Caixa will be turning 90 this year, and you have been associated with it for quite a while. What changes have you seen, and what are the highlights which have made it the institution it is today?

In 1993 Caixa became an universal bank and began to grow, benefiting from partnerships to expand its branch network and to develop its business processes and IT systems.

We were, and still are, a leader in innovation and tech. Caixa was the first Cape Verdean bank to enable online banking, the first to introduce credit cards and the first to operate with Western Union. We intend to keep leading in innovation – providing more and more functionalities to our clients.

Talking about your ambitions for the coming years, how do you intend to integrate with the government, supporting the development of the private sector?

Our intention is to keep leading and be innovative, especially in the integration of telecommunications and finance and in providing financial solutions that private individuals, business and institutions need for the economic development of Cape Verde.

Everybody in the country is talking about transforming Cape Verde into a hub: services and banking will be essential in this. From your experience, what are the challenges and opportunities ahead?

One of the main challenges is the cost of utilities – power, water and telecommunications, which are expensive. Another is human capital – we need to upskill our people: language skills in particular will be important for development as a finance hub. We are already implementing this hub -last month we had a meeting with a financial institution about developing workshops, for example- and we believe it is possible for Cape Verde to evolve as a hub.

We work with French corporations, as well as Dutch and Swedish development agencies. We have significant experience in infrastructure, such as power (Boa Vista). It is also now proven that a local bank can finance a big project such as the Hilton Hotel currently under construction – and Caixa has a significant participation in this. We have experience and financial capacity – and when we don’t have this capacity, we have connections.

What would you announce as the next opportunities for anyone looking to invest in Cape Verde?

Cape Verde is booming especially regards tourism. Inter-island transportation is a key factor for overall development, to take advantage of this by integrating other sectors of the economy into this tourism. We need someone producing a product in Boa Vista to be able to sell this in Sal and vice versa. And then this product is integrated in the value chain. Any investor willing to invest in this area can rely on us for financial support be it alone or in a partnership.

What about bureaucracy and ease of doing business?

Compared to much of mainland Africa, our institutions are stable and functional. Of course we can improve, but for an economy to work it needs three basic things: infrastructure, institutions, and qualified people. In Cape Verde the goals of the government are improving all three in order to have a perfect fit between supply and demand. There is work to be done, and it is being done, but the existing conditions should be enough to make Cape Verde an attractive proposition.

Integrated economic development is clearly the key priority for the government. In this context, how do you see Caixa growing over the next decade?

We are intrinsically linked with Cape Verde: our full name is Caixa Económica de Cabo Verde. In the coming years our portfolio will change slightly, it is currently concentrated on private individuals, accounting for 57% of deposits and 55% of credit. Business loans will be growth drivers over the next few years, therefore there will be a shift in composition. We support all development-led business opportunities, from microfinance to corporate finance to project finance.

Any final message for our readership?

I invite them to look at Cape Verde, where I am sure they can develop a niche for their business. For Cape Verdeans, especially those not in the country, look at at the country again and bring  their experience and professional skills.