Page 2 of 4
Madzinga appreciates the many new developments in the legislative environment that have guided the capital market and the insurance sectors. The Insurance Regulatory Authority (IRA) has, for instance, devised and designed new guidelines that protect both the market and consumers and, therefore, impacted positively by boosting consumers’ confidence and growth.
The Insurance Act has also largely improved the sector, although legislation is still required in order to modernise the sector and adopt new ideas that take account of new developments not just in the sector, but in the country’s overall economy.
A few years ago OMK piloted a project that involved using more than 100 Postal Corporation of Kenya post offices across the country to sell its products and services. The programme was later suspended due to obstacles on how to collect premiums for life products.
After required restructuring, the post office points can still be used to market and sell investment products, because they remains ideal for marketing products due to their good human traffic inflow and the countrywide accessibility.
OMK’s main products include financial solutions for corporate businesses, small and medium enterprises (SMEs) and individuals.
The institution remains keen to continue providing its services in more palatable ways and is researching not only how different people and different cultures view insurance, but also how to make insurance and all financial services more accessible and affordable.
Modern IT systems, including the internet and cloud computing, are enabling easier integration of insurance firms with banks, while mobile networks are enabling faster and easier payments of claims.
Most Read
The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)
GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)
The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)
The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)
ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)
Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)
Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)
The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)
The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)
Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)
WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)
IVECO is renewing its entire product range, all at once. (Image source: IVECO)
Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)
The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)
There has been a focus on the sugar industry. (Image source: Adobe Stock)
Latest news
The HQ is expected to be completed and handed over by February 2025. (Image source: ECOWAS)
Africa’s share of global manufacturing only sits at around 2% today. (Image source: Adobe Stock)
There are numerous but not insurmountable challenges facing Africa's aviation sector, according to IATA. (Image source: Adobe Stock)
Africa Energy Forum 2024 was held in the Fira de Montjuïc in Barcelona. (Image source: ACP)
The quality design and manufacture of SEW-EURODRIVE South Africa’s panels and enclosures can be suited to any customer requirement wall mounts. (Image source: SEW-EURODRIVE)
African countries will require over US$45bn in the coming eight years to plug the gap in its transmission systems. (Image source: Synergy Consulting)
BII commits US$75mn to second Green Basket Bond with Symbiotics Investments to finance small-scale green projects in Africa, South, and South-East Asia. (Image source:
Transforming Africa's digital economy: Data Centres powering growth, innovation, and sustainability in the digital era. (Image source: Adobe Stock)
The Linnhoff TSD1500 Asphalt Mixing Plant is undertaking crucial work on two rural road projects in Kenya. (Image source: Lintec & Linnhoff)
AI-driven energy-sharing platform will be integrated with ABB energy management technology. (Image source: ABB)
ENGIE Energy Access starts mini-grid construction in Zambia. (Image source: ENGIE Energy Access)
ATIDI and Globeleq boost Kenya’s renewable energy with pioneering geothermal initiative, reinforcing regional sustainability goals.
This partnership aims to enhance sustainable development and advance climate action initiatives throughout the continent. (Image source: Adobe Stock)
Orange Energies has aimed to make energy more accessible, becoming a preferred partner for energy producers in regions where half the population lacks electricity. (Image source: Adobe Stock)
Global primary energy consumption overall was at a record absolute high in 2023. (Image source: Adobe Stock)
