CBN issues guidelines on Bancassurance

The Central Bank of Nigeria (CBN) on Friday released the guidelines on Bancassurance Referral Model to address developments both in the banking and insurance sectors.

Bancassurance is an arrangement in which insurance companies leverage on the customer base of banks to sell insurance products to banks’ customers.

This is in furtherance of our efforts to ensure that banks comply with the regulation on the Scope of Banking Activities & Ancillary Matters.

In a letter to all banks, Ahmad Abdullahi, director of banking supervision, Banks are required to ensure that their offering of bancassurance referral services is in line with the provisions of the Guidelines effective April 1, 2017.

 

HOPE MOSES-ASHIKE