The United Nations Development Program (UNDP) has launched an Insurance and Risk Financing Facility (IRFF) today in Ethiopia.
This Insurance Risk Financing Facility would help Ethiopia build the capacity of communities and businesses to manage shocks with accessible, affordable, and innovative insurance products for farmers, it was indicated.
Speaking at the launching program, UNDP Ethiopia Resident Representative, Samuel Doe said the launching of IRFF in Ethiopia is crucial to strengthening the insurance sector and building resilience of the people.
Ethiopia, like many countries, is vulnerable to various natural and manmade hazards, the representative pointed out.
To this end, Doe believes that Ethiopia’s Insurance and Risk Financing Facility is expected to leverage the power of insurance and risk financing mechanisms to enhance resilience and reduce vulnerability.
‘Through a combination of innovative insurance products, risk assessment tools, and capacity-building initiatives, the facility aims to empo
wer communities, businesses, and government institutions to better anticipate, absorb, and recover from shocks and crises.’
The IRFF will also be imperative to support the National Bank of Ethiopia in setting up an insurance supervision directorate that will act as an independent regulatory body, overseeing the insurance industry.
On his part, National Bank of Ethiopia Insurance Supervision Director, Belay Tulu emphasized the need to build household business and community resilience to prevent sufferings from disasters.
The IRFF will help to further develop activities in the sector, Ministry of Agriculture Investment and Product Marketing Executive Director, Dereje Abebe said
Dereje said IRFF will bring about a positive contribution to expand the coverage of the insurance service and build capacity.
Source: Ethiopian News Agency
The Middle East Bank Kenya (MEBK) unveiled a new branch in Eldoret to meet the ever-growing demand for innovative financial solutions for Small and Medium Enterprises (SMEs), access to credit for lower-income earners, and digital banking solutions in the region.
Since its Incorporation in 1980, as an established financial institution, with branches in Nairobi, Mombasa, and Eldoret, it has an asset base of Sh 12.96 billion as of December 31, 2022, which enables the Bank to leverage its expertise and resources to drive economic growth and prosperity in the country and beyond.
Speaking during the launch of the newest branch along Kenyatta Street, Eldoret town, Middle East Bank Kenya Limited (MEBK), Investment Secretary, Esther Koimett, said the event marks a significant milestone in the bank’s strategic expansion initiatives and commitment to serving the growing financial needs of communities across Kenya.
She noted that the institution embraces a customer-centric approach and commitment to delivering tailore
d financial solutions.
‘At Middle East Bank, we prioritize understanding and addressing the diverse needs of our customers,’ said Koimett during the launch occasion.
‘The launch of our Eldoret branch underscores our dedication to providing accessible, innovative banking products and services that empower individuals and businesses to achieve their financial goals,’ she added.
On his part, Uasin Gishu County Governor Dr. Jonathan Bii Chelilim expressed his enthusiasm for the launch, stating, ‘The opening of Middle East Bank’s Eldoret branch is a testament to the positive momentum in business activity within the county. We welcome this development as a sign of confidence in Eldoret’s potential as a thriving economic hub. I extend my gratitude to the Middle East Bank and encourage investors to explore the promising opportunities available in Uasin Gishu County.’
The ceremony featured a ribbon-cutting ceremony attended by the County Governor, Moiben MP Phylis Bartoo, and the bank’s leadership.
Attendees had
the opportunity to tour the facilities of the bank and interact with Middle East Bank’s management, who are poised to deliver innovative banking experiences to customers in Eldoret and surrounding areas.
Middle East Bank Kenya Limited remains committed to fostering financial inclusion, driving economic development, building strong partnerships with communities across Kenya, and fuelling MSME’s growth by recognising their pivotal role in economic development through digital innovation, inclusivity, environmental sustainability, and trade.
Source: Kenya News Agency