The African Development Bank Group today announced the appointment of Hassatou Diop N’Sele, as Vice-President for Finance and Chief Financial Officer. Mrs. Diop, a Senegalese national, has been acting in the role since November 2021.
N’sele, an accomplished professional with over 30 years of banking and finance experience, joined the African Development Bank in 1999 as Senior Treasury Officer. She successively held positions of Principal Treasury Officer, Chief Treasury Officer and Manager of the Capital Markets and Financial Operations Division, before being appointed Treasurer of the African Development Bank Group in 2015.
As treasurer, she has provided strategic leadership to enhance the bank’s fund raising, investments and hedging activities. She led the successful global expansion of the African Development Bank’s capital markets activities. She leads a diverse team of highly seasoned professionals, managing over $33 billion under the bank’s borrowing portfolio, overseeing the group’s investment of over $25 billion liquidity in multicurrency portfolios, and supervising its hedging activities, banking relationships and back-office operations.
N’Sele spearheaded the African Development Bank Group’s entry into the green bonds and social bonds markets. Among her key achievements in capital markets are award winning transactions and recognition, including the $3 billion Fight Covid-19 bond launched in 2020. This made the African Development Bank the largest multilateral development bank issuer of social bonds to date.
N’Sele has led key strategic and technical financial initiatives geared towards optimizing the institution’s financial capacity. She established the blueprint for its long-term financial sustainability. She also played a key role in the design of the Special Temporary Callable Capital Increase under the oversight of the president and vice- president for Finance.
As treasurer, N’Sele is providing strategic and technical leadership in discussions on the bank’s financial and risk bearing capacity, and the development of new financial products. She drove the design of the framework for the long-term financial sustainability of the bank group from 2018 to 2019.
N’Sele also provided strategic support to discussions with member countries on general capital increases for the African Development Bank Group, replenishments of the African Development Fund, and the Multilateral Debt Relief Initiative. She is spearheading discussions with rating agencies on key financial matters. Under her leadership, the African Development Bank successfully transitioned from Libor[1] and introduced hybrid capital in its financing toolkit.
Upon being notified of her appointment, N’Sele said: “It is an honor and a privilege to serve the African Development Bank Group’s powerful and formidable development mandate. I welcome the opportunity to continue working with my dedicated and talented colleagues at the African Development Bank as we to keep making a difference.”
Commenting on the appointment, the president of the African Development Bank Group, Dr. Akinwumi Adesina said: “I am pleased to appoint Mrs. Hassatou Diop N’Sele as Vice- President for Finance and Chief Financial Officer. Hassatou is a seasoned finance professional with extensive experience and outstanding contributions at the African Development Bank. She will provide leadership for the top-rate finance team at the bank, in the formulation and implementation of its financial strategies and transformation agenda, and in support and furtherance of its development mandate.”
[1] Libor, or the London Inter-Bank Offered Rate, is an interest-rate average calculated from estimates submitted by London’s leading banks.
Source: afdb.org
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
