A seasoned Zimbabwean insurance professional, Busani Ngwenya, says Malawi’s growing insurance industry can draw valuable lessons from Zimbabwe’s hyperinflation era.

Speaking at the inaugural Pension Trustees Conference organised by Old Mutual Pension Services Company at Sunbird Nkopola Lodge in Mangochi, Ngwenya urged trustees to prepare funds for shocks and volatility through risk monitoring, diversified portfolios, liquidity reserves, sound governance, and effective member communication.

Legal practitioner and governance expert Emily Makuta echoed Ngwenya’s sentiments, stressing that pensions must withstand shocks and remain reliable.

She added, “There is a need for pension administrators to diversify investments, strengthen governance, and enhance risk management strategies.”

From a regulatory perspective, Kaluso Chihana, Director of Pension and Insurance Supervision at the Reserve Bank of Malawi, highlighted the importance of proactive regulatory alignment to strengthen fund performance and sustainability.

 In his presentation, “Landscaping for Future Reforms,” Chihana traced the sector’s journey from the 2010 reforms focused on operationalisation and supervision to the current stage of enhancing functionality, voluntary schemes, and economic impact.

He noted that despite the new pension law being more inclusive, only about 4% of Malawians are covered by the National Pension Scheme, underscoring the absence of a broad-based social security system.

Adding a technological perspective, Dr. Wisely Phiri, Founder and CEO of Sparc Systems Limited, emphasised the role of technology and data-driven systems in improving administration and oversight.

He identified five global trends shaping modern governance: going beyond compliance, integrating ESG principles, member-centric models, professionalism, and digital innovation.

He remarked, “True innovation is not about systems or code; it’s about people and ensuring that every kwacha contributed in faith is managed with integrity and returned with fairness.”

On sustainable investment, Mphatso Kasalika, Managing Director of Old Mutual Investment Group, presented on “Sustainable and Impactful Investing.” He underlined the need to align financial returns with positive environmental and social outcomes, showcasing Old Mutual’s responsible investment strategy.