On June 17, Singapore-based insurtech company Embed Financial Group Holdings (EFGH) announced the appointment of Congolese national Eric Mboma as CEO for Africa. According to the company, this strategic move underscores its unwavering commitment to democratizing finance and expanding its footprint across the African continent.
EFGH’s mission is to support underserved and underinsured populations by creating real value for both individuals and the businesses that serve them. The group is present in Asia, notably in Singapore and Indonesia, and in African countries such as Botswana, Zimbabwe, South Africa, and Nigeria. “We are delighted to welcome Eric Mboma as EFGH’s CEO for Africa,” said the company’s leadership team. “With his deep expertise, extensive governance experience, and proven track record in transformation, capital mobilization, and inclusive growth, Eric is ideally positioned to lead our next phase of development across the continent.”
For his part, Dennis Ng, Executive Chairman of EFGH, stated: “It is with great joy and deep gratitude that I announce Eric Mboma’s arrival at our group as CEO for Africa. I’ve known and worked with Eric for many years across Africa; our love for the continent and shared ambitions align in many ways. He is a reliable leader, with outstanding strategic thinking and exemplary execution skills. With his knowledge and capabilities, Embed Financial Group Holdings is well-positioned to accelerate its expansion and fulfill our mission to ‘Democratize Finance.’”
An International Academic and Professional Background
Eric Mboma holds an MBA from the Chicago Booth School of Business, a Master in Public Administration from the Harvard Kennedy School, and a specialized Master’s from ESCP Business School. His international perspective is coupled with a deep understanding of local opportunities in Africa. He also serves as the Chicago Booth ambassador for Africa, reflecting his strong commitment to the continent’s development.
Mboma is currently a board member at Equity BCDC Bank, where he chairs the Ethics and Compliance Committee, and is Chairman of the Board at Choiseul Africa Capital, a fund manager dedicated to the continent’s development.
Extensive Experience in Financial Services and Impact Investment
In his new role, Eric Mboma brings over 20 years of leadership experience in financial services, infrastructure, and impact investment.
Prior to this appointment, he served as Director of External Affairs for Prudential Plc in Africa, and was later promoted to the same role covering Africa and the Middle East. In this capacity, he led the continental strategy of the British insurance giant, promoting financial inclusion and corporate social responsibility across the continent.
Before joining Prudential, Mboma was Executive Director at the African Guarantee Fund (AGF), a guarantee fund that facilitates credit access in over 40 African countries, thereby supporting thousands of SMEs and actively contributing to economic development and poverty reduction.
Pioneering Insurance Regulation in the DRC
Before AGF, Eric Mboma left a significant mark as the first Managing Director of the Insurance Regulatory and Control Authority (ARCA) in the Democratic Republic of Congo. Between April and August 2017, he founded this key institution at the request of the former Congolese president, laying the groundwork for the liberalization of the DRC’s insurance sector. Leading ARCA, Mboma implemented ambitious reforms in a market worth over $5 billion, creating an innovative analysis model that blended African regulatory requirements with essential financial indicators. He established licensing criteria, designed a regulatory framework aligned with Solvency I & II standards, and orchestrated the signing of cooperation agreements with major supervisory authorities across the continent. His work also strengthened collaboration with the Central Bank of Congo, establishing a robust and forward-looking regulatory regime for the insurance industry.
A Key Role in Standard Bank’s Expansion in the DRC
From April 2012 to January 2018, Eric Mboma played a central role in Standard Bank Group’s expansion in the DRC. As Managing Director and Board Member, he led major financial operations, orchestrating equity and debt transactions worth hundreds of millions of dollars across various group portfolios. He managed a team of over 185 employees and successfully negotiated across key sectors including telecommunications, natural resources, and public sector. His strategic acumen enabled a balance sheet optimization of over $300 million, innovating in pricing models and risk management. Among his major achievements was a $180 million syndicated loan for the acquisition of telecom towers. A key figure on Standard Bank’s Francophone Africa Expansion Committee, he significantly contributed to the group’s establishment in Côte d’Ivoire. In 2012, he was elected Vice President of the Congolese Banking Association and served on the Board of the Southern African Development Community (SADC) Banking Association, championing strong governance values.
Career Began at BHP Billiton
Eric Mboma’s impressive career began at BHP Billiton, where from November 2010 to April 2012 he was Head of Africa Commercial Activities in the M&A division based in Singapore. Managing a $400 million equity portfolio, he led over 20 exploration and infrastructure projects across several countries. He orchestrated complex transactions, including joint ventures and concession swaps, such as a notable agreement with Rio Tinto in Western Australia. Under his leadership, BHP Billiton invested hundreds of millions in rail and mining infrastructure in Gabon, Zambia, the DRC, and Tanzania. He managed a massive $142 million budget for asset disposals across 14 countries, structuring deals totaling $15 billion in CAPEX. Previously, as Senior Specialist for Mergers & Acquisitions since July 2008, he oversaw the acquisition of over 75 SMEs internationally and the disposal of around 50 assets, generating major investments in the mining and railway sectors.
Academic and Social Engagement
In parallel with his extensive professional journey, Eric Mboma is Vice President of “Nouveaux Horizons” University in Lubumbashi and ambassador for the NGO consortium “Bomoko,” dedicated to improving the lives of girls through health, education, and sustainable agriculture.
