Western Cape Government Co-funds New African Finance Studies Institute
3 February 2014
The Western Cape has become home to the continent’s first academic institute dedicated to producing a crop of African finance sector professionals.
In a joint partnership, the Western Cape Government, the University of Cape Town, Barclays Africa Group, FirstRand and Liberty launched the African Institute of Financial Markets and Risk Management.
The institute has set its sights on becoming the global leader in post-graduate finance studies relating to Africa.
One of its key aims is to meet the demands of industry for skills in the banking, risk management and financial market sectors by developing local talent.
Alan Winde, Minister of Finance, Economic Development and Tourism attended the official launch ceremony in Sandton on 29 January 2014.
Minister Winde explained that the institute would sit in UCT’s Faculty of Commerce and focus on innovative research and solutions for the continent’s financial industry.
“This institute will play a key role in growing the Western Cape’s pool of black professionals in the finance and business industry, which is one of our key sectors. Currently, finance and business services contribute 32.4% to the province’s Gross Domestic Product. As the first institute of its kind on the continent, it speaks to the fact that the Western Cape is fast becoming Africa’s innovation and finance hub. It’s also a great example of ‘Better Together’, where academia, government and the private sector have formed a partnership to achieve an outcome that will benefit the entire province,” said Minister Winde.