Rob Leon, Head of Investments at Rand Merchant Bank, winner of Best Investment Bank in Africa, explains the opportunities for Africa to become a global investment hub.
World Currencies: What does the African business landscape look like, and how do you see it developing?
Rob Leon: Africa's attitude towards the deal is characterized by cautious optimism. Despite global uncertainty and economic headwinds around the world, investment opportunities are growing in key sectors, infrastructure in particular. Interest in natural resources—especially the precious minerals needed for clean energy—is also growing, and private equity and venture capitalists are increasingly active. Notably, reforms in several countries are improving investor confidence. Egypt, Morocco, South Africa, Kenya, and Nigeria dominate because of their large consumer base, diverse economies, and momentum for reform.
In the coming years, treaty work is expected to be profoundly stimulated by regional integration, policy changes, and human capital. The African Continental Free Trade Area (AfCFTA) will open up cross-border opportunities, making pan-African integration and trade more efficient.
In the short term, we expect moderate growth in deal volume, led by the energy and digital sectors. In the medium term, the AfCFTA will lower trade barriers and harmonize regulations, creating the conditions for major border agreements. Beyond 2030, Africa may emerge as a global investment destination if political stability and regulatory consensus continue.
GF: What makes RMB a top investment bank, and how important are the broader African markets?
Leon: Our diversified portfolio, along with a precise approach to balancing risk, return, and growth, has allowed RMB to deliver consistent returns in a highly competitive market. Additionally, we differentiate ourselves through a collaborative, customer-centric, and entrepreneurial approach.
Greater Africa is at the heart of our growth strategy. RMB has a history of agreement in 35 countries and presence in other countries. That network is important because many of our clients are regional or international businesses that require financing, risk management, and advisory solutions across geographies.
GF: How can Africa deepen the credit market for underdeveloped companies?
Leon: African corporate credit markets have developed significantly over time, but their depth and breadth still vary widely across countries, sectors, and currencies. In most markets, the problem is not a lack of demand for money. It is that the pool of available funds, the range of issuers, and the range of financing instruments are not yet broad or deep enough to meet the demand. An important consideration is currency. Most corporate income is generated in local currency, however a significant share of available funding is based on hard currency.
On the other hand, domestic institutional capital is growing and should support deeper and more diversified credit markets over time. This is encouraging, as borrowers are taking a more strategic approach to financing, including negotiating with a wider pool of investors and the growing need for solutions that go beyond traditional bilateral lending.
GF: Equity-market activity remains low. What can Africa do to change this?
Leon: Although 2025 was a positive year for many African equity markets, we are still seeing muted fundraising activity, with companies favoring debt financing or private equity. To change this, Africa needs a combination of structural reforms, market deepening, and measures to build investor confidence. Currently, many markets are underutilized. The trade is always small, with a limited amount of trade; being listed is a burden; and volatility and perception tend to deter long-term investors. That said, few stock exchanges are more complex, with deep capitalization, multiple listings, and advanced infrastructure.
In order to revitalize equity capital, Africa must strengthen market infrastructure by modernizing its trading platforms and settlement systems and promoting diversification and regional trade integration. There is also a need for policy and regulatory changes and strengthening of corporate governance standards. Africa should also use the AfCFTA to create pan-African financial markets and pool capital across the market to attract large stocks.
GF: What role does sustainable finance play in Africa? Leon: Sustainable finance is a rapidly growing market that creates access to large reservoirs of capital and a diverse pool of investors. The RMB is at the forefront of developing this market, having facilitated $12 billion in sustainable finance and reforms. This includes pooled financing structures to raise funds for emerging projects and new technologies. The bank is committed to driving $26.8 billion in sustainable finance and reforms by 2030.
