The Group is comprised of members of TheCityUK and has the following objectives:
- To provide thought leadership on the direction of TheCityUK policy and activity relating to the financial and related professional services sector; and on the direction in which the sector would like UK government policy and trade and investment activity to progress with regard to Sub-Saharan Africa.
- To provide an umbrella for and/or driving key projects that have the potential to create new and lasting opportunities for developing dialogue and business between the UK and key markets within Sub-Saharan Africa.
- To help formulate financial and related professional services trade and investment policy priorities for key markets across Sub-Saharan Africa, including interface with TheCityUK’s Liberalisation of Trade in Services (LOTIS) committee.
- To help develop relations with senior regional decision-makers, regulators and economic and business stakeholders.
- The preparation of detailed input for UK government officials on specific financial and related professional services objectives to be pursued in post-Brexit trade agreements with particular markets.
- Macroeconomic and fiscal policy development in key markets such as Kenya, Nigeria and South Africa, with a focus on addressing challenges and opportunities, for example foreign currency issues which inhibit trade and investment.
- The development of sound governance and regulatory frameworks to aid financial infrastructure development including regulatory ecosystems and capital, debt and corporate bond markets.
- Infrastructure finance focusing on how the UK’s financial and related professional services sector can help respond to a variety of challenges in realising the vital contribution infrastructure projects, including power and other utilities, can make to sustainable economic growth.
- The ongoing development of FinTech across Sub-Saharan Africa and examining how UK-based international institutions are responding to these. This will include consideration of the potential for the development of UK-African collaboration to advance the development of a robust financial services sector.
- Insurance sector growth - excluding South Africa, the sub-Saharan region accounts for approximately 0.2 per cent of the premiums written by the global insurance industry, according to data from Swiss Re. This coupled with projected population and economic growth make certain sub-Saharan markets attractive for UK-based insurance firms. However, diverse markets featuring a mix of local players combined with under developed regulatory environments and concerns about deploying capital locally result in a complex picture. TheCityUK will continue to work with its insurance members to help address these issues.
For more information about our Sub-Saharan Africa work programme please contact us.