NDB Launches Insurance Agency
National Development Bank (NDB) in partnership with Botswana Insurance Holdings Limited (BIHL) has launched an insurance wing. The services will be provided through BIHL subsidiaries, Botswana Life and Botswana Insurance Company (BIC)
The NDB Insurance Agency has been established to offer insurance solutions to cushion customers against various risks while at the same time growing the impact and potential reach of the Bank and the BIHL Group.
Speaking during the launch NDB CEO Lorato Morapedi said that their customers have indicated that it would be convenient for them if NDB could offer a one-stop service centre encompassing loan application together with insurance cover. In this way, they are spared the headache of having to deal with multiple service providers and find comfort in the knowledge that their investment is housed under this reputable Bank.
According to Morapedi: “NDB is committed to supporting government agenda of food security, SMME growth, economic diversification and employment creation through their financial products”.
On her part Deputy Permanent Secretary Financial Policy Boikanyo Mathipa said she believes that BIHL would bring value by working together with NDB to continuously develop cutting edge, innovative Banc Assurance products that will not only benefit NDB customers but the economy at large. She said the products will benefit both small and medium enterprises across all sectors, their employees and the public at large. “I would like to emphasize that government encourages Public
Private Partnerships (PPPs), and this partnership between NDB and BIHL is a clear demonstration of how the private sector can work together with Public Institutions.
“Furthermore it is my hope that through this partnership, small and medium enterprises from various industry sectors including Agriculture, will derive a lot of benefit,” said Mathipa further encouraging partnerships of this nature between institutions.
She cited that it is only when the private sector partners with the public sector that enhanced collaboration and sharing of knowledge can be achieved to aid transformation of the economy of this country.
On behalf of the BIHL Group CEO Mr Roland Samuels said, “This union, in my view, is one designed for powering positive progress and changing the lives of people across Botswana through inclusive and sustainable financial services solutions.”
He further said that, “The BIHL Group is the largest diversified financial group listed on the Botswana Stock Exchange and remains as committed today as it was upon establishment in 1975 to empowering people. We are passionate about helping ensure people thrive through sustainable, inclusive and impactful financial services. Bancassurance, ladies and gentlemen, is but one such area, and just one example of how inclusive platforms can deliver financial prosperity.”