Ecobank’s Commercial Banking business has entered into a partnership with five insurance companies to offer Bancassurance solutions to Ecobank’s Small and Medium-sized Enterprise (SME) customers across markets where Ecobank operates.
This was contained in a press release by the bank.
According to the bank, the development will allow the customers of the bank to benefit from the convenience of being able to access relevant solutions for all their insurance needs.
What Ecobank is saying
Josephine Anan-Ankomah, Ecobank Group Executive, Commercial Banking explained that adding a comprehensive suite of Bancassurance solutions, in partnership with some of the most reputable insurance service providers across Africa, makes the bank a one-stop financial services hub.
She said, “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.”
What you should know
The insurance products offered include Commercial Asset Insurance, Engineering insurance, Marine & Cargo insurance, Key Man insurance, Motor fleet Business Travel insurance, in addition to bespoke offerings such as Credit Insurance-Leasing, Credit Insurance-Invoice Discounting Without Recourse, and Agricultural Area Yield Insurance.The Bancassurance service will be rolled out in phases, starting with Benin, Burkina Faso, Congo Brazzaville, Côte d’Ivoire, Gabon, Guinea Bissau, Kenya, Mali, Nigeria, Tanzania, Togo, and Uganda. Ecobank Group’s 21 other affiliates will be on board in the second phase.Demand for Bancassurance services from SMEs across our markets has been on the rise as businesses seek to shake off the effects of the COVID-19 pandemic by looking for solutions to cushion themselves from similar occurrences in the future.