Temabye Vayavooree on MCB’s role in shaping resilient India-Africa trade ecosystems

By Shruti Menon Seeboo

As the Fifth India-Africa Entrepreneurship and Investment Summit commenced today in Nairobi, spotlighting avenues for robust bilateral growth, we turn to a financial institution at the heart of the India-Africa corridor: Mauritius Commercial Bank (MCB).

We have had the privilege of speaking with Temabye Vayavooree, Executive Vice President – Global & International Corporates at MCB. With Mauritius maintaining its position as the second-largest contributor to FDI into India, Ms. Vayavooree offers critical insights into how MCB leverages its strategic headquarters and extensive network to facilitate significant trade and investment flows. She sheds light on the compelling emerging sectors, the bank’s commitment to finding solutions for clients, and MCB’s vision to position Mauritius as a central hub for strategic Africa-India collaboration, reinforcing resilient trade ecosystems. Her perspective is crucial as the Summit unfolds. Excerpts:

1. MCB has a significant presence and a long history in the region. How does MCB strategically position itself to facilitate and enhance trade and investment flows specifically between India and various African nations, and what are you most looking forward to achieving through MCB’s participation in this Summit?

During the FY April 2024-March 2025 period, Mauritius retained its position as the second-largest contributor to FDI into India, with a 5% uptick in flows to stand at USD 8.3 bn, representing 17% of total equity investments, an indication that the Mauritius IFC continued to maintain its appeal to international investors.

MCB leverages its strong regional footprint, deep-rooted relationships, and international network through correspondent banks, intermediaries and partners to act as a trusted financial partner across the Africa–India corridor.

Strategically headquartered in Mauritius, a well-regarded international financial centre with longstanding cultural and economic ties to both India and Africa — we serve as a natural bridge facilitating cross-border trade, investment, and capital flows, moreover with no exchange control prevailing in Mauritius.

MCB has been serving clients investing into or trading with Asia, including India and we intend to explore the most effective ways to continue supporting our clients according to their specific requirements. Through our participation in this Summit, we look forward to reinforcing MCB’s role as a catalyst for deeper economic integration between India and Africa. We are especially keen to foster new partnerships and stakeholders to shape resilient trade ecosystems. Ultimately, our aim is to position Mauritius — and by extension MCB — as a hub of convergence for strategic Africa–India collaboration.

2. From MCB’s perspective, what are the most compelling emerging sectors or investment opportunities that you see gaining traction in the India-Africa corridor, and how is MCB prepared to support these?

• According to the Confederation of Indian Industry (CII):
• India-Africa trade stands at USD 83 billion with Indian exports to Africa at USD 45 billion and imports at USD 38 billion.
• India’s cumulative investments in Africa during April 1996 to March 2023 amounted to USD 75.2 billion. As emerging economies with complementary strengths, India and African nations have engaged in various sectors, including agriculture, pharmaceuticals, technology, and infrastructure.
• India is one of Africa’s top trading partners and the fourth-largest investor in the continent.
• India’s Top exports destinations for goods in Africa (FY 2023-2024) are: South-Africa= USD 8.71 bn, Tanzania USD 4.6 bn, Nigeria USD 3.7 bn, Egypt USD 3.5 bn, Togo=USD 3.2 bn, Kenya=USD 3.2 bn

The India-Africa trade basket mainly includes mineral fuels, food products, pharmaceuticals, and from the Indian side and crude oil, diamonds, copper, from the African side to India.

MCB is committed to find solutions for clients to promote the India Africa corridor by leveraging on our expertise acquired from the MIFC.

3. Looking ahead, what role do you believe financial institutions like MCB will play in addressing the unique challenges, such as currency volatility or regulatory complexities, that businesses often encounter when operating across India and Africa?

Foreign exchange solutions, hedging instruments, and multi-currency liquidity management to help businesses manage currency risks and ensure greater predictability in cross-border transactions.

With deep knowledge of both African and international regulatory landscapes, MCB supports clients in structuring compliant and efficient cross-border operations.  We act as a trusted partner in de-risking and enabling trade and investment by providing the financial architecture and insights businesses need to thrive.