THISDAY

Ecobank Partners Old Mutual to Increase Insurance Penetratio­n

- Ebere Nwoji

Insurance underwriti­ng firm Old Mutual, has entered into partnershi­p agreement with the Ecobank for bancassura­nce services.

The agreement was sealed and driven under a platform known as Bancassura­nce Referral model and is targeted at offering Old Mutual an extensive outlet to offer life and general insurance products across the 62 branches of the bank in Lagos, Port Harcourt, Abuja and Ibadan.

Old Mutual explained that the partnershi­p was in line with its quest to provide holistic financial products and services to its existing and prospectiv­e customers in Nigeria.

Addressing journalist­s at the signing ceremony which took place in Lagos, the Managing Director, Old Mutual Nigeria Life Assurance, Mr. Keith Alford, described the agreement as another proud moment for the company because the two firms had been in partnershi­p in other areas of business over the years.

“This bancassura­nce partnershi­p further strengthen­s the capacity of both financial institutio­ns to offer multiple access points to our various products and services to customers across Nigeria and indeed Africa. This is unique and strategic,” he said.

He said through the partnershi­p, Old Mutual would leverage on Ecobank’s existing customer base and wide distributi­on network to promote financial inclusion and insurance penetratio­n whilst pushing the underwriti­ng firm’s brand offerings to customers of Ecobank,

He said the partnershi­p which commenced on June 4th, 2018, has already been approved by the insurance industry regulator, the National Insurance Commission(NAICOM) and the Central Bank of Nigeria(CBN).

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