AfDB & NDB: Improving lives in Africa
Business Chief takes a closer look at the AfDB and the NDB who have begun collaborations to co-fiance impactful projects in countries of mutual interest.
The African Development Bank (AfDB)
Established in 1964, African Development Bank (AfDB) is an institute dedicated to developing the African economy and social progress within the region.
The banks resources come from ordinary and special resources including: the subscribed shares of authorised capital, repayments, raised funds through borrowing on international markets, income derived from loans and investments, African Development Fund (AFD), Nigeria Trust Fund (NTF), the Arab Oil Fund, the Special Emergency Assistance Fund for Drought and Famine in Africa and the Special Relief Fund.
Who is Akinwumi Ayodeji Adesina?
Elected in May 2015, Akinwumi Ayodeji Adesina is the eighth president of AfDB. Adesina has 25 years of development economist and agricultural development knowledge.
Prior to his role of president, Adesina served as Nigeria’s Minister of Agricultural and Rural Development, Vice President of Policy and Partnerships at the Alliance for a Green Revolution in Africa and Associate Director of Food Security at the Rockefeller FOundation in New York.
Adesina has a first-class honours Bachelor’s degree in Agricultural Economics from the University of Ife and a PhD in Agricultural Economics at Purdue University in the United States.
The New Development Bank (NDB)
Established in 2014, the New Development Bank (NDB) is a joint initiative between the leaders of Brazil, Russia, India, China and South Africa (BRICS). NDB’s main focus is to mobilise resources for infrastructure and sustainable development projects in BRICS.
The bank’s key objectives include:
Fostering development of countries that are members
Supporting economic growth
Facilitating the creation of jobs
Developing a knowledge sharing platform
Who is K. V. Kamath?
Elected in 2015, K. V. Kamath in NDB’s first and current president. Kamath is one of india’s most accomplished and acknowledge business leaders. Starting his career in 1971 Kamath worked at India’s largest private sector bank ICICI where he eventually beaome MD and CEO in 1996.
Kamath graduated as a Mechanical Engineer and completed a post graduate in business administration from the Indian Institute of Management, Ahmedabad.
Did you know? AfDB received a CIPS Procurement Excellence Programme Award in September 2019.
For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.
Image source: AfDB
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.