IFM urges private sector to use its graduates

04Aug 2018
James Kandoya
The Guardian
IFM urges private sector to use its graduates

THE Dar es Salaam - based Institute of Finance Management (IFM) has highlighted the need for the private sector to utilise local experts especially in the finance and insurance sectors.

IFM Rector Prof. Thadeo Satta made this appeal at an occasion of awarding best students in the bachelor’s degree course for the year 2017 saying using local experts boosts national development. 

During the event, the IFM management governing council awarded a certificate and 2.2m/- from the IFM and from his teachers to Novatus Mosha, a student in the bachelor of accounts (2014-2017) emerged as best students in the bachelor’s degree course graduating at IFM last year.

Prof. Satta said there was a big challenge for the private sector to utilise local experts especially the young emerging ones, noting that if they staked to do so, it could improve transparency, accountability and increase revenues.

Citing the insurance sector, he said despite its importance to the national economy, the sector contributes little to the Gross National Product, insisting that if they were fully utilised revenues would also rise.

“It is the right time for the private sector to change their attitude and restart utilising local experts to maximise production and reduce unnecessary costs in hiring foreign experts,” he said.

The don asserted that IFM was also finalising a process of employing five students graduating in the insurance cadre to equip them with more skills and knowledge.

Commenting on the award, the don said that it was part of IFM policy to recognise the contribution of best students as well as motivate those pursuing courses at the institute.

For his part, best student Novatus Mosha commended the IMF management for the award and promised to utilise the skills and knowledge he acquired to contribute to changes in the society.

Mushi who has also pursued qualification by examinations from the National Board for Materials Management (NBMM) said that he was ready to work with the institute if asked to do so.

Earlier this year, it was reported that the IFM management was finalizing plans to offer masters programmes in insurance, risk management and evaluation of social security funds.

 Professor Satta told reporters that the institute was established to nurture the Insurance and banking sectors. He said it will increase courses to match with changes in society. There is big demand for experts and workers for various cadres in the two sectors, he emphasized.

Prof. Satta said the insurance sector is contributing to the national economy in a big way, noting that IFM plans to increase courses linked to the sector.

“We are part of the commitment of the fifth phase government under the leadership of President John Magufuli, of building medium sized and industry-based economy by 2025,” he explained. “Insurance could play a significant role.”