Tag Archive for: Financial Sector

Andrew Stegmann
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Ecobank Group Named Africa’s Best Bank for Corporate Responsibility by Euromoney

Euromoney recognises Ecobank’s focus on sustainability and partnerships and its core capabilities in delivering positive social and environmental outcomes across Africa.

The leading pan-African banking group, Ecobank, has won the coveted prize of Africa’s Best Bank for Corporate Responsibility in the Euromoney Awards for Excellence 2020. Euromoney recognises Ecobank’s focus on sustainability and partnerships and its core capabilities in delivering positive social and environmental outcomes across Africa.

Carl Manlan, Chief Operating Officer of the Ecobank Foundation said: “At Ecobank we leverage human capabilities and other core resources to partner for African transformation. We are passionate about co-designing partnerships to drive change at community levels across our pan-African footprint. The Euromoney Award for Excellence recognises our collaboration with African communities and like-minded partners.”

The Ecobank Foundation is doing amazing work in delivering on its commitment to improve the quality of life of people across the African continent. The Foundation should be rightly proud of its ceaseless impact and the real difference that it is making in numerous parts of the continent. Through the Foundation, our Group leverages its resources and capabilities to contribute to the economic and social development of Africa.

Ade Ayeyemi, CEO of Ecobank Group

Ecobank’s Corporate Responsibility primarily concentrates on the three key areas of health, education and financial inclusion. Recent partnership examples:

  • Ecobank’s three-year campaign to raise awareness of Non-Communicable Diseases (NCDs) and educate communities by providing key information about the dietary and lifestyle changes required to help prevent NCDs such as cancer and diabetes. Ecobank Day is our volunteer community day targeted at helping the vulnerable sectors in our local communities.
  • Ecobank’s Group Chairman Sustainability Award which emphasises our role in each country in designing innovative, replicable and scalable solutions driving sustainable environmental and social change. Ecobank Togo is the 2020 winner for its support for Government efforts to provide electricity to 300,000 rural households and businesses through solar energy kits.
  • African economies’ health recovery is vital and Ecobank contributed about US$3 million in the form of cash, healthcare equipment and medical supplies. Moreover, Ecobank deployed its financial capabilities for the African Union’s Centre for Disease Control and Prevention to enable every citizen and member of the diaspora to contribute to the pan-African Covid-19 response.
  • Earlier this month, Ecobank rolled out its ‘Zero Malaria Business Leadership initiative.’ Launched in partnership with Speak Up Africa, it aims to eliminate malaria across Africa through private sector led initiatives which increase financing and take stronger and better-targeted actions to support national malaria control programmes. 

South African corporation Standard Bank won the award for Africa’s Best Investment Bank 2020.

For information as to how Relocation Africa can help you with your Mobility, Immigration, Research, Remuneration, and Expat Tax needs, email info@relocationafrica.com, or call us on +27 21 763 4240.

Sources: [1], [2]. Image sources: [1], [2].

Andrew Stegmann

Sanlam Seeks Local Partnerships in Tanzania

This article was first published by The Africa Report.

The South African insurer sees lots of potential in the market, but it needs bancassurance allies and better messaging to reach more customers.

Partnerships between insurers and banks can help to increase the penetration rate of insurance in Tanzania in 2020, says Geofray Masige, chief financial officer of Sanlam General Insurance Tanzania. Bancassurance “has the potential to be transformative,” Masige tells The Africa Report. The country’s main banks now all have a physical presence across Tanzania, which Masige sees as “a very significant improvement. The levels of service will be quite high.”

Tanzania’s insurance penetration rate is among the lowest in Africa, at 0.5% in December, according to GCR Ratings in Johannesburg. GCR sees a “moderately healthy” outlook for growth, with gross premiums predicted to increase at a compound annual rate of 4% over the next five years.
For foreign insurers, Masige says, there is “a lot of potential in this market. The future is open for those who come here with products.”

The biggest challenge, according to him, is to use “local means to reach local people in a language and with a message that they can understand.” Clear examples of this working are so far lacking, he says. In terms of life insurance, “something has to change in the way we put across the message.”

The challenge is to convert informal community arrangements into modern insurance services, he says. “We need the right partners.” Increasing access to the internet in rural areas will help to spread the message: “The level of understanding is still very low.”

Banking partnerships

The fact that banks in Tanzania are now allowed to use their branch networks for insurance distribution is “a positive move”, Masige says. There has been “lots of appetite from top-tier banks,” he adds. “We should be able to make progress.”

Tanzanian government attempts at industrialisation are also increasing the size of the potential market. Sanlam, which is seeking operational expansion into areas such as Arusha, is open to partnership proposals from banks.

In Tanzania, Sanlam’s bancassurance partners include the National Bank of Commerce. Across Africa, the firm has teamed up with banks such as Fidelity, Zenith and Stanbic, as well as with telecoms giant MTN to extend its reach. Such a strategy aims at giving Sanlam protection against a slowdown in its in South African home market.

According to François Jurd de Girancourt, head of the McKinsey Africa financial institutions practice, African insurance is expected to grow by 7%-8% in local currency terms in the coming five years. South Africa is likely to be an exception to that rule, owing to “subdued local economic conditions, coupled with the maturity of the South African market,” says Yvonne Mujuru, head of insurance ratings at GCR.

Sanlam bought the remaining shares in Moroccan insurance company Saham for $1.1bn in late 2018. Faster-growing markets such as Kenya, Uganda and Tanzania could help mitigate challenging growth prospects in South Africa.

For information as to how Relocation Africa can help you with your Mobility, Immigration, Research, Remuneration, and Expat Tax needs, email info@relocationafrica.com, or call us on +27 21 763 4240.

Sources: [1], [2]. Image sources: [1], [2].