NICON to provide group welfare insurance for CEO’s of micro finance banks

NICON Insurance Limited has signed a partnership agreement with the National Association of Microfinance Bank (NAMB) to provide Group Welfare Insurance to all Chairmen and Managing Directors of over 900 microfinance banks in the country.

Akinsola Ale, executive director, Technical, NICON Insurance and Valentine Whensu, resident, NAMB, signed the partnership agreement on behalf of their respective organizations at an event held recently in Uyo, Akwa Ibom State.

Ale said the signing of the agreement marked the beginning of a strong relationship between NICON and NAMB. He further assured NAMB that NICON will provide quality service to its members nationwide.

“NICON with its 40 branches is strategically positioned to provide cover to all members of NAMB nationwide”, he added.

Samson Davies, chief marketing officer, earlier said the signing of the agreement came after long and intense negotiations between the parties.  He said in case of death or permanent disability arising from unforeseen circumstances, the insured or their family can now look to NICON for indemnity.

Davies further said NICON is poised to provide other insurance products for the Association, its member banks and their clients that are financially excluded.

On his part, the NAMB President said the current executive found it necessary to insure its Chairmen and Managing Directors against death and permanent disability, noting while the depositors funds in microfinance banks are insured by NDIC, his members are left exposed to several kind of risk manageable and imaginable.

He further stated that the present NAMB executive is responsive to needs of its member, adding that the premium arising from the partnership with NICON will be paid from the yearly subscription paid by members. It therefore means members will not bear any additional cost for the cover.

According to the NAMB President the partnership with NICON is in a series of planned added value services by his led executives for members of the Association.

MODESTUS ANAESORONYE