Zimbabwean actuarial consultancy firm, Invent Multiple Agents and Actuaries, is in the process of developing a trade credit insurance product for Zimbabwe bound exports coming from South Africa to be issued by Asset Finance Insurance South Africa (AFI).
Tanaka Zingwanda, Invent’s Managing Consultant, commented on the collaboration, “We are pleased to have developed a much needed insurance product which secures trade transactions between the two countries. This product aligns with our vision to challenge the status quo through creating value and helping our partners to find new opportunities in Africa.”
This signifies a significant milestone in advancing trade objectives of the African Continental Free Trade Area (AfCFTA), since its promoting increased trade between South Africa and Zimbabwe contributes to the objectives of AfCFTA. It will also boost intra-Africa trade progressively by implementation of trade facilitation measures.
Gavin Bagley, Managing Director, AFI, commented, “I believe our joint venture signifies a strategic alliance poised to unlock growth opportunities for our clients and bolster a market position. Together, we are able navigate uncertainties with agility, leverage complementary strengths, and deliver unparalleled value to all stakeholders.”
Invent triggered a reinsurance agreement between AFI and multiple reinsurance players arranged by Fachs Reinsurance Brokers in order to protect South African exporters who offer credit to their Zimbabwean counterparts.
Farai Chris Zimbango, Managing Director, FACHS Re, concluded, “As Fachs Reinsurance Brokers, we are excited to be part of this innovative Reinsurance arrangement, which in our view is a game changer for our trading clients between the nations of Zimbabwe and South Africa. It is products like this one which make us proud to be part of the insurance industry, providing solutions that ease doing business among our mutual citizens and clients. The journey starts now!”
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