MEFMI trains Pensions Regulators on supervision of pension schemes

The need for regulators to act in the best interests of pension scheme members has become more pronounced in recent years. Pensions play an important role in facilitating development and alleviating poverty. While pension schemes are major long-term institutional investors globally, they also play an important role in alleviating poverty of the elderly, one of the most vulnerable groups in African societies. Although pension coverage in the MEFMI region is very low, pension assets especially social security schemes, are emerging as significant providers of long-term capital.

In response to the growing importance of regulation of pension schemes in the region, MEFMI delivered an e-Learning course on Pensions Supervision and the COVID-19 pandemic in English and Portuguese from 13 September to 12 November 2021. The course was aimed at enhancing participants’ knowledge on the role, objectives and functions of pension regulators; and improving participants’ appreciation of recent initiatives towards holistic and inclusive pension systems in the wake of the COVID-19 pandemic. The course took participants through the models, processes and challenges involved in the regulation and supervision of pensions.  Also covered was the role that pensions play in improving financial inclusion. The course maintained a focus on the impact of the COVID-19 on pension systems because the pandemic has tested the resilience of pension systems and throws light on how successful pension systems should be designed and managed.

Participants acquired knowledge on how pension systems can be made more secure, adequate, efficient and inclusive. The course also provided participants with the opportunity to share experiences in pension regulation. It is expected that participants will use the acquired knowledge to strengthen policy and regulatory frameworks as well as supervisory practices governing pension systems in their respective jurisdictions. This is expected to result in robust and resilient pension systems that contribute positively to the development and economic growth in the region.

The course was attended by 47 participants (27 females and 20 males) drawn from regulatory authorities responsible for pensions regulation and supervision in nine (9) MEFMI member countries (i.e. Angola, Botswana, Kenya, Eswatini, Lesotho, Mozambique, Uganda, Zambia and Zimbabwe).  MEFMI is grateful to MEFMI Graduate Fellow, Mr Gabriel Domingos who reviewed the course materials, and Ms Miriam Musaali another MEFMI Graduate Fellow who worked closely with Mr Danaldo Martins, an Independent Consultant, to mentor course participants in English and Portuguese, respectively.

Prepared by Noel Mahombera