Addis Ababa, May 28, 2025 (FMC) — Ethiopia is making commendable strides in implementing long-overdue reforms in its financial sector, Africa Insurance Organization (AIO) President Patty Karuaihe-Martin has affirmed.
Speaking at the conclusion of the 51st AIO Conference held in Addis Ababa, Karuaihe-Martin praised Ethiopia’s financial sector reform as a critical component of its broader economic transformation, noting that the progress is clearly visible and widely acknowledged.
“Ethiopia is setting the pace with its ongoing reforms in the financial sector. The rest of Africa is watching closely and is eager to deepen business engagement with the country,” she told local newswire service ENA. “Together, as partners, we will collaborate and learn from one another.”
She emphasized the growing need for regulatory harmonization across Africa’s insurance and financial sectors, which would create a more integrated and efficient continental market.
Reflecting on the success of the Addis Ababa gathering, Karuaihe-Martin stated, “We had an exceptionally successful annual general assembly and conference, with close to 2,000 participants. Everything went smoothly, and the outcomes were very productive.”
She also expressed deep appreciation to the Ethiopian government for its outstanding hospitality and organizational support.
“This conference brought us together—to network, to forge bilateral partnerships, and to engage in meaningful dialogue. We have accomplished all of that and more,” she added.
Key issues discussed during the conference included Africa’s debt landscape, its implications for the insurance industry, and practical solutions for navigating the current challenges.
AIO Vice President Yared Molla highlighted Ethiopia’s opportunity to showcase its dynamic reform efforts and extend its renowned hospitality to participants from across the continent. He also noted that Ethiopia gained valuable insights from the experiences of other nations in the insurance sector.