ARC names former IFC director as CEO

The African Risk Capacity Insurance Company (ARC), the insurance mutual and financial affiliate of ARC Agency, has appointed a former IFC director, Dolika Banda, as chief executive officer (CEO), effective September 7.

Banda succeeds Simon Young, who was appointed CEO in 2014. He will continue to serve in an advisory capacity.

Banda, as a Zambian economist and advisor, has more than 25 years of experience in international banking and financial management, with a focus on economic development in sub-Saharan Africa.

She most recently served as regional director for Africa at the UK’s Commonwealth Development Corporation (CDC) since 2013.

Banda has also worked at the World Bank Group’s International Finance Corporation (IFC) for 16 years within its financial markets, credit, and accounting and treasury departments.

As director of financial markets, she managed the IFC’s financial markets activities across sub-Saharan Africa, Latin America and the Caribbean.

Banda has also held senior corporate and merchant banking positions at Barclays and Citibank in Zambia.

She also currently sits as a non-executive director on a number of boards including Ecobank Transnational.

Lars Thunell, chairman of ARC’s board of directors, said: “Ms Banda’s incomparable experience across the continent, encompassing both the private and the public sectors, is a perfect fit for ARC, itself a private-public partnership. We look forward to her leadership taking the company to new horizons.”

Banda added: “I’m honoured to join this unique and inspiring organisation which is providing an African-owned solution to the continent with an emphasis on solidarity. I’m excited to be part of such an important initiative which will help Africa take control and enhance its future development.”

Thunell, commenting on the current CEO, said: “ARC is only what it is today because of Dr Young’s outstanding leadership. He has created a solid base for this innovative new instrument that is changing the way Africa takes on the climate challenge.”

Young added: “I’m proud to have been a part of the team which has already and continues to push the boundaries of innovation in better managing natural disasters to build resilience and underpin economic growth for the most vulnerable across Africa. I am confident that Dolika will guide the company successfully through its next phase and towards ARC’s goal of insuring 30 countries by 2020 for $1.5 billion, helping to protect 150 million vulnerable Africans.”