Kenya has been appointed to chair the newly created Africa Pension Supervisors Forum.
Nigeria shall deputise Kenya with South Africa, Rwanda and Zambia being executive members.
In effect, the Retirement Benefits Authority CEO Nzomo Mutuku shall chair the Interim Executive Committee of the Africa Pension Supervisors Forum encompassing CEOs of Pension Supervisors across member African countries.
Mr Mutuku was nominated by his colleagues from participating African countries who were attending the inaugural Africa Pension Supervisors Forum hosted by Kenya's Retirement Benefits Authority at Nairobi’s Radisson Blu hotel on September 16-17, 2019
"The interim team will run for two years from January 2019 to December 2021- when the interim committee hands over to a new committee that shall be elected.
"The committee will come up with a legal framework on how the secretariat shall run in collaboration with International Organisation of Pension Supervisors (IOPS)," said Mr Mutuku.
The newly created forum aims to steer development of the pension sector in Africa.
The conference attracted delegates from eight African countries including Kenya, South Africa, Nigeria, Zambia, Uganda, South Sudan, Rwanda, Burundi. Other delegates came from Ireland, India and France.
"We agreed that an African body independent of IOPS which has only 15 African members, could be useful in encouraging other African countries to join IOPS... we shall benchmark on IOPS to set standards and encourage other none members to adopt those standards," said Mr Mutuku.
"Given the different levels of development across the African continent it was agreed that the Africa Pension Supervisors platform would benefit others who may not be able to join IOPS," he added.
Mr Mutuku thanked the CEOs for appointing Kenya to chair the interim committee saying "Kenya is looking forward to deliver something they can be proud of in the next two years."
The next Africa Pension Supervisors Forum shall be held in Rwanda.