Having secured the approval of regulatory authorities, Old Mutual and Ecobank have flagged of a bancassurance partnership deal that enables them provide holistic financial products and services to their existing and prospective customers in Nigeria.
The collaboration under the bancassurance referral model which has been running since June 4th 2018, provides Old Mutual extensive outlets of Ecobank to offer life and general insurance products to Nigerians. The first phase covers 62 branches of the bank in Lagos, Port Harcourt, Abuja and Ibadan.
We expect this to be extended to 200 branches across Nigeria by 2019, says Keith Alford, managing director, Old Mutual, Nigeria during a press conference in Lagos.
“This is another proud moment for us because we have been in partnership with Ecobank on other fronts of our 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.
Alford said through this partnership, Old Mutual will leverage on Ecobank’s existing customer base and wide distribution network to promote financial inclusion and insurance penetration whilst pushing its brand offerings to customers of Ecobank.
He therefore called on Nigerians and the corporate entities to explore and take advantage of this great channel we are offering to attain financial wellbeing and independence.
The Old Mutual-Ecobank Bancassurance Partnership already exists across eight African countries with Nigeria projected to be the most robust in reach and spread.
Ayo Osolake, head, Personal Banking, Ecobank Nigeria said this alliance aligns with Ecobank quest to deliver superior and robust financial product offerings to our customers.
“We are happy that Old Mutual is taking advantage of our spread across Nigeria to offer our banking customers, individuals and businesses in Nigeria full access to their life and general insurance products and services. We already have this Bancassurance arrangement with Old Mutual in eight African countries.”
“Under this partnership, Old Mutual would have full physical presence in terms of personnel and products offering in over a hundred Ecobank branches in major cities by December 2018 and 200 branches by 2019, Osolake.
She said this strategic partnership is one of the ways Ecobank aims to create a one-stop hub for robust financial services offerings.”We believe that with our excellent banking services and Old Mutual’s insurance expertise we will be able to deliver exceptional customer service.”
Old Mutual General Insurance and Old Mutual Life Assurance are part of the Old Mutual Limited Group which provides life assurance, wealth and investments, personal finance and general insurance services to more than 12 million customers in 17 countries across Africa, Asia and Latin America.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
