Jersey has cultivated strong relationships with Africa over many decades, supporting both inbound and outbound investment for private and institutional investors. This is achieved through expertise in enabling inbound Foreign Direct Investment (FDI) to support African infrastructure and growth, as well as supporting African investors and families with their outbound investment activity.
The Government of Jersey is committed to broadening its political, commercial, and cultural relationships with partner governments, as outlined in its Global Markets Strategy. It aims to strengthen its position as a partner for Africa to support and deliver sustainable growth by providing access to capital markets, investor protections, and capacity building in areas of expertise such as tackling financial crime.
As a future-focused jurisdiction, Jersey has negotiated a range of international agreements with partners in sub-Saharan Africa, including Double Taxation Agreements (DTAs), Asset Recovery Agreements, and Memoranda of Understanding (MoUs) on cooperation and knowledge sharing.
Since the first MoU between Jersey and Rwanda was signed in 2016, various initiatives have been undertaken, including:
- Signing a DTA.
- Overseeing the expansion of Jersey Overseas Aid’s (JOA) ‘Girinka’ programme.
- Hosting and training Gorilla conservationists at Durrell Wildlife Conservation Trust.
- Supporting capacity building and knowledge transfer through an inward secondment to the Jersey Financial Services Commission (JFSC) from the National Bank of Rwanda.
Jersey has also entered into a multilateral framework with the Governments of Kenya, the UK, and Switzerland as part of international best practice to return confiscated assets from crime and corruption to Kenya.
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At the Forefront of International Standards
Jersey has consistently supported international standards for the prevention of tax avoidance and financial crime. The Island was an early adopter of the Common Reporting Standard (CRS) of the Organisation for Economic Cooperation Development (OECD), which provides for tax transparency and exchange of information. Jersey was also a founding member of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), an international set of measures designed to stop multinationals from shifting profits between countries to avoid paying tax.
Jersey has a small but growing treaty network. In Africa, Jersey has DTAs that have been ratified and are in force with Mauritius, the Seychelles, and Rwanda.
Jersey’s Expertise and Connections with Africa
Acting as a bridge between capital raising in Europe and investment in Africa, Jersey currently accounts for £15.5 billion in deployed assets across Kenya, Uganda, South Africa, and Egypt.
Here's a summary of Jersey's key strengths in supporting African markets:
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- Expertise: Jersey has one of the largest numbers of finance industry professionals of any IFC, giving it a vast pool of expertise.
- Substance: Jersey has a modern business environment with more than 13,600 professionals supported by a politically stable government.
- Supportive: The Government of Jersey is positively committed to building ties with Africa and has a dedicated Global Markets team with expertise in Africa.
- Fluent: Jersey’s professionals have good knowledge of Africa, and the Island has both English and French as official languages.
- Easy Access: Jersey has strong links and is in close proximity to the City of London and the EU, giving businesses and individuals easy access to both markets.
- Reputable: It adheres to, and is often an early adopter of, global standards set by the UK, EU, US, and the Organisation for Economic Cooperation and Development (OECD).
- Choice: Jersey has developed a wide range of competitive products and services in more than five decades.
- Central: It has a central time zone, making it easy to do business around the globe.
Table: Key Strengths of Jersey in Supporting African Markets
| Strength | Description |
|---|---|
| Expertise | Large pool of finance industry professionals. |
| Substance | Modern business environment with political stability. |
| Supportive Government | Dedicated Global Markets team with expertise in Africa. |
| Language Fluency | Professionals with knowledge of Africa; English and French as official languages. |
| Easy Access | Proximity to London and the EU. |
| Reputable Standards | Adherence to global standards (UK, EU, US, OECD). |
| Wide Range of Services | Competitive products and services developed over five decades. |
| Central Time Zone | Facilitates global business. |
Numerous initiatives have also been set up by Jersey churches and charities, including the development of schools and the introduction of feeding programmes in Kenya, Rwanda, and Zimbabwe. There is a growing community of African nationals living in Jersey and working in the finance industry.
Founded in Jersey in 1963, the Durrell Wildlife Conservation Trust has been involved in projects across the African region for many years, including vital conservation work on the Islands of Madagascar and Mauritius.
The JOA has been providing life-changing assistance in developing countries since 1968. By focusing on thematic priorities where Jersey has considerable expertise and reach, the Island is able to add more value than just the funds it contributes - promoting sustainable economic and human development in some of the poorest countries on earth. Its financial inclusion programme - run in partnership with Comic Relief - will benefit nearly one million people over four years in Rwanda, Sierra Leone and Zambia.
Exploring Intra-African Trade, ESG & Cross Border Investment with Jersey Finance
Case Studies
JTC: Africell: Improving connectivity
Headquartered in Jersey, JTC works closely with Africell. Africell Holding was established in 2001 and is the leading mobile communications operator in The Gambia and Sierra Leone.
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Nigel Le Quesne, CEO of JTC, said: "We are delighted to announce this important acquisition. There is a clear fit with our existing operational footprint and client base, and this will allow us to leverage our scalable global platform to enhance operating margins as well as to drive future growth. There is also strong cultural alignment, with a focus on client service excellence, and I am pleased that the founders and leaders of the business will continue to be directly involved post completion.
Vipin Shah, Chairman and Founder of Minerva, said: "I am delighted with this deal, which is an important step in the development of Minerva, and we look forward to working closely with the highly experienced teams at JTC to further enhance our offering. We have recognised the increasing importance of scale in our industry and, being part of a larger and more global business, will enable us to access an extensive range of additional services from across the JTC Group.
Standard Bank: Helping African ambitions
Standard Bank Jersey Limited continues to focus on connecting Africa with international markets while investing in client centricity, digitisation and delivering a comprehensive financial services proposition to its clients.
Baker Tilly: Working together for Africa's prosperity
A group comprising of five entities under a Jersey holding company hold a US$200 million iron ore asset in Liberia. Baker Tilly acts as group auditor and works in conjunction with their colleagues in Liberia as well as the investment manager who is based in South Africa.
Accuro: Structuring for good causes
Accuro have a longstanding relationship with Southern African markets.
