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The Actuary The magazine of the Institute & Faculty of Actuaries

A growing profession in Africa

Past IFoA president Marjorie Ngwenya reports back from the IFoA Council’s recent visit, meeting stakeholders across Nigeria, Kenya and Zimbabwe


The actuarial profession in Africa is in an exciting growth phase, and the continent’s evolving regulatory landscape and economic growth are good omens for the prosperity of the profession. 

To learn from this growth, members of the IFoA Council travelled to Nigeria, Kenya and Zimbabwe in June 2019 to engage with members, employers and other key stakeholders.

Our goal was to connect with national and regional societies all across the region, learn first-hand how we can best support our members in Africa and understand how we can play our part in the emerging story of African innovation. The continent has led the way with innovations ranging from Africa Fintech Foundry, which supports the growth of fintech startups in Africa, to M-Pesa mobile money transfers, all of which are  providing greater access to financial services to the financially excluded across the continent. 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. 

I believe that our profession will demonstrate its continued relevance and skilfully adapt to our ever-shifting context, and I was pleased to be concluding my eight years on Council on a high – with a final Council meeting on African soil in Cape Town, South Africa.

To find out more, visit our IFoA EMEA web page at bit.ly/2L25qtz