The African Risk Capacity Insurance Company Limited (ARC Ltd) has announced the appointment of former IFC Director Ms Dolika Banda as Chief Executive Officer, effective from 7 September 2016.
She will take the reins from Dr Simon Young, who was appointed CEO in 2014 after playing a leading role in the development of the ARC programme. He will continue to serve in an advisory capacity.
ARC Ltd is an insurance mutual and financial affiliate of the ARC Agency, a Specialised Agency of the African Union. As Africa’s first catastrophe risk pool, ARC Ltd provides parametric natural disaster insurance to African governments.
A Zambian economist and advisor, Ms Banda has more than 25 years of international banking and financial management experience with a focus on economic development in sub-Saharan Africa.
Most recently, Ms Banda was Regional Director for Africa at the UK’s Commonwealth Development Corporation (CDC) since 2013.
Ms Banda worked at the World Bank Group’s International Finance Corporation for 16 years within its financial markets, credit, 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.
Ms Banda has also held senior corporate and merchant banking positions at Barclays and Citibank in Zambia.
She currently sits as a non-executive director on a number of boards including Ecobank Transnational Incorporated.