Ethiopian Insurers, FSD Africa to sponsor trainings

Institutions working on capital market and insurance sectors have agreed to pay tuition fees for staffs that would be enrolled to take capital market and insurance courses.

Getachew Beshahwred, General Manager of Bruh Finance said Wednesday that, “We’ve negotiated with Associations such as Association of Ethiopian Insurers Association (AEI) to pay tuition fees of their staff as long as AEI will get benefited from the trainings”.

Bruh Finance is a financial service company dedicated to delivering professional development to the Ethiopian financial sector through education and training.

“We’re also approaching other funders, for instance, Financial sector Deepening (FSD Africa) Ethiopian Office, which is willing to provide financial assistance,” he said.

Established in 2012 and supported by UK aid, FSD Africa is a specialist development agency working to build and strengthen financial markets across sub-Saharan Africa.

“There’s a keen interest among CEOs of Banks to work together with us,” he explained.

For Capital Market courses the total expense could be close to 2000 British pound sterling, which will be paid in two rounds.

Certificate of training will be provided along with Chartered Insurance Institute in 12 months in General Insurance, Insurance Underwriting and Insurance Claims Management courses. The same will be applied to the Banking courses.

Certificates of International Trade and Finance and Retail Banking courses, among others are to be delivered. Furthermore, Certificate in Securities program will be provided to support the Capital Market establishment in Ethiopia.

“The tuition fee would be paid in Ethiopian Birr and pound sterling due to the foreign exchange shortages in Ethiopia,” he said.

There’re lots of expenses to run the courses, the institutes and exams, according to Getachew. We’ll bring teaching and learning materials from London, he said. There’ll also be eight days of revision classes.

“Local experts should have to develop the same skill with international counterparts,” he said, adding, “Therefore, the exams and certificates of qualification would be awarded from Chartered Insurance Institute of UK, Chartered Institute for Securities & Investment (CISI) and The London Institute of Banking & Finance.”

Registration for capital market and insurance courses will begin in December 2022 through the AEI and we’re expecting up to 100 students to be enrolled, as Getachew said.

International Executive of CISI Abbie Cornish on her part said: “The CISI has a very strong footprint in Africa since we’ve been working to build capacity by backing capital market regulators to introduce more licensing pathways in their respective jurisdictions.”