongoing commitment to this noble cause. SAFIRE, established in 2006, is an NGO working for the rehabilitation and social integration of street children. Based on the Convention on the Rights of the Child, the organisation develops projects tailored to the specific needs of these vulnerable children, whilst advocating with authorities to strengthen their rights.
Over the years, the ITL Foundation – which is committed to creating a positive impact in the community through various charitable and social initiatives – has increased its support for SAFIRE.
Significantly, the Foundation donated refurbished laptops that are currently being used in the children’s computer laboratory. The Foundation provides financial support to the NGO through donations that enable it to continue its critical mission.
Impactful initiatives: Continuing 2024’s thrust into 2025
The year of the Foundation’s official launch, 2024, was particularly rich in community initiatives, including the creation of a mural celebrating art as a medium of expression for children. Unveiled on Children’s Day, the mural was the result of an overarching project that involved 18 enthusiastic volunteers and was duly celebrated vide a special day dedicated to this artistic endeavour.
We hope to continue these impactful initiatives in 2025 and look to our volunteers for support and enthusiasm as we impart hope and meaning to countless lives in Mauritius and beyond.
CategoriesLatest News Vidya Harnaran: At ITL, we value diversity in our workforce and offer flexi-work arrangements under the iQuest programme
The annual Education, Jobs and Career Symposium held by Business Publications is around the corner. This seminal event, unfolding over 07 and 08 February from 10am-5pm at the Caudan Arts Centre, boasts participation from leading companies including financial services players in Mauritius such as Intercontinental Trust Limited (ITL).
Based in Ebène, with over 200 professionals across Mauritius, Seychelles, South Africa, Dubai, and Singapore, ITL has been a key player in financial services since 1999. Now, the financial services firm continues to strengthen its position as an employer of choice while actively contributing to the development of Mauritian human capital by offering training and work experience opportunities to diverse profiles.
For those seeking flexible working arrangements in the aspirational financial services sector, read on to know more about the exciting iQuest programme, launched last year by ITL. Vidya Harnaran, Head of Human Capital, ITL, explains how this programme offers employment opportunities for students seeking part-time jobs and professionals looking to reconnect and re-engage in the corporate world – be it working mothers, those with disabilities, or retirees.
Edited excerpts from an exclusive interview with Vidya:
Could you tell us more about the participation of ITL at the Education, Jobs and Career Symposium being held at Caudan Arts Centre over this Friday and Saturday?
We are actively recruiting and have several applications at the moment. This fair is a golden opportunity for us to meet people, to share about the different opportunities that we have currently, and also to present the company and introduce ITL to people who don’t know about Intercontinental Trust in the financial services sector.
To provide a broader background, we regularly participate in job fairs. This particular career symposium is organised by La Sentinelle and Business Publications and we are glad to note that this symposium attracts a diverse profile set from students to experienced candidates.
What can the attendees expect from ITL’s participation in the fair?
We will have a dedicated booth set up at the fair, which will feature representatives from the different departments that are recruiting.
Interested candidates will be able to meet our representatives and our staff from the different teams looking for candidates. They will be able to connect, to ask questions about the different jobs that we do at the organisation, and how is it like to work for Intercontinental Trust as well.
Could you elaborate on the iQuest programme itself?
The iQuest Programme is a program designed for people who cannot work on a full-time basis. At ITL, we firmly believe that our people are the driving force behind our growth. This initiative was designed to address current labour market challenges and meet the evolving needs of the Mauritian workforce.
First and foremost, iQuest can be a good fit for students who are studying for any qualification, and have a certain number of hours of free time. The iQuest programme allows them to work in their spare time and earn some money.
Plus, this programme is not only for students, but also for working parents, especially mothers who have to care for their babies or children. For instance, when their children go to school, such mothers might have a few hours of spare time that they can dedicate to work. Then, there are also many mothers who have had to take a career break, but they don’t want to resume full-time work. In that case, they might be better off with embarking on a part-time role under the iQuest programme.
Further, this programme is equally meant for other professionals who wish to pursue a part-time opportunity. Under this programme, we are also open to recruiting people who have disabilities and cannot work on a full-time basis as well as retirees who have some time to spare and wish to stay active in the world of work.
Ultimately, we value diversity in the workforce at ITL.
What are the special features that the iQuest programme offers to these diverse profiles?
The candidates who are joining the organisation under this programme will be able to decide the number of hours that they need to work. Moreover, we are also flexible on the time slots.
We are flexible and can craft arrangements that consider the availability of the candidate and the requirements of the manager. Thus, the needs of both the candidate and the organisation are taken into account for arriving at flexible work arrangements under the iQuest programme.
What kind of training and work experience opportunities does ITL offer these profiles?
At the outset, we have a detailed training module for everyone joining the company under the iQuest programme. The training programme has been customised to such candidates in order to introduce them to the company, the different departments, and the various tasks that are being done in such departments.
Then, they also receive on-the-job training. While the on-the-job training obviously differs by role, there is a basic module which is common and serves to introduce them to ITL, the different profiles and the various jobs.
In terms of special work experience opportunities that are extended to those recruited under the iQuest programme, if the concerned candidates are available for a full-time position, they can apply for a switch. If and when we have the right vacancy, we will definitely consider them.
What departments are you currently recruiting for, and what skill sets do these candidates need to possess?
Currently, we are recruiting primarily for the accounting department, and different positions in the company secretarial team. In addition, we have vacancies in the finance team and positions available in the administration department and the support functions as well.
In terms of skill sets, the requirement depends on the level that we are recruiting. Regardless, all candidates get the benefit of the internal training programme that is designed for them to learn the job.
Normally, we recruit graduates for entry level positions, and then they grow with the company. We provide them support and study assistance schemes to pursue professional qualifications like ICSA, ACCA or ICAEW. We accompany them for these aspirational qualifications. Freshers also get some basic working one-on-one training. They get training on grooming, how to display professionalism, and to familiarise themselves with key aspects across the world of work.
Then, if we are recruiting people with experience, they need to possess particular skills like managing a team, and to be able to communicate with clients as well as internal stakeholders.
How long has this programme been run by ITL, and how many people have benefited from it?
We have been running the programme since June/July last year. It is a relatively new programme, but we already have five people working under iQuest. We hope to use the job fair to recruit more people for the iQuest programme and look forward to participating in the symposium later this week and meeting with interested candidates.
Kesaven Moothoosamy: At ITL, we foster a mindset of continuous improvement
Kesaven Moothoosamy, Executive Director at Intercontinental Trust Ltd (ITL), explains how ITL has evolved over the years. Having first joined the financial services firm 20 years ago and coming back as a leadership resource in January 2024, Kesaven sees the organisation with eyes old and new, and traces its journey over 2 decades.
With ITL celebrating 25 years of its operations as a proudly Mauritiancompany, he reflects on this momentous milestone and unfolds the factors that have led to the innovative company’s evolution in the dynamic financial services sector. Edited excerpts from an exclusive interview:
You were appointed as a director at ITL last year. How do you feel about your journey coming full circle as a senior leadership team resource, considering you started your career at ITL as a fresh graduate?
Over the course of two decades, I have witnessed ITL’s remarkable evolution from its fifth year of operations, when I joined, to its current standing as a 25-year-old institution. The journey has indeed been profoundly enriching!
When I started at ITL straight out of university, everything was new to me. I approached the role with enthusiasm and a keen desire to learn, despite being new to the financial services sector. I was fortunate to benefit from exceptional mentorship, which proved invaluable throughout my professional development. The opportunity to gain diverse experience over the years has been particularly meaningful.
In my initial role as a Fund Accountant, I joined the Mauritius Global Business sector when it was still in its relative infancy, primarily focused on the Indian market. We navigated significant challenges, including the revision of the India-Mauritius DTAA, the global financial crisis in 2008, the introduction of FATCA/CRS, and various changes in the global tax landscape. It was crucial to revisit our strategy regularly, and I had the privilege of contributing to ITL’s expansion into African markets. There was also a gap in how we could provide value-added financial services from Mauritius, and I contributed to the development of the capital markets division within the firm, which we later spun off to create Perigeum Capital. This was the first firm to obtain the corporate finance advisory licence from the Mauritius Financial Services Commission, and I was one of its founding executive directors.
Returning to ITL as a director after seven and a half years feels remarkably like coming back home, albeit with a wealth of experience and insights to contribute. This homecoming presents an opportunity to give back to the organisation that shaped my early career. The trajectory of my professional growth stands as a testament to ITL’s commitment to nurturing talent and fostering development. I am genuinely excited to contribute to the next chapter of ITL’s journey.
How exciting is it to have joined back at ITL in the year they are celebrating their 25th anniversary? Could you reflect on ITL then and now, and share your key observations on how the organisation has evolved over the years?
Joining ITL’s leadership during its 25th anniversary year is both an exciting and humbling experience. I would go so far as to say that returning to ITL is like living a dream-embarking on a journey with a company in its early days and returning as a director during its 25th anniversary celebrations. This momentous milestone reflects not only the company’s resilience and growth but also its remarkable evolution over the years. ITL has grown from a small startup with big dreams into a leading player in the industry, expanding its global reach and embracing innovation and cutting-edge technology to stay competitive.
What has changed:
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Growth in staff and sector expertise
Advancements in technology and controls
Cultural evolution
ITL’s culture has also transformed significantly, becoming more inclusive, dynamic and collaborative. It fosters an environment that not only encourages continuous learning and growth but also values diverse perspectives, ensuring everyone feels heard and empowered.What remains the same:
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Proudly Mauritian identity
ITL continues to stand out as one of the few proudly Mauritian financial services groups, maintaining independence in an industry where many peers have been acquired by private equity firms. This unwavering commitment to our Mauritian roots and African identity, coupled with agile decision-making, positions ITL for sustained success on the global stage. -
Commitment to innovation
Continuous improvement and innovation are woven into ITL’s DNA. Over the years, the company has been a trailblazer, achieving significant milestones like being the first to list a Global Business Company and a fund on the Stock Exchange of Mauritius under Chapter 18, and obtaining the first corporate finance licence issued by the Financial Services Commission, in which I have humbly played a significant role. -
Training and culture at ITL
ITL’s culture of learning and development resonates deeply with me. One of the most valuable skills I’ve honed here is negotiation-an essential life and professional skill. At ITL, negotiation is not just about finding compromises; it’s about creating mutual value. I’ve learned that successful negotiation involves balance-we need to give to get but never give for free.
The company’s commitment to growth extends to robust training initiatives. Over the years, I’ve benefited from management, leadership, and motivational training programmes, carefully designed to align individual and organisational goals. ITL dedicates significant resources annually to identifying and addressing training needs. Looking back, I’m incredibly grateful for ITL’s investment in my growth.
A significant insight from several members of the leadership team has been that ITL provides key training opportunities to hone talent. Does this resonate strongly with you as well? If so, could you comment on the culture and share specific training examples that stand out from your experience with ITL?
ITL has always placed a high priority on talent development, and I have personally benefited from several training programmes that have honed my skills and shaped my professional growth. The culture at ITL fosters continuous learning and innovation, ensuring employees are well-equipped to thrive in an evolving business landscape.
Over the years, I have participated in workshops on strategic thinking, problem-solving, team leadership, negotiation, and communication. These sessions have been instrumental in refining my leadership style and preparing me for senior roles. In addition to ITL’s internal training programmes, I have also had the privilege of pursuing external qualifications, including an MBA from Ducere Business School in Australia and the Inspiring Leadership Programme from Manchester Business School in the UK.
ITL CEO Ben Lim notes in the press release announcing your directorial appointment that you bring an innovative mindset, fresh ideas, and enhanced leadership capabilities to the table. Could you highlight any key innovations you foresee emerging in the fund industry, considering your esteemed background as a seasoned professional with nearly two decades of experience in the Mauritius financial services industry?
I am deeply grateful to Ben for entrusting me with this opportunity. I believe I bring a fresh perspective through my experience beyond the core fund administration and company secretarial functions at ITL. Over the past seven years, I have had the privilege of stepping into the investment banking arena, gaining a completely different outlook. By leveraging my corporate finance expertise, I focus on understanding clients’ businesses in depth – identifying how they generate cash flow, recognising their pain points, and proactively proposing tailored solutions to address their specific needs.
This exposure to initiating and leading value-driven projects has shaped what I like to call an ‘intrapreneurial’ mindset – thinking like an entrepreneur within an organisation, identifying growth opportunities, and ensuring sustainability through innovation.
I believe these insights contribute to the growth mindset that defines ITL. By fostering a fresh perspective focused on creating new dynamics and market opportunities, we are well-positioned to progress over the next 25 years. Innovation is indeed at the heart of the evolving fund services industry. With nearly two decades of experience, I see several key trends emerging, such as the integration of AI to enhance efficiency and generate new lines of innovative services.
ITL’s journey will continue to be one of innovation. We will keep innovating, creating new offerings, and unlocking greater opportunities!
You note in the same press release that you look forward to leveraging your intrapreneurial and corporate finance skills to help the team nurture stronger collaboration with clients and stakeholders. Could you elaborate on your experience in these noteworthy arenas?
Certainly. My experience as an Executive Director of a corporate finance firm was incredibly enriching. From being a start-up incubated within ITL to becoming fully independent, my role at Perigeum Capital required me to secure mandates, assist in raising capital, advise on client board strategies, oversee the listing of companies on various international exchanges, and establish the firm as a credible and independent player in the Mauritian financial services sector. I am deeply grateful to Shamin A. Sookia for his invaluable collaboration throughout this journey.
Leading such a project instilled a level of maturity in my thinking, especially at a time when the Mauritian financial services industry was predominantly focused on back-office functions. By creating a corporate finance entity, we introduced a value-added dimension to the Mauritius International Financial Centre (IFC), particularly through capital raising and expanding the capital pool.
My time at Perigeum Capital reinforced the importance of understanding the value we can bring to our clients. It taught me to anticipate their needs proactively, propose tailored solutions, and address potential challenges before they arise. This client-centric and solution-oriented approach has been instrumental in ensuring meaningful and enduring client relationships.
As a strategic resource with an MBA focusing on Leadership and Innovation, as well as an Organisational Leadership certification, how do you plan to leverage this rich academic background and practical leadership experience-through founding Perigeum Capital Ltd and serving as a board member on various SEM-listed companies—to add value to ITL?
Innovation is a process-a journey rather than a destination. To sustain it, we must create a platform where innovation becomes an ongoing practice. At ITL, we foster a mindset of continuous improvement, constantly questioning and re-evaluating our current practices with the aim of doing better. It’s about recognising that while our methods may work well today, there is always room for refinement and enhancement.
Innovation also involves simplifying task execution, and technology plays a pivotal role in this. For example, adopting AI presents tremendous opportunities to streamline workflows and enhance efficiency. By leveraging AI thoughtfully, we can not only simplify processes but also focus on creating more products and services that add value for our clients.
My academic background and leadership experience have equipped me with a strong foundation in strategic thinking and innovative problem-solving. I intend to draw on this expertise to drive ITL’s growth, ensuring that innovation remains central to our journey forward.
Looking ahead, how do you envision ITL evolving in the next 3–5 years, and what key initiatives or transformations would you prioritise to drive this evolution?
Expanding our global footprint is a top priority for ITL. Over the years, we have strategically grown our international presence, beginning with our first office outside of Mauritius in Seychelles. Shortly after, we established ourselves in Singapore, expanded to South Africa, and, most recently, launched operations in Dubai. These expansions reflect our commitment to being a truly global player. Looking ahead, we are actively exploring further opportunities across Africa, with Lagos and Nairobi emerging as key jurisdictions of interest based on my recent visits to these vibrant hubs.
Digital transformation is another critical focus area for ITL. While we have consistently performed well, we recognise that the future lies in harnessing the power of AI. We are integrating AI-driven analytics to address operational pain points, optimise cost-effectiveness, and enhance value for our clients. By leveraging these technologies, we aim to transform decision-making processes and deliver deeper customer insights.
In the next three to five years, I envision ITL not only strengthening its global footprint through strategic partnerships but also leading the industry in digital innovation. Key initiatives will include investing in cutting-edge technologies, enhancing our digital capabilities, and fostering a culture of continuous improvement. These efforts will ensure that ITL remains at the forefront of the financial services sector, driving sustainable growth and delivering exceptional value to our clients. Indeed, digital transformation is a key focus at ITL, and we will continue to build on this pillar to take ITL to new heights!
Intercontinental Trust Limited appoints Varounen Goinden as COO
Holder of an MBA from IAE Paris Sorbonne Business School and from Université Paris Dauphine and Fellow Member of the Association of Chartered Certified Accountants (FCCA), Varounen Goinden brings extensive expertise in the international financial services sector. His professional career is marked by strategic positions, notably as Director of Operations of Management Companies and Head of Business Development for Mauritius, India and Africa.
“I am honoured to take on these new responsibilities at ITL. My goal is to strengthen our operational excellence through technological innovation and process optimisation. Having worked closely with our teams for nearly two years, I am determined to continue our growth trajectory whilst maintaining the highest standards of service quality. Our objective is to continue offering tailored solutions that meet the evolving needs of our clientele,” states Varounen Goinden.
Ben Lim, Chief Executive Officer, highlights the strategic importance of this appointment: “In an ever-evolving financial environment, Varounen Goinden’s appointment as COO strengthens our ability to anticipate and respond to industry challenges. His extensive expertise and strategic vision will be major assets in supporting our growth and maintaining our leading market position.”
This strategic appointment comes amid continuous development for ITL, which maintains its commitment to excellence and innovation in financial services.
Licensed by the Financial Services Commission (FSC), Intercontinental Trust Limited has been a leading Management Company in financial services since 1999. With over 200 professionals spread across Mauritius, Seychelles, South Africa, Dubai and Singapore, ITL provides corporate, fiduciary and fund administration services to local and international clients, including leading financial institutions and high-net-worth individuals.
Private Equity Awards – Interview of Francoise Chan
Francoise Chan: “At ITL, we’ve consciously fostered an environment where women professionals can thrive”
We spoke to Francoise Chan, Executive Director, Intercontinental Trust Ltd (ITL), in the wake of her recent win at the Private Equity Africa awards in London in the special recognition category for Women in Private Equity. The same awards served to give ITL twice the reason to celebrate as the leading Mauritian fund services provider also won the award for Best Local Fund Administrator in a hotly contested category.
As ITL celebrates its 25th anniversary this year, Francoise shares her insights on what makes her prestigious win so special, marking her contributions for the last decade to this specialised sector. Indeed, this accolade signifies a momentous milestone for ITL, as only the second time that a key leadership resource has received such a special distinction at the PEA Awards. The first was 2020 when CEO Ben Lim was conferred the “Advisor Individual Decade Award” for his contribution to the industry over the past ten years.
Francoise, who has been in the financial sector for 30 years, shares insights on the evolution of this sector and women’s roles within the industry.
1. In the wake of your prestigious win at the Private Equity Africa awards, what are some key trends in Private Equity in Africa that you would like to highlight to our readers?
Since the past decade or so, there has been a continuously growing focus on sustainability and impact investing in Africa, with funds increasingly targeting investments that contribute to sustainable development goals, reflecting a broader commitment to responsible investing and the long-term viability of their portfolios. We see our clients promoting transformative projects and investments that create jobs, drive economic growth, and improve the quality of life across Africa. Sectors such as healthcare, infrastructure, digital connectivity, and renewable energy are gaining traction due to their growth potential and essential nature. The digitalisation of the African economy continues to attract substantial investments, particularly in FinTech, HealthTech, and EdTech sectors, driven by rapid digital transformation and growing demand for innovative solutions.
By addressing those critical sectors, our clients are making a tangible difference in millions of lives, fostering a resilient and prosperous future for Africa. We are proud to play a part in their projects, where our work enables and maximises their impact on the continent. Concurrently, we have seen significant traction in the private debt space, with our clients increasingly looking at debt funds or hybrid funds instead of the traditional private equity models.
2. What does this special recognition award for Women in Private Equity mean to you? What skillset, support factor or combination of these has been instrumental to your win?
This recognition extends far beyond a personal accolade. As a woman leader in the finance sector, I see this distinction as an encouragement for all those talented young women professionals who might still be hesitant about venturing into this sector.
I have been fortunate in that my journey has been shaped by a unique combination of resilience and adaptability in an environment as dynamic as Mauritius, and Africa. At the same time, I cannot speak of success without mentioning the extraordinary ITL team around me. Their unwavering support, professional excellence, and daily commitment have created the enabling environment that has allowed me to flourish and innovate in this role.
If I were to give one piece of advice to future leaders, it would be this: cultivate your authenticity. Our strength lies in our ability to bring a different perspective and create value in our own way.
3. Have you seen the role of women in this specialised field increasing over the years?
Definitely! When I started in the financial services sector in Mauritius, the landscape was markedly different than it is today. There has been a noticeable increase in women’s representation and recognition in the industry. I recently attended a lunch hosted by Clifford Chance in London, together with several distinguished women leaders, including Adesuwa Okunbo Rhodes from Aruwa Capital, Ann Wyman from AfricInvest, Joy Chakanyuka from Development Partners International (DPI), as well as Monserrat Petit and Gail Mwamba. These interactions, along with my many other encounters with women leaders in the field, reflect a growing trend of women not only entering but excelling in leadership positions within the sector. The increasing visibility and recognition of women leaders in our industry signals positive change and creates inspiring role models for the next generation of professionals. I’ve observed how women are increasingly leading complex fund structures, managing key client relationships, and driving innovation in our service offerings.
At ITL, we’ve consciously fostered an environment where women professionals can thrive, leading to a significant increase in female representation across all levels of our organisation. We provide them with flexible hours to help our team members balance their professional ambitions with family commitments. We have also introduced the ‘Return to Work’ programme, which aims to support mothers transitioning back to their careers after maternity leave or family breaks. Mothers can gradually increase their working hours, helping them reintegrate into the workplace at a comfortable pace.
4. Do you believe that organisations such as ITL are setting a good example for others to emulate by supporting women leaders to take on strategic roles in the finance sector/global business sector with confidence and expertise? What are the key takeaways you would like to share from your experience at ITL?
ITL’s journey in fostering women leadership isn’t just about ticking boxes – it’s about creating genuine pathways for success. We’ve seen firsthand how supporting women in strategic roles isn’t merely the right thing to do; it’s proven to be a brilliant ‘strategy’ for growth and success.
What’s particularly striking about our approach at ITL is the emphasis on practical support rather than just talk. We’ve created structured mentorship programmes, invested in continuous professional development, and perhaps most importantly, cultivated an environment where women feel empowered to take calculated risks and lead innovative initiatives. The results speak for themselves – we’ve seen a remarkable increase in women taking on senior positions and driving key strategic decisions. At ITL, we’ve seen how women leaders have brought innovative approaches to client relationships, risk management, and strategic planning, particularly in the complex landscape of African private equity.
For my part, I was blessed to have the necessary support system that has been instrumental to my success. My family and colleagues have been providing unwavering encouragement and support over the years, contributing to an enabling environment for me to take on higher responsibilities over the years.
5. Finally, what more could be done to support women in leadership roles?
Looking ahead, what we really need are proper sponsorship programmes – and I’m not just talking about mentorship here. We need influential leaders who’ll actively champion women, put their names forward for big opportunities, and back them when it comes to leading major investment decisions. One key piece of advice for women: never stop learning and exploring the opportunities being offered.
In 2015, women made up less than 7% of boardroom representation in Mauritius. While progress has been made, there’s still room for meaningful advancement. Mauritius has passed a law requiring 25% female representation on boards of listed entities. This is a positive step, but many private companies still have under-representation of women on their boards.
ITL: A Trusted Partner
Intercontinental Trust Limited (ITL), established in 1999 and licensed by the Financial Services Commission (FSC), is celebrating its 25th anniversary this year. Over the past quarter-century, ITL has grown to become a major player in the financial and fiduciary services sector in Mauritius and internationally. Built on a foundation of lasting trust, innovation, and sustainable growth, ITL’s reputation reflects the core values that have driven its success. Read more here about the company in Africa Global Funds December edition.
Mauritius has been recognised as the only “Established Domicile” in Africa for investment vehicles.
Mauritius has been recognised as the only “Established Domicile” in Africa for investment vehicles, according to a recent study commissioned by the Mastercard Foundation. This landmark report highlights the country’s unmatched regulatory framework, judicial stability, operational ease, and investor-friendly environment.
With 60% of Africa-focused investment vehicles domiciled outside the continent, the report underscores Mauritius’ leadership in addressing these gaps, paving the way for inclusive growth and sustainable economic transformation. The Mauritius International Financial Centre (MIFC) is at the forefront, empowering MSMEs, fostering youth employment, and driving transformative investments across the continent.
Learn more about how Mauritius is shaping Africa’s investment future . Click here to access the full report.
Private Equity Africa Awards
Another achievement for ITL! Intercontinental Trust Ltd has proudly won the ‘Local Fund Administrator’ award at the prestigious Private Equity Africa Awards ceremony in London last night.
And to make it even more special, our Executive Director, Francoise Chan, received a distinguished individual accolade in the ‘Women in African Private Equity’ Decade Awards category.
This double distinction stands as a testament to our 25-year commitment to excellence in financial services.
None of this would be possible without the unwavering support and trust of our valued clients and the dedication of our team members.
Thank you for being part of our journey!
General Elections on 10th November 2024 in Mauritius
General Elections on 10th November 2024 in Mauritius
Special banking hours on Monday 11th November 2024
In view of the General Elections in Mauritius, scheduled for 10th November 2024, the Bank of Mauritius (‘Bank’) has given its approval, under section 62 of the Banking Act 2004, for banks to close their branches with the public at 13:00 hours on 11th November 2024, the counting day.
The Bank will remain open to the public until 13:00 hours on that date, while interbank cheque clearing and electronic settlement facilities will remain open until 13:45 hours to allow all transactions of the day to be completed in due time.
Kindly get in touch with your usual Point of Contact should you require any clarification regarding how this may impact you.
General Elections on 10th November 2024 in Mauritius
General Elections on 10th November 2024 in Mauritius
Special banking hours on Monday 11th November 2024
In view of the General Elections in Mauritius, scheduled for 10th November 2024, the Bank of Mauritius (‘Bank’) has given its approval, under section 62 of the Banking Act 2004, for banks to close their branches with the public at 13:00 hours on 11th November 2024, the counting day.
The Bank will remain open to the public until 13:00 hours on that date, while interbank cheque clearing and electronic settlement facilities will remain open until 13:45 hours to allow all transactions of the day to be completed in due time.
Kindly get in touch with your usual Point of Contact should you require any clarification regarding how this may impact you.