The Director General of WCF, Mr. Masha Mshomba, delivering a key note speech during the MoC signing ceremony between ECASSA and WCF at the ECASSA Head Office in Arusha – Tanzania. Right to the DG is Mr. Anselmi, the WCF Director of Investments and left is ECASSA Secretary General, Dr. Irene Isaka.
The Director General of WCF, Mr. Masha Mshomba, (right) and ECASSA Secretary General, Dr. Irene Isaka, (left) signing a Memorandum of Cooperation between ECASSA and WCF at the ECASSA Head Office in Arusha – Tanzania. Standing right behind them are the delegations from both parties.
The WCF Director General, Mr. Masha Mshomba, (right) and the Secretary General of ECASSA, Dr. Irene Isaka, displaying the just signed MoC between the two parties at a ceremony attended by delegations from both parties, held at ECASSA Head office in Arusha – Tanzania.
EAST AND CENTRAL AFRICA SOCIAL SECURITY ASSOCIATION
SECRETARY GENERAL’S PROFILE
is a holder of Doctorate degree (PhD) in Economics of the University of Dar-es-Salaam. Her Thesis titled “Social Security in Tanzania; System Adequacy and its fiscal Implication” (2017).
Irene has a Master’s Degree of Economics specialized in Econometrics and Monetary Economics. She has a Bachelor degree in Economics specialized in Industrial economics; she holds a post graduate Diploma in Pension Fund investments, a diploma in Risk Management for Investment of Pension Funds and a diploma in Housing Finance. Irene is a Certified Pensions Analyst.
Irene is currently the Secretary General of East and Central Africa Social Security Association (ECASSA), the organization that oversee more than 21 social security institutions.
Before this appointment, Irene worked as a Lecturer at the Institute of Finance Management (IFM) teaching Social Protection Financing, Social Protection Administration, Poverty and Inequality and social security Investments and Retirement Planning.
Irene was the Director General of Social Security Regulatory Authority (SSRA) following the appointment by the President of the United Republic of Tanzania in 2010. Under this capacity, Irene was able to set up systems and processes for the newly established Authority. With four major Directorates and four Units, Irene lead the review and harmonization of Legal and Regulatory Framework of social security sector in the country; actuarial valuations of all mandatory social Security schemes; Harmonization of investments of the social security funds; harmonization of benefits (Parametric reforms in 2014). Irene facilitated merging of five Pension Schemes in 2018. As the Regulator of the Social Security Sector She has supervised compliance through issuance of 13 Social Security Guidelines/Rules for the Social Security Sector. These guidelines enhanced effective and efficient operations of the social security sector. Hence, ensured members’ protection, good governance and sustainability of the social security sector. She supervised the preparation and dissemination of social security reform program; social security extension strategy; communication strategy and facilitated public awareness program on social security matters at different levels including; policy makers, Legislators, Trade Unions, media, members of schemes and the public at large. During her reign, the country scored well both at the National level in terms reduction of implicit Pension Debt and reduction of Administrative costs. At an international level the country score well in IOPS assessments; as a result, SSRA scope ISSA innovation award and African Union Award. At the corporate level, SSRA emerged a winner in Best Present Accounts, best Entity in Public Procurement; best managed MDA; best HIV/AIDS interventions Award; Best employer in 2013, 2014, 2015, 2017 and 2018 under different categories. Irene represented the United Republic of Tanzania at the EAC as the chairperson of East African Pension Regulators, where she facilitated the establishment EAC Pension Policy, EAC Pension Strategic Plan and EAC Investments Policy, Irene has worked with Stanbic Bank (T) Ltd as Head of International Development Group (IDG), Non-Banking Financial Institutions (NBFIs) & the Public Sector. Her role among others, focused on IDG, NBFIs & Public Sector Client’s strategic direction and the long-term financial solutions; As well as identification of improvements and adaptations to existing systems and processes in order to ensure current and future viability of the IDG’s portfolio, NBFIs and Public sector in general. Prior to moving to Stanbic (T) Ltd, Irene spent 10 years in the Social Security Sector based at the National Social Security Fund and the Parastatal Pensions Fund as Investments manager. As Investments Manager, Irene was responsible for Investment portfolio that comprised of Real Estate, Equities and Fixed Income Assets (including Treasury Bills, Treasury Bonds, Corporate bonds, Fixed deposits (FDR), Commercial Papers(CP), Promissory Notes (PN), Term loans (TL), Syndicated Credit Facilities (SCF) and Special Lines of Credits (SLC) to SACCOS. With broad experience in Investments Management, she was able in collaboration with consultants to develop various real estate products, Facilitate Loan syndications in the Agricultural and power Sectors; private placements and development of mortgage product for low cost housing schemes. Irene worked as Public Private Partnership Advisor to the Voluntary sector Health Program, the program, which was funded by the USAID. As a partnership advisor, she was involved the grants management processes to the NGOs, CBOs, FBOs and GROs in 32 Councils of the Mainland Tanzania where her main role was to formulate strategies that foster PPP between the Councils and NGOs, CBOs, FBOs and GROs. Irene was also an active member of Long Term Development Finance committee of the FSP project. This one of fundamental technical committees that expedited Second Generation Financial Sector Reforms under the Bank of Tanzania. She actively participated in the transformation of TIB to a development Bank, lease financing, and development of mortgage financing.
Role of Ecassa in social security developmentMore The increasing awareness and recognition of the fundamental rights of each individual for social security, the increasing vulnerability of the East and Central African citizens, the changing business environment and the need to improve quality of social security validates the need to foster cooperation in the development of social security in the region. An analysis of social protection regimes in almost all the East and Central Africa countries show that they are insurance-oriented and focus on those people who are employed in the formal sector. It therefore tends to be very categorical and exclusionary especially as far as the personal sphere of coverage is concerned. A few benefit, while large pockets of people generally and especially informal workers are excluded from protection. The Association has just concluded its first strategic planning cycle in which significant achievements were realized, challenges faced and opportunities unearthed. Despite its remarkable rapid growth in the last few years, whether in terms of its membership growth, resource mobilization, service portfolio, or its human resource capacity, certain aspects of the Association requires strengthening to enable it continue playing its vital role and cope with the changing operating environment. For instance, the growth in its membership has not been as rapid as desired and its intention to influence policy and provide thought leadership in social security development within the region is without much impact. Majority of Social Security institutions require institutional strengthening and capacity building to enhance social security delivery. An eminent need for ECASSA to enhance its mandate in building and strengthening the capacity of social security institutions to deliver social security services and be responsive to the changes in their operating environment is critical. This will necessitate the Association to enhance its own internal capacity and increase its country presence and visibility in the region. The Association has made a strategic decision to review the manner in which it conducts its business, the way it is structured, its human resource capabilities and the way it assesses its own performance in order to exploit emerging business opportunities and address known concerns. To this end, ECASSA will pursue a number of strategic objectives and strategies in fostering cooperation of social security players in developing social security in the region.
- Team work
- Equity and Inclusion
- Creativity and innovation