Dr Rufaro Nyakatawa-A Woman With Passion To Reshape Africa’s Financial Landscape

By Wallace Mawire*

Based in Johannesburg, Dr Rufaro Nyakatawa’s primary focus is developing the strategy for Jersey Finance’s engagement in the South African market. She also plays a vital role in supporting the organisation’s wider activity across the continent. An international speaker and thought leader, Dr Nyakatawa has been interviewed on various platforms including the BBC, CNBC, ENCA and various publications. She champions women’s issues as an Advisory Board Member of Women in Tech (SA Chapter) and an International Campaign Advisor for the Cherie Blair Foundation’s 100,000 Women Campaign Board, among others. She was recently elected by members to the Board of Directors of the Financial Planning Institute of Southern Africa (FPI), she is a Non-Executive Director at Masthead and is a Certified Financial Planner (CFP®), CFA member and SAVCA member.

 Could you begin by sharing a bit about your background and the journey in the finance industry that led you to your current position as a driving force for change?

 My journey in finance started by chance. I was seeking an opportunity to get into management, and I got an opportunity to join a management development programme in one of the top four financial services companies in South Africa. I have worked in the finance industry for more than 23 years, with experience in financial advice, private wealth management and private equity.

A pivotal moment in my career when I first realised the impact I could have as ‘an agent of change’ on the continent was when I was seconded to West Africa to set up a wealth management business for a Pan-African bank with a presence in 34 countries. I spearheaded the framework and supported the creation of a business to help people make good decisions about their finances, protecting their finances for future generations. It was a very fulfilling job.

Today, I am proud of my contribution to the continent's economic development by enabling positive conversations on the financial landscape in Africa in terms of capital-raising and wealth diversification, connecting businesses to African opportunities and being a thought leader on women’s financial inclusion.

Jersey plays a pivotal role in reshaping Africa's financial landscape. Could you elaborate on the key aspects of this role and how it contributes to financial inclusion and equity across the continent?

As an international finance centre (IFC) made of substance and stability, Jersey has built strong connections with Africa and there are more than 40 finance firms in Jersey offering expertise to enable inbound FDI to support African infrastructure and growth, as well as supporting African investors and families with their outbound investment activities and portfolio diversification.​

In respect of financial inclusion, Jersey plays a critical role as a facilitator of economic activity globally. Capital intermediated through Jersey supports £6 billion of Africa’s GDP and on average annually, between 2017 and 2020, capital intermediated in Jersey supported 916,000 jobs in Africa.

Women's leadership has been identified as a transformative force in international financial reform. How do you see women's unique perspectives and approaches influencing global financial challenges?

Women in leadership isn’t a new term for successful women in finance. Organising, multi-tasking, negotiating, empathy, resilience, drive – these are skills women have always been associated with. Today, the focus has shifted to channeling and leveraging these qualities to be positive influences as women in leadership positions.

In the last seven years, the percentage of women in senior management positions in Africa has increased by more than 10% between 2017 and 2023 (Source: Women in Business 2023, Grant Thornton). However, this will not happen overnight. The UN Department of Economic and Social Affairs estimates it will take 140 years to achieve equal representation in leadership in the workplace.

Creating an environment that fosters women in entrepreneurship is a vital driver of growth in Africa.  Women bring the diversity dividend and it has been shown that women starting up in business tend to provide an immediate contribution to the economy. Women founded businesses can deliver higher returns to investors, promote womenpreneurship and inspire their societal peers, which can have a positive knock-on effect on economic prosperity. (Source: InclusiveBusiness.net, Finding Innovative Funding, 2021).

To help increase the representation of women in decision-making positions, women must lift each other and support each other as they advance in their careers. The more platforms we provide to inspire other women, the more influence women will have in decision-making, whatever the industry.

Could you provide specific examples of how women’s contributions in the finance industry have led to tangible transformations in the international financial sector? 

I am an Advisory Board Member of Women in Tech (South Africa Chapter) and an International Campaign Advisor for the Cherie Blair Foundation’s 100,000 Women Campaign Board. I have met many influential women throughout my career and involvement in these organisations.

I regularly speak at the annual Me Time events (Me Time is a women’s organisation which aims to boost women’s confidence).

This year, I am also a speaker at a 100 Women in Finance event – they are a global organisation of which I am also a member.

I want to inspire women through hosting platforms where they can hear stories of women in leadership positions and mentor young women, including my daughters. I aim to empower women to find their paths.

In August, I hosted a Jersey Finance Women in Leadership event in Johannesburg, focussing on the personal journeys of leading professional women who offer unique perspectives regarding their lived experiences in the global finance industry.

One of the speakers at this event was Moushmi Patel, Executive Director and Partner at Sanari Capital – a private equity firm headquartered in South Africa – with an investment focus in tech, education, health and agriculture in Africa. Sanari Capital stands out because it is women-led and majority black and women-owned. We also had Sindi Mabaso-Koyana, Executive Chairperson of African Women Chartered Accountants (AWCA) Investment Holdings, on the event panel. Sindi founded the AWCA, which is also a women-only organisation. So, these are some clear examples of how African women in the financial sector are transforming and addressing the diversity and impact agenda.

What strategies or initiatives have you observed that effectively leverage women’s leadership to drive positive change in financial systems and structures?

IFC’s such as Jersey provide the environment and platform to leverage women’s leadership to affect positive change.

Jersey’s extensive experience in providing support to business owners, corporate and families globally, Jersey’s IFC has the international pedigree to appeal to women and entrepreneurs across Africa, helping them to grow and protect their wealth.

One example of how Jersey’s IFC supports sustainable growth in Africa is Standard Bank -who chose to launch a foundation in Jersey to support the African Women Impact Fund (AWIF) – an initiative which will create a sustainable investment platform to grow the number of women asset managers in Africa. The fund was created with the intent to strengthen the economic empowerment of African women who will drive economic growth, create jobs and enable prosperity. Through the AWIF foundation, Jersey’s IFC shows that it is an enabler of funding to African-led organisations in a way that is less demanding and more equitable.

The upcoming event aims to inspire and empower the next generation in the finance industry. How do you envision this inspiration translating into practical and sustainable changes within the sector?

The theme for the 2023 Jersey Finance Perspectives: Women in Leadership event was based on women leading meaningful changes to make an impact beyond financial returns. Sharing career stories and lessons learnt creates a community - building networks among like-minded professionals. We keep everyone involved in these events exclusively female, from the speakers to the photographers and of course the journalists. The purpose is always to inspire change in the finance industry to create a more inclusive future for the next generation.

What advice would you give to young professionals aspiring to make a meaningful impact in the finance industry, particularly in terms of promoting inclusivity and positive change?

To make a meaningful impact and promote inclusivity in the finance industry, aspiring young professionals should prioritise building purposeful networks with mentors and peers who share your commitment.

By embodying resilience and determination early on in your career, not only you can excel in your finance career, but you can also drive lasting positive change for a more equitable and socially responsible industry.

South Africa is often recognized as a driver of change within the finance industry. Could you shed light on the unique role that South Africa plays in shaping the broader narrative of global financial transformation?

South Africa is the highest-ranking entrepreneurial African country (Source: News and World Report, 2022). Small to medium enterprises support the nation's gross value-add (equal to GDP before taxes and subsidies). Contributions by SMEs in South Africa increased from 18% in 2010 to 40% in 2020 (Source: OECD, March 2022).

The financial services industry in South Africa is mature and sophisticated, with plenty of expertise and knowledge built over the years. Decision-makers can better harness the expertise and skillsets of those working in the industry to support the country's and the continent's future growth.

At a roundtable in Stellenbosch, which I hosted alongside Jersey Finance's Head of Funds, Elliot Refson, during which we spoke with both South African funds experts about how the recent greylisting of South Africa by the Financial Action Task Force (FATF) will impact investors and fund managers.

Investors may perceive South Africa as a higher-risk jurisdiction in which to do business, and they are likely to increase their due diligence requirements.

And for fund managers, the recent greylisting of South Africa will mean that they must consider a broader range of factors when choosing the optimal jurisdiction for their funds - including the regulatory environment, political stability, ease of doing business, and reputation of the jurisdiction.

In the context of South Africa, what specific challenges and opportunities do you see that have the potential to influence the trajectory of financial transformation across the African continent?

As we see globally, environmental issues remain a massive threat to South Africa and the broader continent, with the recent record-breaking floods and heat waves. South Africa is directly and indirectly exposed to the transition risks associated with climate change, amplified by the dependence on minerals, energy, and mining. On the positive side, the opportunities for Africa are tremendous; it is the second largest continent in the world in terms of size and population after Asia, and 60% of the population is under 25 years old. There is also vast potential for sustainable agriculture due to Africa’s abundant untapped natural resources.

In Jersey, as a world-leading international finance centre, we very much feel the responsibility to leverage our expertise and capital to support the transition to an environmentally and socially sustainable global economy.​ Jersey’s vision is that: “By 2030, Jersey will be recognised by its clients, key stakeholders and other partners as the leading sustainable international finance centre in the markets it serves.” To support this in 2021, we successfully launched our Sustainable Finance Strategy. This strategy titled ‘Jersey for Good’ sets out our long-term plan and vision for Jersey’s finance industry as well as a two-year roadmap to accelerate this journey towards a sustainable future.

As we conclude, what are your hopes for the future of the finance industry, particularly with regards to the themes of inclusion, equity, and transformative change?

Africa is open for business and is very fertile for impact investing. There are considerable opportunities to make change and positively impact communities for a better Africa.

Entrepreneurship contributes significantly towards the GDP of African countries and contributes towards a stable environment for capital-raising, which goes a long way towards fostering entrepreneurship on the continent.

A lot of African governments are deliberately increasing the number of women taking seats in parliament, which helps in making policies that foster gender equity and results in more women being able to participate in the economic development of the continent.

*Culled from November Issue of PAV Magazine