Absa Bank's Naomi Mafwiri Takes the Helm as President of ACI Tanzania Charter

Newly elected President of the ACI Financial Markets Association of Tanzania Charter, Ms. Naomi Mafwiri, who is also Absa Bank Tanzania Markets Sales CIB and E-Channels, addresses the members of the association at an occasion of the Tanzania charter’s leadership exchanging ceremony held in Dar es Salaam recently.

Newly elected President of the ACI Financial Markets Association of Tanzania Charter, Ms. Naomi Mafwiri (second from the left), who is also Absa Bank Tanzania Markets Sales CIB and E-Channels, chats with some members of the association at an occasion of the Tanzania charter’s leadership exchanging ceremony held in Dar es Salaam recently.

*Pledging to Elevate Financial Markets Practices and Ethical Standards

Absa Bank Tanzania Markets Sales CIB and E-Channels Senior Official, Naomi Mafwiri, has been elected as the new President of ACI Tanzania Charter, a position she will serve for the next two years. Formed in 2002, ACI FMA Tanzania is the standard bearer for financial markets professionals in Tanzania.

ACI FMA Tanzania is affiliated with ACI – Financial Markets Association, a Paris-based global umbrella body of financial markets associations, which is a non-profit-making association founded in the interests of the financial markets dealing profession, essentially international. ACI Tanzania abides by Tanzania's laws and regulations and the FX Global Code of Conduct recognized by ACI – The Financial Markets Association. ACI FMA is the largest trade association in the global financial markets with over 13,000 members in 60 countries.

Speaking in Dar es Salaam at the occasion of the Tanzania chapter’s exchanging of leadership, the new ACI President, Ms. Naomi, said the decision to contest for the position as ACI President was not taken lightly. ‘I had to consult some other members, and after deep thought, I realized the crucial role the financial markets community plays in shaping values and ethics among key players in Tanzania, and that fact compelled me to step forward to work on the key ACI Tanzania’s objective to influence industry behavior and uphold best market practitioners,’ said Ms. Naomi.

She said the current ACI Tanzania chapter includes four candidates from Absa Bank Tanzania, making a significant milestone and showcasing the trust and confidence placed in our bank by the financial markets community in Tanzania.

'Engaging with ACI aligns us with efforts to promote best financial markets practices, and we are excited about the journey ahead and the opportunities this collaboration will bring.'

Ms. Naomi added, ‘I want to take this opportunity to commend the previous committee for launching the ACI UDSM branch. However, we will aim at introducing more initiatives such as facilitating certification of our back office, middle office, risk, and front office members, citing that up to date, only 50% of financial markets participants are certified.’

‘We will also be working on ACI identity, where we will enhance our visibility through office location and registration, which is crucial. Publicity is equally important, and our challenge is to ensure that our banking community recognizes and understands the fundamental role we play.'

She mentioned other key factors as stakeholder engagements, saying that acknowledgment of the transformation in markets, initiatives such as a move from being a money-based Monetary Policy approach to an Interest-based Monetary Policy Framework, issuance of circulars, and guidelines to promote stability in the financial sector, together with ongoing sessions among key players enhances confidence and transparency in our market. ‘I promise to continue with these engagements so as to create harmony and encourage an environment where business thrives and the economy excels,’ she added.

ACI Tanzania Charter is made among stakeholders, which include the banking sector, Ministry of Finance, Bank of Tanzania, DSE, CMSA, and TBA.