Investment, savings, insurance, and banking group Old Mutual has named Clement Chinaka as Old Mutual Rest of Africa Managing Director replacing Jonas Mushosho who is set to retire at the end of the year, 2019.

Chinaka was appointed to serve on the post in October this year but was unveiled to Old Mutual Malawi on Monday, December 2, 2019 at a ceremony that took place at Mount Soche Hotel in the commercial city of Blantyre.

Chinaka (R), Mushosho (C), Edith Jiya (L)

The ceremony also saw Old Mutual Malawi board members bidding farewell to Mushosho, following three decades of service to the group, having joined Old Mutual in 1990.

In his speech after being introduced, Chinaka promised to take from where Mushosho has left in taking Old Mutual to a greater height.

“In my own person What I will bring to Old Mutual brand is knowledge of the market, knowledge of insurance and hopefully I will make sure that I bring Old Mutual closer to the customers because we know customer simplicity is one way of ensuring that we can grow. .

“We need to make sure that we fight against none consumption of our services because our penetration in the market is low. In Malawi insurance penetration is at 2 percent which means 98 percent are not consuming. This is something that we can work on to make sure that more people are consuming our services,” said Chinaka.

Chinaka, new Old Mutual Rest of Africa MD in White Shirt

On his part, Mushosho said he is leaving Old Mutual a happy man considering the fact that the man who is taking over from him has a fast experience in the field of insurance after working with Old Mutual for 21 years.

“Chinaka is a person who grow up within Old Mutual stable because we believe in growing our own timber. He has great track record of delivering. Well proven track record both in Zimbabwe and in many roles in South Africa,” said Mushosho.

Ronald Mangani, Old Mutual Malawi Board Chair(R), Mushosho, outgoing Old Mutual Rest of Africa MD

He added: “I have been with Old Mutual for over 30 years and it has been a fantastic and credible experience. I have played different roles from entry point and grown through the ranks over the years.

“I have done different things but there is no job that has been better that I have played in the past three years as MD for Old Mutual Rest of the Africa. Coordinating our work, our effort across the continent in 12 different countries.”

Chinaka also hinted that he want to be remembered as person who believed in African continent.

Old Mutual was first established in Cape Town in 1845 as South Africa’s first mutual life insurance company, offering financial security in uncertain times.

The leading Insurance is currently operating in 13 countries in Africa namely; South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Tanzania, Nigeria, Ghana, Uganda, Rwanda, South Sudan and eSwatini.

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