Africa-Press – Tanzania. THE Bank of Tanzania (BoT) has urged the insurance and banking sectors to play a role in sustainable growth of the country’s industrial economy.
The Deputy Governor Financial Stability and Deepening Bank of Tanzania, Dr Bernard Kibesse made the remarks during the first intake Graduation Certificate of Proficiency in Bancassurance held at Africa College of Insurance and Social Protection (ACISP) in Dar es Salaam, over the weekend, where more than 30 graduates were awarded certificates.
The government would continue work with ACISP to ensure that the insurance sector is developed in order to contribute its required share to the economy this move will encourage Tanzanians to participate in investing in the insurance sector in the country, thus increasing local investors.
The Deputy Governor applauded the College’s objective to bridge the gap between industry and Academia in the financial sector in Africa. The success of the financial sector depends on knowledge and skills.
He stated that the current rate of penetration of insurance services is 0.65 per cent showing that a large part of the market that has not been reached.
ACISP marks the graduation ceremony for the first batch of Graduates of Certificates of Proficiency in Bancassurance since the inaugural and commencement of Bancassurance regulation endorsement by the BoT and Tanzania Insurance Regulatory Authority (TIRA).
“I am pleased with the cooperation between ACISP and the financial sector in the country in preparing the necessary training for financial sector professionals,” he said.
He made the remarks on behalf of Deputy Minister of Finance and Planning, Eng Hamad Masauni, said the establishment of bancassurance was a step towards achieving the goal of increasing access to and utilisation of financial services especially insurance services to remote areas using a banking sector.
“I call on financial sector professionals to use this college to exchange insurance experiences, knowledge and skills to reduce the cost of training of overseas staff and thus reduce operating costs,” he said.
On his part, ACISP Executive Chairperson, Dr Baghayo Saqware said the college will continue to support growth of the financial sector through capacity building by conducting various training and enhancing professionalism to the Insurance Companies.
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