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The growth of Africa’s actuarial profession

Marjorie Ngwenya, Immediate Past President of the IFoA, blogs on the actuarial profession in Africa.

Marjorie Ngwenya, Immediate Past President of the IFoAThe actuarial profession in Africa is in an exciting growth phase. The IFoA has 2,246 registered members in the region (representing 7% of its global membership).

The evolving regulatory landscape and economic growth prospects for the continent are good omens for the prosperity of the profession. Innovation on the technology front offers further opportunities to contribute towards the public good – our responsibility as professionals.

Following the success of our inaugural Africa conference hosted in Mauritius, Nigeria and Kenya, I am delighted that to be representing the IFoA on the continent once more.  Members of the IFoA Council will travel to Nigeria, Kenya and Zimbabwe to engage with members, employers and other stakeholders.

Our goal is to connect with national and regional societies all across the region, learn first-hand how we can best support our members in Africa and connect with companies in the maturing technology and entrepreneurial ecosystem emerging across Sub-Saharan Africa, from the “Silicon Savannah” in Kenya to “Yabacon Valley” in Nigeria where actuarial expertise and skillset is a valuable asset.

The continent has led the way with innovations ranging from M-Pesa, mobile money transfers, to Off Grid Electric which looks to initiate rapid supply of solar panels to go some way to bridging the gap for the 600 million people in sub-Saharan Africa without electricity.

My hope is that the profession will also demonstrate leadership in solving challenges for the benefit of many; improved financial literacy and insurance penetration among them. Discovery Vitality’s shared value insurance model, born in Africa, is widely recognised as a unique approach to health insurance and is fulfilling its ambitions of being a force for social good.

I believe that our profession will demonstrate its continued relevance and skilfully adapt to our ever-shifting context.

I am pleased to be concluding my eight years on Council on a high –with a final Council meeting on African soil.