BRUH Finance launches its service to provide; trainings, workshops, and leadership programs with the aim to expand a range of skilled manpower in the financial sector. BRUH in collaboration with the Association of Ethiopian Insurers and the Chartered Insurance Institute also launched a chartered insurance institute and education program in Ethiopia as part of its service.
The launching ceremony which was held on Thursday September 29, 2022 at the Hub hotel was attended by senior management officers of insurance companies.
“There is a big skills gap and shortage of trained human power in the financial sector,” said Getachew Beshahwred, General Manager of BRUH Finance and Managing Director of GB & Co. Chartered Accountants and Management Consultants based in London.
“There are plans for significant changes to the marketplace with the prospect of foreign banks and insurance companies being granted licenses in addition to the establishment of a Stock Exchange. Thus the coming two years would pose a great opportunity and threat to the Ethiopian financial sector, and only those who have done extensive preparations will survive the competition. Of course, human capital is at the heart of staying competitive,” Getachew emphasized.
To improve lack of skills and trained human power problems, BRUH has come up with the idea of launching a chartered insurance institute and an education program in Ethiopia.
“BRUH Finance will ease the skill gap, particularly in a time when we need to hasten the knowledge expansion in a bid to be competitive with international financial institutions, which are going to join the local financial market,” Getachew highlighted whilst pointing out that the new initiative will provide various education and training schemes in certificate, Diploma, Advanced Diploma and Chartered programs, to junior, middle and senior levels managers.
“It is widely expected that foreign banks and insurers will be allowed into Ethiopia in the coming few years. There is need for local banks and insurances to improve their capacity to deal with this new competition as they need high investment in human capital,” Getachew underlined.
As Getachew indicates, BRUH Finance has both local and international partners. Its international partners are the Chartered Institute for Securities and Investment, Chartered Insurance Institute, London Institute of Banking and Finance, and the London International School of Finance. The Association of Ethiopian Insurers and the Ethiopian Bankers Association also form as its local partners.
As Getachew elaborates, the programme combines international best practice with local contextualization to ensure relevance. The faculty includes qualified and experienced insurance and management personnel including former Board members of major international insurance companies. It will also provide a unique opportunity to connect with the London ecosystem through various networking events. Delegates will be provided with a Certificate and a study guide that summarizes key learning points together with recommendations.
As experts stressed, the global insurance sector is going through a period of rapid transformation driven by mega trends of digitalization and sustainability. It has also been significantly impacted by major events such as the pandemic and geopolitical events. In this environment for insurers to prosper, good governance and sound risk management to ensure resilience is noted as a base requirement. This also needs to be allied with strategic foresight to be responsive to new market opportunities.
Beside the insurance sector, BRUH is working to come up with two more programs for international trade and finance and banking qualification programs as well as capital market qualification programs in partnership with the London Institute of Banking and Finance and the Chartered Institute for Security and Investment in London.