Ecobank Group has entered into a partnership arrangement with five insurance companies (Old Mutual Insurance, Allianz Insurance, Sunu Insurance, Sanlam Insurance and NSIA Insurance) to offer insurance solutions to their customers.
Ecobank’s Small and Medium-sized Enterprise (SME) customers will be able to access a variety of Bancassurance products as a result of the collaboration with the insurance providers, which will be available in all of Ecobank’s markets. These consumers will now have the ease of having access to applicable solutions for all of their insurance requirements.
In response to the news, Josephine Anan-Ankomah, Ecobank Group Executive, Commercial Banking, stated that by adding Bancassurance to their arsenals of digital solutions, they will be second to none in terms of outstanding customer service.
“Adding a comprehensive suite of Bancassurance solutions, in partnership with some of the most reputable insurance service providers across Africa, makes us a one-stop financial services hub. Furthermore, the resilience of SME businesses is enhanced through the effective risk transfer that Bancassurance provides, while our solutions also offer our valued customers the satisfaction of knowing that they will have some protection, having learnt from the painful experiences of COVID-19.”
Josephine Anan-Ankomah
Commercial Asset Insurance, Engineering Insurance, Marine & Cargo Insurance, Key Man Insurance, Motor Fleet Business Travel Insurance, as well as bespoke offerings like Credit Insurance-Leasing, Credit Insurance-Invoice Discounting Without Recourse, and Agricultural Area Yield Insurance are among the insurance products available.
SMEs’ demand for Bancassurance services has risen across African markets, as companies seek to recover from the ravages of the COVID-19 pandemic by looking for ways to protect themselves from future outbreaks.
In terms of Gross Written Premium, Africa’s insurance business is worth around $68 billion (GWP). Prior to COVID-19, the insurance market in Africa was expected to grow at a CAGR of 7% per year between 2020 and 2025, nearly twice as fast as North America, over three times that of Europe, and faster than Asia’s 6%. Africa is now the second-fastest-growing insurance region in the world, after Latin America.
Affordable Mortgage Services
Ecobank Ghana and Enterprise Trustees recently announced a partnership, launching Ghana’s first pension-backed mortgage loan and short-term loan facility. Under the terms of the agreement, Enterprise Trustees will make a package accessible to employees whose pension assets are held by Enterprise, allowing them to get pension-backed mortgage and short-term loan facilities from Ecobank. This is a big relief for workers, who can now rest, knowing that they will be able to secure decent custom-built homes that will be entirely paid for when they retire, ensuring their peace and comfort in old age.
In response to the news, Mr. Joseph Ampofo, Managing Director of Enterprise Trustee, promised Ghanaians comfortable living and affordable mortgage arrangements.
“This is a collaboration between two industry giants, Ecobank Ghana and Enterprise Trustees, with a common shared value of Excellence. We will certainly be guided by this, as we work together for the betterment of Ghanaian workers, who can now own homes through this unique mortgage solution offered under this partnership agreement. Among other features, we guarantee beneficiaries under this scheme a 100% financing arrangement, once they have a minimum of 20% of the mortgage sum in their Tier 3 pension funds.”
Mr. Joseph Ampofo
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