Our Premium Sponsors & Partners
Meet Our Guests of Honor
H.E. Dr. Mulatu Teshome, President of Ethiopia
Meet Our Speakers
TITLE: Foreign exchange liberalization READ MORE
Kebour Ghenna is the Executive Director of the Pan African Chamber of Commerce and Industry (PACCI) since 2013. He oversees a unique organization representing the interests of business and trade associations in Africa. Previously he founded Initiative Africa, a social enterprise, whose mission is to improve education from cradle to career in Africa.
A well known business man, Kebour Ghenna has been involved in a number of sectors, including agriculture, technology, media and education. He served as a non-executive director of the Commercial Bank of Ethiopia, Abyssinia Bank, and the National Fertilizer Company. He presided over the Addis Ababa and Ethiopia Chambers of Commerce, the Ethiopian Business Coalition against HIV/AIDS, the Ethiopian Red Cross Society. Next to his experience in business, Kebour Ghenna has extensive experience in applied research and research design having been involved in the design and execution of numerous research projects working as an expert and consultant for UNECA, UNDP, the WBI, IDRC and various other national and international organizations.
Kebour Ghenna has post graduate degrees from SUNY at Stony Brook and NYU. He lectured at the Addis Ababa University and played a key role in the establishment of the School of Information Sciences. He is a regular contributor to Capital, a weekly newspaper in Addis Ababa he established in 1996.
TITLE: Innovation and Electronic Services in the Finance Sector
In expanding access within the financial services, key focus must be given to the under-served, low income and rural dwellers. Delivering financial services in an effective manner to such segment hinges on four main things; adequate Kyc on your customers, usage behavior/data regarding how customers make money and spend money, the cost of serving this segment and education/awareness. With the above in mind, collaboration and innovation is key in delivering effective financial services. As we continue to strive for expanding access to financial services to ensure majority of our people are financially included, it will require innovation and collaboration to get there.
I have given a short summary of these four points below:
1. One of the major challenges banks and other microfinance institutions face in reaching out to the customers who are financially excluded is cost. These customers live in areas where the business case just does not make sense to put up brick and mortar structures to serve them. Leveraging on the infrastructure laid by telecom companies to reach these areas is key to expanding access to financial services.
2. Banks have already made heavy investments in banking halls, ATMs and mobile application platforms. One smart way of defraying some of such cost is enabling mobile money services in their banking halls, ATMs and other digital channels. In Ghana for instance, there are well over two thousand ATMs and we have been able to integrate into close to one thousand ATMs and still counting.
Secondly, performing KYC on customers is one of the challenges banks have. Thankfully, in most jurisdictions, customers are required to register their SIM card before they are allowed to use them. Banks can leverage on such information through partnerships and innovation. In Ghana for instance, we have partnered with some banks where the minimum KYC done on the MONo side is being used as a basis for opening bank accounts with minimum limits of transactions. These customers can g=be graduated into main account holders over time.
EFFECTIVE PREDICTION OF BEHAVIOR
Non-performing loans arising form ineffective predictive models. There is lack of alternative data sources for evaluating and predicting the risk profiles of customers. These are normally individuals or small businesses who borrow and either refuse to pay back or incapable of paying back. Telecom companies have very valuable data on millions and millions of customers and such usage information, through innovative loans products in partnership with MNOs and fintechs can be critical sources for reducing NPLs. These data points through the right scoring engines can help banks and financial institutions design products that best fit the needs of customers and also be used in defining the risk profile of customers in areas of loans.
The growth in digital/electronic services within all segments of the market comes with a growth in possible fraudulent activities. Social engineering is one key mode of such fraud. Educating customers become key in ensuring sanity with the space. To ensure such education is delivered in a cost-effective manner, banks and financial institutions can partner with MNOs who conduct agent forum every quarter.
Edmund Barwuah is a digital financial services expert and currently heads the Mobile financial services unit at Airtel Ghana. He has nine (9) years of experience in the telecommunications industry with varying roles ranging from sales, distribution and mobile money. Prior to moving into Mobile Financial Service, Edmund worked with Zain and Airtel Ghana as a senior manager in the role of a Zonal Business Manager where he led different teams in building a solid sales and distribution infrastructure across seven different regions in Ghana. He is passionate, has great analytical skills and very innovative in identifying opportunities for growth in different areas. From his experiences, he has learnt to challenge limitations and find unique ways to solve problems. He is excited about the future of telecommunications and mobile money in Africa and the opportunity it presents as a key driver of Africa’s economic growth especially in the space of SMEs.
He believes innovation and telecommunications will become key tools in poverty reduction in Africa. His aspiration is fully hinged on the use of technology and innovation including mobile money to satisfy business needs and to improve the lives of the majority of Africans and drive financial inclusion.
haile michael kumsa READ MORE
TITLE: Compulsory Insurance READ MORE
Compulsory insurances are those classes of insurances made compulsory by law frequently with the objective of providing protection to the third parties and general public. Examples of Compulsory Insurance in some selected countries include:
Haile Michael Kumsa is currently 67 with immense global experiences. He graduated from Addis Ababa University with Bachlor of Business Administration (BBA) Degree and Master of Businesses Administration (MBA) Degree from the Stirling University of Scotland. He also had attended short term trainings in Ethiopia, Sweden and the United Kingdom. Since 1970, he has been working in the insurance industry in Ethiopia, Tunisia and Nigeria holding various positions including the positions of MD/CEO of the Ethiopian Insurance Corporation and Deputy Managing Director of the African Reinsurance Corporation in Lagos.
Haile Michael has also worked as a member, Chairman, Vice President and President of various local and international associations. Moreover, he has worked as a member, Vice Chairman, Chairman of various Boards. Currently, he is working as Chairman of two Boards in Ethiopia and as a member of another Board in South Africa. In the past, he has presented various papers at workshops, seminars and conferences in Ethiopia, Sudan, Kenya, Nigeria and Lebanon.
TITLE: ROLE OF DIGITAL FINANCIAL SERVICES ON FORMALIZING REMITTANCES READ MORE
Annually over 35 billion dollar is remitted into Africa. Remittance in developing countries contribute on average between 7% to 15% of GDP and 20% to 25% of their foreign exchange earnings. However, significant percentage of remittances (in some countries up to 75%) come through informal channels and low value remittances are held back. These is due to rate, cost and convenience challenges. Increasingly in the advent of digital financial services we are seeing innovations addressing these challenges, introducing new products and providing solutions both in formalizing informal remittances and more importantly enabling small value transactions. This paper will present how digital financial services has the potential to address the challenges.
Munir is the founder and CEO of Kifiya, a payment services provider and enabler of rural digital finance services.
Kifiya in PPP with Ministry of Communications & IT launched Lehulu (Amharic word meaning “for all”) Services which provides unified utility bill payment service to over 1.5 million customers and have expanded the service to cover traffic penalty, TV license and soon small tax payments. It is also to launch the first mass transit payment service that will start with allowing 1.8 million people every month book and buy tickets through agents and online to travel out of Addis. This service is to be rolled out to city transit in 2017.
In rural markets Kifiya enables MFIs provide branchless banking services within reach of rural communities, has launched the first Central Bank approved micro-insurance products to help small holder farmers cope with risk and currently building an acceptance network for merchant payments to linklarge buyers to small holder farmer to buy inputs and get better prices for their produce.
Over the past 20 years Mr. Duri has established several enterprises in the manufacturing, distribution, processing and infrastructure development sectors. He is founder of GCS Ethiopia, a leading IT firm in Addis, executive director of African Bamboo, the first vertical integrated industrial scale bamboo panel manufacturer; and also led the acquisition of the local Coca Cola factory in Ethiopia (at time of government divesture through privatization).
FIKIRU TSEGAYE WORDOFA READ MORE
TITLE: Understanding the shade: Terrorism, Sabotage and Political motivated Violence Insurance READ MORE
The nature of terrorism and political violence dictates that there is always someone who suffers. The need to protect assets and people, whilst also adequately planning for business continuity and operations, is vital, and therefore is firmly on the risk managers’ radars. Insurance has a pivotal part to play in this regard. The threat from terrorism has undergone significant change since the attacks of September 11, 2001. Heightened and more effective counter-terrorism activities in the following years have prevented repeat attacks on the scale of those carried out in world. Nevertheless, al-Qaeda and its affiliates, Alshebab and other domestic politically motivated people along with individuals inspired by the movement, still pose a significant threat to businesses’ interests around the world, including Ethiopia, as events over the last years have shown. This highlights the evolving nature of terrorism and the risks faced by insurance clients. Insurers in Ethiopia also should work to ensure that these challenges are met and provide market solutions and innovative new coverages tailored for their clients. Insurance cover can be provided for the following incidents on a primary or excess basis: Sabotage, Terrorism, Mutiny, Rebellion, Insurrection, Coup d’état, Property damage, Business interruption as a result of political violence and terrorism (PVT). There is a need to properly study the demand and supply side, considering the potentials in the Ethiopian market. This study is aimed at understanding the operating environment for Terrorism, Sabotage and Political motivated Violence Insurance.
Keywords: Terrorism, Political violence, Insurance operating environment
Educational profile: Fikru has received ACS, ALMI, from Life Office Management (FLMI). He has studied, Masters of Business Administration (MBA) with specialization in Marketing Management, Masters of Arts (MA) in Human Resources and Organizational Development (HROD), Master of Arts (MA) in Journalism and Communications (MAJ&C), Bachelor of Science (BSC) degree in Business Education, Bachelor of Arts degree in Marketing Management, Diploma in marketing and sales; and Cert, Chartered Insurance Institute, England (CII).
Work experience: Currently, Fikru is serving as a manager of Business Development and Corporate Service Affairs, Ethiopian Reinsurance Share Company. He has over 13 years practical experience in the Ethiopian insurance industry holding the positions of Executive Management, Business Development and CSA, Director of Marketing and Strategic Management, Ethiopian insurance corporation (EIC), Director of R&D, Ethiopian Insurance Professionals Association, Strategic Management Team Leader, EIC, Principal Researcher EIC, Principal Customer care and Underwriting and Claims section supervisor.
TITLE: Strategic Challenges of Merger and Acquisition READ MORE
This presentation focuses on understanding why mergers and acquisition in financial services in Africa need to be about strategy not valuations (and presenting examples from bank acquisitions that have taken place over the last five years). An asset is only more valuable to the purchaser than the seller if the purchaser’s strategy for that asset can create significant future value.
Value in M&A accrues not from any advantage in the negotiation of a favourable purchase price but on the realisation of growth in the business and the synergies forecast by the purchaser. All successful mergers in financial services can be traced to the realisation of a realistic business plan for the merged entities.
Investors/acquirers need to pay particular attention to both the reliability of the business as usual projections and the value creation strategies that we be employed.
For passive investors in financial services in Africa too much emphasis has historically been placed on earning momentum – in rapidly growing and not particularly competitive economies. This is now beginning to change as economic growth slows and competition in financial services is transformed through new entrants and new and emerging business models based on new technology. Even more difficult is how to create value from a minority position on the board.
For strategic investors the challenge is to ensure that their assumed competitive advantage can be translated to value creation – be it from the ability to bring a new client base, or the introduction of a lower cost operating model.
Richard Ketley is a partner and director at Genesis Analytics, working in both the Johannesburg and Dubai offices. He is widely recognised and consulted as a leading expert on banking in Africa. He has worked extensively with banking and financial sector clients throughout Africa and the Middle East.
Richard has lead assignments with banks and financial institutions for over 10 years, working across the full range of specialist areas covered by Genesis. He has worked with boards and management committees to address strategic challenges and advise on bank acquisitions; advised on treasury strategy; and developed effective retail value propositions that meet client and shareholder expectations. He has a particular interest in and focus on mobile payments and money transfers, and in solving the challenge of providing banking services to small businesses. Richard has advised many of the top banks in Africa, is an accomplished speaker, and lectures widely on topics related to retail banking.
Before joining Genesis, Richard was the Head of Strategy: Africa for Standard Bank, where his responsibility extended to 17 countries, and encompassed mergers and acquisitions as well as retail and card strategies. Prior to that he worked in debt capital markets at Deutsche Bank. He gained in-depth insight into the needs and requirements of the financial sector in South Africa when he was the Chief Director of macroeconomic policy and financial oversight at the National Treasury. Working at the World Bank, he also played a key role in the development of South Africa's macroeconomic strategy and medium-term planning framework, and he has worked as an advisor to the Ugandan Ministry of Finance and Economic Planning.
Richard holds a BA (Honours) degree from the University of the Witwatersrand, and an MSc in Economics from London University, where he specialised in finance.
TITLE: Sustainability & Effectiveness of Insurance Companies’ Investment
Insurance Companies are generally recognized as institutional investors. Insurance plays key role in economic development. Various studies indicate the existence of a strong correlation between the development of financial intermediation and economic growth. The studies indicate the existence of supply-leading and demand following relationships between the financial sector and economic growth.
Insurance sector has strong presence in playing as an institutional investor in various sectors of the economy. In Ethiopia, insurance Companies invest in banks, other share Companies and they undertake various initiatives that complement the sectors that demand their partnership. Accordingly, Insurance Companies promote financial stability, mobilize and channel savings, complement the economic activities in a country by undertaking various investments.
The sustainability and effectiveness of insurance Companies investment need to consider the operational burdens faced by the Companies and the importance of the multiplier effect of the prudent investment activities undertaken by insurance companies. To this end, the existing insurance Company’s investment regulatory frame work in Ethiopian is briefly evaluated in light of international experiences.
Mr. Tsegaye Kemsi Aredo is currently serving as CEO of Awash Insurance Company S.C. He has been serving in this capacity since the formation of the Company in 1994. Regarding his education, he obtained Advanced Diploma in Commerce (with Distinction) from Addis Ababa University and he obtained FLMI) (Fellow of Life Management Institute) LOMA (Life Office Management Association, USA (with Distinction). He also obtained various leadership development courses.
Mr. Tsegaye’s professional experience include a lecturer in Addis Ababa University (School of Commerce), personal assistant to the General Manager of Imperial Insurance Company S.C, serving as Department Manager and Main Branch Manager (in Life & Non-life) in Ethiopian Insurance Corporation. Mr Tsegaye has wide experience in serving as Board Director and Board Chairman in various business organizations and investment undertaking.
FOREIGN EXCHANGE MARKET IN ETHIOPIA read more
Ethiopia’s foreign currency regime was started to be restricted in 1977 at a time when the country was undergoing a tremendous change – at the height of the Revolution. Over the decades, the antique regulation was modernized by several directives, amendments and repeals. Yet its resilience is still apparent by provisions for the control of the capital account, articles which are more or less intact to this day. Using a desktop survey of NBE and IMF data together with a “consolidated forex legal regime” compiled by the NBE (?) the author demonstrates that in the decades of the NBE’s discretionary administration of foreign currency, neither the commercial banks nor the NBE itself fared as gloriously as the ‘Dutch Auction’ that was in place between 1993 and 1998. The performance of the price-discriminating auction on stabilizing the ever-thin foreign currency reserves of Ethiopia was very well assessed by Aron and Hilaway in a paper presented at Kyoto, Japan (December 1997). A comparison with the post-auction regime reserve position obtained from IMF and NBE annual reports shows a difference that warrants a revisit of successful policy in the past. The author reinforces the argument for efficiency in the process of a “managed floating forex exchange regime” by questioning the validity of the national/standard reserve requirement, both of which relate to the time and volume of national import, where as the objective of monetary policy need to be focused on either on the economy or on the most crucial sector. In this regard, the author argues that NBE reserve goals need to be set either as a percentage of projected GDP or as a ratio of projected export and not as a catalyst to that which the economy is expected to minimize – the following year import.
TITLE: ETHIOPIAN BANKING IN HISTORICAL PERSPECTIVE AND THE NEED FOR BEING PROACTIVE THE WAYFORWARD READ MORE
I consider it expedient and appropriate to give a brief historical perspective about the development of the Ethiopian Banking industry to create pertinent link with the subject matter of our discussion which is “Preparing for Tomorrow: building proactive finance sector in East Africa.”
Although Gold coins (samples of which have been preserved to date and are found at the Ethiopian National Museum) were minted and used as medium of exchange during the Axumite Kingdom (Axumite Empire) several thousands of years ago, modern banking in present day Ethiopia Proper dates back to the Establishment of the ‘Bank of Abyssinia’ in 1905 during the reign of Emperor Menelik II. Starting from the beginning of modern banking in 1905 to date, the Ethiopian banking sector has gone through several reforms and ups and downs. In this presentation, I will highlight on the historical development of the Ethiopian Banking sector starting from the ancient time Ethiopian banking to the Period of Financial Liberalization Reforms During FDRE
Born in 1944, Ato Tilahun Abay is a veteran banker with more than 40 years of Experience. His work experience in Ethiopian Banking industry include: at Addis Ababa Bank S.C from June 1968 to 1975 as management trainee, section Head, Assistant Department Head, Head of the foreign Dep’t at Anwar Mesgid Branch, and at the Head office of the Bank as supervisor International Banking Division, then Assistant manager, then Deputy Manager, then manger, at Addis Bank (after merger) Credit Division manager two years, then Deputy General Manager for 3 years. At commercial Bank of Ethiopia (After the merger) as Manager International Banking Division,(5 years) then Chief manager,(4 years) then Deputy General Manager (operations) 4 years and finally President of the Bank for 11 years.
Some of his work experiences outside Banks include: Founding Board Director and signatory to the charter which established the COMESA Bankers Association based in Arusha, Tanzania (5 years), President of the Ethiopian Bankers Association ( 10 years), Board member and later chairman of the Board of Management of Matahara Sugar Estate (8 years), Board member and later chairman of the Ethiopian Shipping Lines (8 Years), Board Director and later chairman of the Board of Unico Plc (5 years), Member of the Board of Management of the Ethiopian Privatization Agency (9 years), Member of the Board of Trustees of the Ethiopian Institute of Banking and Insurance (11 years), Vice chairman of the Ethiopian Employers Federation (3 Years), Member of the Board of Trustees for the liquidation of former government owned corporations (4 years), Board Director for the Addis Ababa Red Cross and Red Crescent for 5 years, Board Director, also member of the Bank’s Executive Board for credit matters and also member of the Executive Board for Investment Portfolio and Branch Expansion for the African Export Import Bank, Cairo, Egypt (9 years), Financial advisor and promoter for Habesha Cement S.C., Financial advisor, promoter and project manager for Debub Global Bank S.C. ( 3 years.), Presently Board Director for the Addis Ababa Chamber of Commerce Sectoral Association (Council for Arbitration and Settlement of Disputes, for 3 years and thereafter re-elected for a further term of 3 years), Advisor and project committee member for Dalol Bank (currently under formation), Lecturer at the Ethiopian Institute of Banking and insurance (a 3 year Diploma course) for 11 years on credit, Domestic Banking and International Banking, Lecturer on money and Banking once (evening section at Addsi Ababa University),
Ato Tilahun obtained his Bachelor degree in Business Administration (BBA), from Haileslassie I University
Stock market for ethiopia read more
To be able to compete in the global market, Ethiopia needs to bring together the best innovative minds, investors and the best management expertise to create successful products to the global market.
At the moment there is no a meeting place for innovators who lack the financial resource and management experience, to bring their innovation ideas to the market, those with resource do not have innovative idea and management experience to invest in growing and innovative industry. Hence their resource is invested only in traditional bricks and mortars. Experienced executive too do not have the resource and the idea to start and manage companies to grow.
As a result, the Ethiopia economy is stuck in low value agricultural commodity sector. Instant Coffee was invented in 1881 and yet we still sell coffee beans. Creating a modern and regulated market is an essential tool for resource allocation and wealth creation
The stoke market can brings all these together in to work together towards creation of jobs and wealth in properly regulated market. Share companies are now an effective way of allocating resources in to the productive sector.
Yared Haile-Meskel is a founder and managing director of YHM Consulting registered in Ethiopia. YHM Consulting provides investment advisory service for multi-national and national companies in the area of business start-ups, feasibility studies, business plan, market study and Strategy Development, Technology Selection, turn around management, setting-up partnership and equity and debt financing.
YHM Consulting works with a number of private equity firms in Europe run a web based investment network and represent European private equity firms in Ethiopia.
Yared earned his BSc from Addis Ababa University, MSc from University of North London and MPhil from University of Southampton and executive MBA from the University of Bath, ranking 2nd MBA schools in UK (The Economist).
Yared Haile-Meskel worked UK for 16 years in area of research and development in the automotive, defence and polymer materials sector to publish more than 15 papers in the academic journals. After doing his MBA he moved to set-up a consulting company in UK to provide services to European companies.
In 2012 he opened a branch of YHM Consulting in Addis Ababa, Ethiopia, to provide advisory services to companies investing in Ethiopia and help them with transaction. Companies like 8 Miles LLC, a private equity firm, that bought Awash Wine with the local partners were among his first clients, Singularise Advisors (Spain), The Altgroup (UK), Curatio Capital AG, R&P Consulting (Italy) were some of its associates and partners.
Yared believes in proper resource allocation to productive sector and there is no better platform that the Stock Market to allocate resources to a productive sector. He argues in his presentation that the stoke market brings the best ideas, resources and management techniques to create competitive products and create wealth. In line with that YHM Consulting have conducted an extensive survey to understand the state of Share Companies in Ethiopia and the Risk and Opportunities associated with it.
The impact of inflation on losses reserves and premium on general insurance: Ethiopian insurance perspective READ MORE
Inflation can appear to be detrimental in general insurance business. It has a meaning full impact on claims, loss reserves and determination of premium. In the past three decades its impact has been insignificant since the overall business dynamics of the country relatively stagnant and shaped by very few variables.
The news is so speedy in case of inflation in the last decades following increasing trends of economic growth, change in life style of consumer, and their dedication of chasing goods and service at their pocket capital. We all have one custody of price whose mark is ‘’increasing’’ in each and every goods and service.
The premise, however does not work in claims management, loss reserves and determination of premium in insurance business in Ethiopia. Our pricing strategy and claims management does not take in to account, adjustment of rate of inflation in to pure premium and application of the rate as discounting factor in actual claims management processes. The effect goes up to capital formation and regulation of risk.
This paper therefore would like to emphasize practical aspect of premium determination without considering inflation as a factor that turn out to be damaging trend of pricing risk, the current cost incurred by insurers to bring back the insured to its financial position prior to the accident leading them a loss account and how they should normalize an inflated indemnity, and appropriate care to be taken in calculating reserve s.
It also discuss expert’s view of investment income in the absence of secondary market like the Ethiopian financial sector will give a deviant result in an inflectional situation, should there be a room for short term investment in a regulator frame work as a normalization is the antidote remark of the entire recommendation.
I have started my carrier on August 17 2000at the Ethiopian insurance corporation. From then on ward I have been supervisor , branch manager , district director , Member of Board of the Directors until I leave the corporation on august 18 , 2014. The major achievement I made at EIC, my extensive deliberation in raising dynamic issues in changing the long standing business process and play my fair share in increasing the profitability of the corporation. I have also joined and serve as MARKETING AND BRANCH OPERATION at BEREHAN INSURANCE s.c and as UNDERWRITING AND REINSURANCE DEPARTMENT MANAGER AT ETHIOLIFE AND GENERAL INSURANCE s,c ., in 2015/16 and 2016/17 respectively. Currently I am working at NATIONAL INSURANCE COMPANY OF ETHIOPIA s.c (NICE) as A/D/CEO- OPERATIONS. I HAVE MANGEGED BA , in accounting , marketing management, PSYCHOLOGY(4TH STUDENT) and EMBA all FROM ADDIS ABABA UNIVERSITY .
My entire enthusiastic gut is to work with professional guru of the sector and have a keen interest to bring a meaningful change in the insurance industry through a knowledge base service delivery. That is all about being a professional and expertise
Gemechu waktola, ph.d. READ MORE
Preparing unprepared: Human Capital short-termism in the finance sector READ MORE
At a time when all eyes are on Africa, finance sectors in East Africa have so much to think about and act wisely. Tremendous opportunities are ahead, but they are meant for the truly prepared. In general, short-termism in the finance sector is a major obstacle to companies trying to embed sustainability in their strategic planning and human capital development decisions. Evidences show that, the Region’s finance sector is generally characterized by its low competitiveness, innovation, penetration and so on.
Right now in Ethiopia, the single dominant issue worrying investors, executives, policy makers and regulators of the finance sector seems whether the companies will be able to survive future opening up of the financial market for global competition. However, the conversation around that itself seems cosmetic, ill-defined, misunderstood and short- sighted. This is because; on the one hand, the substance is limited to whether finance companies will be able to survive global competition without scrutinizing their capabilities and preparedness even to comprehend the dynamism in the market and the future world of work. On the other hand, the conversation seems shying away from the real issues that will determine success and failure in the future mainly due to shareholder expectations, executives’ obsessions with short-term outcomes, as well as myopic policy and regulatory instruments.
In order to survive the future, it is very important to understand the countless market and workplace trends that are changing, not to remain stagnant. Of course, our finance companies shouldn’t just want to survive. They must want to thrive and be competitive in a new rapidly changing world through carefully analyzing trends, recognizing and investing on their unique competitive advantage in the long term– the human capital. Not waiting for tragedy or for a crisis to force them change.
In a nutshell, to survive, thrive, and compete in this fast changing world of work now and in the future requires careful preparation. In doing so, one critical thing businesses need to consider is avoid their short-term focus and strategically plan to build the right size and mix of human capital that the future requires. Taking long-term approach for human capital is critical because the future workforce is bringing new attitudes and ways of work to which everyone must adapt. Finance companies should be forward-thinking and evolutionary to change the way they do business. This will, of course, require every key player in the sector (shareholders, executives, policy makers, regulators, and so on) to develop a long-term perspective of things than their current short-term preoccupations.
Dr. Gemechu is an Assistant Professor at the College of Business and Economics, Addis Ababa University. His teaching and research interests are HRD, strategy, culture, and managing change in organizations. He is also a founder and CEO of The i-Capital Africa Institute www.icapitalafrica.org, a private consulting firm established to offer platforms for knowledge sharing and critical voices, deliver human capital development packages, advisory solutions (via organizational health assessment), and other services useful for strategic development of businesses and industries. His teaching, consulting and leadership practices are fundamentally shaped by his conviction that human capital is a key driver of success and sustainability both at national and enterprise levels.
Academically, Dr. Gemechu earned his BA in Business Management and MBA in Marketing Management and International Business from Jimma University in Ethiopia and Andhra University in India respectively. In 2012, he received his Ph.D. in Human Resource Development from a collaborative program between Adama University in Ethiopia and University of Illinois in USA. He was also two times visiting research scholar at the Ohio State University in Columbus - Ohio and University of Illinois at Urbana-Champaign.
Dr. Gemechu has more than 14 years of experience in university teaching including in Adama Science & Technology University and Addis Ababa University. Apart from teaching, he provides training and advising for industries and government institutions. He is also a certified Management Consultant; certified DACUM Job/Occupation Analyst (from Ohio State University); certified S-OJT (Structured On-the-Job Training) facilitator (from University of Illinois); as well as certified IFC Corporate Governance Trainer (from World Bank Group).
At various times, Dr. Gemechu participated and contributed on conferences, workshops and seminars organized locally and internationally in Kenya, Rwanda, Tanzania, Ghana, USA, Germany, China, Korea and Malaysia.
ZEMEDENEH NEGATU READ MORE
CAPITAL MARKETS IN ETHIOPIA - WHY NOW? READ MORE
The latest IMF data indicates that Ethiopia’s economy grew by 9% in 2017, making it the fastest growing economy in the world. Its GDP is the fourth largest in Sub-Saharan Africa, eclipsing Kenya’s for the first time last year. Furthermore, the country received more than $3.2 billion in FDI in 2017, amongst the Top 5 in Africa. And yet, Ethiopia is still the only one of the larger and more consequential African economies without formal, organized capital markets.
Therefore, this presentation titled “Capital Markets in Ethiopia – Why Now? is designed to highlight the benefits of establishing a stock market in Ethiopia (a secondary bond market will soon be launched by the NBE, therefore the bond market is not the primary focus of this presentation).
The presentation discusses how a formal regulated stock market can more efficiently allocate capital, increase savings and investments. Examples will include strategies on how to expand share ownership by Ethiopians in companies listed on the exchange.
The types of companies that could be listed on the stock exchange will be presented such as the local private banks and insurance companies, state owned enterprises and innovative start-ups. Relevant policy issues will also be discussed: proper risk management, standardizing financial reporting, establishing new institutions including investment banks and brokerage firms and regulatory agencies.
Zemedeneh is widely recognized as one of Africa’s top business leaders and has received numerous global awards and recognitions including:
· “Top 15 CEOs of Africa to Watch for 2015” – African Business Magazine (UK)
· The "100 Most Influential Africans of 2013" - New African Magazine (UK)
· “Who-is-Who of African Finance 2015” Global Finance Magazine (New York)
· “Titans Building Nations 2014” Award, CEO Magazine (SA)
· “Pioneer Ethiopian-American Diaspora Business Person of the Year Award 2012” - Washington D.C.
An Ethiopian-American, Zemedeneh has worked in the U.S., Brazil, Argentina, the Middle East and throughout Africa. He has advised Wall Street investment banks, Governments, Sovereign Wealth Funds and multinational corporations in various sectors including financial services, airlines and consumer products. His high profile advisory clients have included the global drinks giant Diageo, British American Tobacco (BAT) and Blackstone (the American private equity firm).
Zemedeneh was the founder of Ernst &Young Ethiopia, and had served as its Managing Partner and the Head of the Transaction Advisory business. In 2017, he was appointed the Global Chairman of the American investment firm Fairfax African Fund, LLC, based in Washington D.C. Fairfax has invested millions of dollars in Africa the past several years with significant additional investments committed for the next five years.
Zemedeneh serves on numerous boards around the world including:
· International advisory board of the University of Texas at Dallas School of Business;
· Global Advisory Board of “Invest-Africa”, the prestigious London based business & investment organization;
· Chairman of the board of the Ethiopian division of a major European manufacturing multi-national;
· Board member of the Netherland based holding company of a highly successful Africa focused mobile payment company.
Zemedeneh regularly provides powerful and influential global thought leadership about finance, economics and investments and has been featured on CNN, BBC, the FT, Bloomberg, Al Jazeera TV and as a “Power Lunch” guest on CNBC television discussing FDI in Africa. Furthermore, he has been invited to give speeches at high profile events such as the World Economic Forum (WEF), Harvard Business School the Milken Global Summit in Los Angeles and Global Business Forum in Dubai.
Zemedeneh has a business degree from Howard University, Washington D.C., completed the LSE program at the Harvard Business School, Boston and is a U.S. C.P.A.
The Conference will feature expert presenters representing diverse settings, including:
The Conference will be designed to encourage formal and informal knowledge sharing among participants, and will include learning and networking opportunities.