Neo Mooki, BSE Chair
Neo Mooki is a flower from the plains of Serowe, blossoming in the heart of Italy. Now, she has taken root in the vibrant soil of Milan, where she manages an $800 billion investment firm.
Her career has taken her on a whirlwind tour, diversifying her portfolio of experiences across the globe. Yet, no matter how far she ventures, her heart remains invested in Botswana, a solid foundation that keeps her anchored in her true value.
As the chairperson of the Botswana Stock Exchange (BSE), she frequently flies in and out of Gaborone, where the charm of Botswana is a high-yield investment—where she says cutting-edge finance meets the warm hospitality of its people. It's a place where the return on investment isn't just measured in numbers, but in the rich connections and vibrant community that make every visit a valuable asset in her heart.
She landed in Botswana around September 10, 2024, and the next day, she remembered an interesting conversation during a press briefing for the much-anticipated 27th Annual African Securities Exchanges Association (ASEA) Conference 2024.
On a flight between Milan and Dubai, she sat next to a high-ranking official from the Arab government. He mentioned that when people think of Africa, they often picture Cairo, Cape Town, and Maun. To Mooki, this meant that Botswana and Africa were being undervalued as a key gateway for investments across the continent.
‘We Are Going To Sell Ourselves As Botswana’
The BSE promised to sell “ourselves as Botswana”. The exchange is committed to driving innovation, transparency and growth in Botswana’s capital markets and takes pride in being one of the leading exchanges in Africa.
With a Market Capitalisation of $52 billion, the BSE is the 3rd largest stock exchange in Africa after the Johannesburg Stock Exchange and the Casablanca Stock Exchange whose market caps are $1.1 trillion and $69.8 billion respectively. The BSE therefore is the 2nd largest stock exchange in Sub-Sahara Africa after the JSE.
‘It’s Africa’s Time’
Mooki believes that for too long, Africa has been overlooked, seen as a land of untapped potential always waiting in the wings. But she feels that the narrative is finally changing.
“Africa is stepping in the spotlight not just as a passive observer but as a dominant force in the global economy,” Mooki pronounced, certain that “we are the most resource-rich continent in the world, a powerhouse of talent, innovation and opportunities”.
“Innovation is the spice of life or the spice of markets. African exchanges must innovate in order to compete globally.”
High-Level Delegates To Descend In Botswana
The ASEA Conference takes place from the 27th to the 29th, 2024, at the prestigious Royal Aria Conference Centre. The event will kick off with the ASEA Executive Committee Meeting on the 27th of November, followed by two days of intensive conference discussions on the 28th and 29th of November. More than 300 delegates are expected.
ASEA Conference is the premier forum where African capital markets converge to discuss, strategise, and collaborate on market developments across the continent.
ASEA, as the leading association of securities exchanges in Africa, continues to foster cooperation, promote capital market business, and create a platform for impactful networking opportunities. It has strategic partnerships with other global associations and institutions such as the Arab Federation of Capital Markets, the United Nations, the African Union, the CFA Institute, and the African Development Bank, to mention but a few.
ASEA has 28 members representing 32 African countries African stock markets capitalisation amounts to close to $2.0 trillion, with more than 1,500 companies.
The BSE is hosting this event for the second time, and Mooki noted that they successfully bid for it and won.
Over the course of the two days, delegates will be engaged in presentations, panel discussions, and thought-provoking addresses on key topics related to the future of African capital markets.
Some of the most prominent topics shared by Mooki include:
The Future of Capital Markets – A Provoking Prediction by Thought Leaders
What Innovations Are Needed to Democratise and Customise African Capital Markets – Key Solutions That Can Propel the Continent Forward
Digitisation And AI in Business Operations: How to Revolutionise Trading and Analytics
How Can Technology Enhance Market Efficiency and Transparency to Enable Exchanges to Meet Their Developmental Objectives?
Strategies for Attracting Investment Flows into African Markets
How Can We Accelerate the SME Development Agenda in Africa?
Regulation As a Key Driver of Innovation in African Capital Markets – Key Lessons from Other Markets
Key ESG Factors That African Markets Have On Their Radar
Updates on the African Exchanges Linkage Project, a major initiative to deepen cross-border trading in Africa.
‘Africa is the conversation’
Mooki said this agenda will ensure that Africa is “ahead of the game in global markets”.
She believes Africa is ready to lead where it matters the most, from vast resources to booming youth and driving technological breakthroughs.
“We are taking control of the very engine that powers the global economy. Africa is no longer just part of the conversation; it is the conversation. We are positioning ourselves not just as a participant in the markets but as architects of its future.”
In her view, ASEA conference is more than just a discussion. It is about being intentional and ensuring that Africa doesn’t just catch up but takes its rightful place in the financial markets.
“The future is African and we are here to win.”
‘Time For Collaboration’
Mooki expects the conference to encourage collaboration among African securities exchanges to drive growth and modernise capital markets across the continent. She explained, "There may be practices from the JSE or Mauritius that we could benefit from, and the conference allows us to explore those."
Greater Integration And Interoperability
Another goal, she said is to promote innovation by showcasing new technologies, financial instruments and strategies that can propel African markets forward. In addition, it will encourage knowledge exchange, strengthening market infrastructure to enable greater integration and interoperability, particularly through projects such as the African Exchanges Linkages Project (AELP).
“It is about sharing knowledge and cross-fertilisation of ideas.”
AELP is a flagship project of the ASEA and the African Development Bank (AfDB) to facilitate cross-border trading of securities in Africa. Funded to the tune of US$600,000, the funds will come from the Korea African Economic Cooperation Fund (KOAFEC) Trust Fund, managed by the African Development Bank.
The AELP aims to link African capital markets, thereby promoting cross-border securities trading, increasing liquidity and diversifying investment opportunities for investors.
BSE joined at phase 2 of the project and this next phase is envisaged to provide investors access to over 2,000 securities listed on up to 15 capital markets through a cross-border securities trading platform. The objectives of the AELP align with the African Union’s Agenda 2063 and the African Continental Free Trade Agreement’s goal of establishing a liberalised market to ease the movement of capital and investments and deepen the continent’s economic integration.
“They say there is a United States of America and I kind of feel that’s how they have been successful because all these different states have formed a union. If you look at the European Union, all these states have formed a union in order to win,” Mooki said asserting that there are a lot of unions in Africa but ASEA is the one that is specifically focused on developing “our capital markets”.
Mooki is looking forward to attracting investments by showcasing the continent's potential to visitors, positioning Africa as a leading destination for capital investments.
“When I come to Botswana, I see so much talent. This is an opportunity to open up our doors and allow others to see what we have as Africa in terms of talent. We are not going to do that if we don’t have such gatherings.”
One thing the BSE thinks of is the number of strategic partnerships and agreements that are going to be forged during the conference. The exchange is also eying the implementation of actionable insights and projects at the event.
ESG Reporting Enhancing
The BSE has partnered with Risk Insights to launch ESG ratings, and Risk Insights is collaborating with many African stock exchanges. They offer ESG ratings for listed companies through a subscription service that provides access to a platform revealing valuable information and business intelligence. This helps companies understand how they can improve their ESG practices and standards.
The BSE will showcase the platform to Africa, allowing for comparisons between Botswana companies and their counterparts. They expect a strong uptake of this product and anticipate that the outcome will lead to more listed companies subscribing to this offering under the partnership.
Impact investing
As Mooki recalls, many years ago, “we were talking impact investing and sustainability”.
“It was going over everyone’s heads because impact investing wasn’t fashionable. No one knew what it was about but it was the gateway to opening up FDI into Africa.”
Now that Africa is becoming awake to that, Mooki said “we need to be at the forefront of understanding what is actually going to position us to be the beneficiary of these headwinds of flows into capital markets”.
The biggest headwind at the moment, she said, is the climate transition. What do we have in Africa? “A lot of resources that people can leverage in order to support sustainably.” For her, growth in investment should shift toward climate innovation.
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