Yared Mola, Chief Executive Officer of Nyala Insurance S.C. (NISCO) has received an award from the African Insurance Organization (AIO) for his unparalleled leadership capability and outstanding contributions to the insurance industry.
Upon the 46th Conference and Annual General Assembly of the African Insurance Organization which took place from 9-12 June 2019 at Emperors Palace in Johannesburg, South Africa, Yared has been awarded as CEO of the Year 2019 among other African Insurance chief executives officers.
The panel of judges who comprises of highly renowned industry captains from all regions, sectors or subsectors of the insurance industry selected the winners after a comprehensive assessment and ranking of the nominees shortlisted from each category of awards. The four categories of awards are the Innovation of the year; the Insurance Company of the Year; the CEO of the Year and the Insurtech of the year.
In view of that, the panel of judges shortlists CEOs of African insurance companies who have led a profound change within a business through strategic vision, their roles to the sector through personal initiations with stakeholders and the insurance market to effect a noteworthy change to boost the company’s performance and outstanding contribution to the success of the industry.
In line with the above criterion, the panel of judges has shortlisted five best insurance chief executive officers for the year 2019 African Insurance Award from Sudan, Egypt, Ethiopia, Kenya and Côte d’Ivoire. Accordingly, Yared Mola has been honored as CEO of the year for his remarkable achievements and contributions in leadership excellence during the year. He is also the first CEO in the history of Ethiopian insurance industry to receive such a highly regarded award.
Yared Mola won the CEO of the Year awards by the transformation and re-orientation of the business philosophy as well as the objectives of Nyala Insurance Company towards customer intimacy and risk management solutions rather than merely selling insurance policies, a strategy which saw the company achieving sustainable growth in many aspects of its operations.
Headquartered in Cameroon, the African Insurance Organization (AIO) was established in 1972 as a non-governmental organization with the objective of expanding, developing, and promoting inter-African insurance cooperation so as to reinforce a healthy insurance and re-insurance industry in Africa.
CEO of Nyala Insurance honored as “CEO of the Year” on African Insurance Award
More robust trade relations between Russia and Africa predicted
Africans and their Russian counterparts should be looking forward to an increased and very robust trade relationship in a mutually beneficial atmosphere by the year 2023.
This was delivered by some experts at the 2019 African Export-Import Bank (Afreximbank) Annual Meeting held in Moscow, Russia on Thursday.
They predicted that the trade turnover between Russia and Africa would double within the next three years.
Kanayo Awani, the Managing Director of Afreximbank’s Intra-African Trade Initiative, said the total export volume of both countries in 2018 grew by 18 percent and reached 17.5 billion dollars.
He said the volume of their non-energy non-commodity exports within the same period also grew to 14.3 billion dollars.
According to him, Egypt, the Republic of South Africa, Zambia, Angola, Algeria, Nigeria, and Kenya are key African consumers of Russian non-commodity exports.
The Chief Executive Officer of the Russian Export Centre (REC), Andrey Slepnev said “the African continent currently has enormous potential as a sales market. Many African countries are enacting economic reforms, demand is growing for high-quality and competitive products.”
“Russian businesses are interested in this niche, and our goods are already competitive in terms of price and quality. We plan to increase export volumes in the next few years,” he added
According to Slepnev, a Russian Industrial Zone is currently being built in Egypt’s Suez Canal Economic Zone which is the first such infrastructure mega project inaugurated by the Russian Export Centre.
“Residents of the industrial zone will have several key advantages: proximity to vital transport canals, a number of trade agreements with Egypt, maximally simplified business regulations, and a single point of contact for solving any problem or addressing any issue. In the next five years, this 525-hectare area will be transformed into a comprehensive industrial park for Russian companies.”
Zamzam starts selling shares
Zamzam Bank share sell attracts several including the diaspora, who is privileged on the latest law to participate in the finance industry.
As of Friday June 21 the bank that was the first for interest free banking has offered one billion birr worth of share sells.
According to Nassir Dino, who is one of the organizing committee members, the interest of the public to get shares on Zamzam is very high. “As of the beginning we have attracted several interested potential investors locally and the diaspora,” he said.
If the bank sell shares for Ethiopian born foreign citizens it would be the first since the government allow them to invest on the sector.
The bank has offer one billion birr worth of capital with half to be paid that would meet the requirement of the National Bank of Ethiopia (NBE), the financial regulatory body. A bank needs to fill a half billion birr paid up capital to start business.
The minimum share an individual shall buy at Zamzam is 50 with 1,000 birr each shares, while the maximum is limited by NBE that cannot not exceeded 5 percent of the total capital. In this case an individual can buy 50 million birr worth of shares at Zamzam.
“Our plan is to undertake the general assembly in the New Year and start operation as soon as possible,” Nassir told Capital.
He explained that the former shareholders who were refunded their capital when the bank went defunct, would be free from service charge if they buy the share now.
The under formation bank would charge three percent on very share sales. However for the share buyers who buy more than five million birr the service charge will be two percent.
According to Nassir, share buyers are at least expected to settle half their subscription.
Initially Zamzam introduced its activity immediately after the Banking Business Proclamation authorizing the establishment of interest-free banking in 2008, and sealed the formation process by the general assembly held in April 2011 but failed to commence operation after the central bank issued a new directive that push the operation to conventional banks.
Due to that the board directors who meet with shareholders in June 2011 decided to refund the mobilized capital for shareholders based on the interest of the share buyers.
On its share sales the company was able to amass an actual collection of 330 million birr as subscription, which was higher compared with the initial plan to collect quarter of a billion birr. At the time about 6,800 people buy the share that was 20 shares on minimum requirement with 1,000 birr share value.
During a meeting held on Wednesday May 22, between the organizing committee members of Zamzam and Central Bank officials, Yinager Dessie, Governor of NBE, allowed Zamzam to undertake the formation process. The green light came on the same day that PM Abiy Ahmed announced that the government will allow interest free banking in the country.
“We will open branches in every major cities in all regions as soon as we conclude the formation process,” Nassir said on the future plan of Zamzam.
“Besides that we are highly interested to make the bank a citizen’s bank and everybody should benefit from it,” he added.
The bank has also a 3 percent social fund that will be invested on social development in the society.
“From the service charge in the previous share sells we were able to include 160 people as a shareholder on the social contribution. Now the social fund that would be managed by Zamzam Foundation would provide several supports for the society that might support the health sector, education or providing as seed money for young entrepreneurs,” one of the founder of the bank said.
He said that today some people may not have the finance to join the bank but they shall provide support intellectually. “Our target is not only making shareholders reach more but such kind of social contribution concepts shall be entertained on our activity,” he explained.
Experts stated that such banking activity needs more skilled labour since it is new for the country, while other banks operates it as a single window service.
Tablets to fight cholera
In relation with the outbreak of cholera in different parts of the country the Aquatabs water treatment supplier in the country, Citrus International Trading plc, donates tablets that will treat 20 million liters of water on household level.
The company that introduces and imports the tablets for the past about 12 years provided similar support in the past.
On the Water and Energy Week that was held at the Ethiopian Skylight Hotel this week, Citrus Managing Director, Menassie Kifle, handed over the one million treatment tablets for Negash Wagesho, State Minister of Water, Irrigation and Electricity (MoWIE).
On the occasion Menassie said that the Aquatabs tablet is given to the ministry to be distributed in affected areas in different parts of the country.
The government stated that cholera has been observed in Amhara, Tigrai, Oromia,Somali regions, and some parts of Addis Ababa.
Aquatabs is produced by Medentech, a company based in Ireland and engaged in various sectors including the water treatment and medical equipment.
The product, which was officially launched by Citrus in 2008 for the Ethiopian market, has been popular for the past four decades around the world.
Last year Citrus also donated 1.5 million tablets that will treat 30 million liters of water for displaced community in Oromia and Somali regions.
The company widely supply the treatment tablets for government offices, international and local donors, who supply the product for the community who live in different areas.
“We provide this support on the aim to play our share and encourage others to support the community who are affected by the outbreak,” Menassie told Capital. He appreciated the government support to access the hard currency to import the badly needed tablet.
A single Aquatabs tablets can treat 20 liters of water.
