Zimbabwe is mulling a bid to host the Committee of Insurance Securities and Non-banking Authorities (CISNA) regional office as the tendering process officially opened in Harare today.
The absence of a permanent host office has somehow stifled the activities and capacity of insurance, securities and non-banking authorities since 1998.
Their meetings have only been limited to being held twice a year which has presented a point of difficulty for these regional executives.
At this year’s conference, the establishment of a CISNA permanent secretariat office was among the top items on the agenda and the reality of this may not be far off as the tendering process officially started today.
The objective to set up a permanent secretariat started in 2013 but progress to implement it has slackened due to funding constraints.
The financial services board of South Africa has since then been hosting the CISNA secretariat yet still there was limited dedication to coordinate activities.
Hosting this facility requires the buy-in from various arms of the government and this has already been shown by the Ministry of Finance and several key players including the Insurance and Pensions Commission and the Reserve Bank.
There are a number of potential benefits which Zimbabwe can derive as it positions the country as a hub for coordinating regional trade and financial liberalisation while also working to boost investment confidence which augurs well with the current economic resurgence drive.