Best bank boards to be honoured

 

Caroline Armstrong-Ogwapit and Wanjiku Mugane, who have been voted into the Kenya Airways board of directors. PHOTO | COURTESY  WANJIKU MUGANE

By Alex Malanga, The Citizen Correspondent
In Summary

The boards of directors for CRDB Bank, Tanzania Postal Bank and Exim Bank will battle it out in the banking category while Heritage Insurance, Alliance Insurance Corporation, Alliance Life Assurance and Strategis Insurance (T) Limited fight for...........................
recognition in the Insurance category.

Dar es Salaam. The inaugural Best Board Leadership Award (BBLA) for the banking and insurance will be held in Dar es Salaam tomorrow, involving seven institutions.

The boards of directors for CRDB Bank, Tanzania Postal Bank and Exim Bank will battle it out in the banking category while Heritage Insurance, Alliance Insurance Corporation, Alliance Life Assurance and Strategis Insurance (T) Limited fight for recognition in the Insurance category.

The award seeks to spotlight and recognise outstanding leadership for board of directors in the two sectors, according to the BBLA coordinator, Ms Neema Gerald.

The award seeks to celebrate excellence in the group of people that are entrusted with responsibilities of making decisions on behalf of shareholders thereby giving an insight of how a best board can help an organisation flourish and achieve best performance in the area of its specialisation.

“We believe that behind every successful financial entity, there is a very strong and active board of directors. These are the people that we want recognised and appreciated,” she said.

The event comes at a time when Tanzania’s financial and insurance sectors are undergoing tremendous changes, according to the Serena Hotel sales manager Laurence Mwangoka. His hotel is one of the event sponsors.

Apart from Serena Hotel, other sponsors include IPP Media, Real PR Solutions Limited, Afrimax Strategic Partnerships Limited and Capital Plus International.

Tanzania is now home to a total of 34 commercial banks, 20 licensed financial institutions - including community banks - and two development banks. Similarly, Tanzania Insurance Regulatory Authority (Tira) has some 29 insurance companies and a total of 90 insurance brokers as well as 301 insurance agents on its list.

Total insurance premiums rose from Sh406.6 billion in 2012 to Sh474.1 billion during the 2013 calendar year, according to Tira’s Annual Insurance Market Performance Report released in October 2014.