Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company have signed a bancassurance agreement with Ecobank Nigeria to provide insurance products and a service to bank’s customers.
Initially, Old Mutual will market life and general insurance plans to customers across 62 Ecobank branches in Lagos, Port Harcourt, Abuja and Ibadan.
By 2019, the bancassurance partnership is likely to be extended to 200 branch offices across Nigeria.
The pact has already received regularity permissions including the approval of the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).
Old Mutual Nigeria Life managing director Keith Alford said: “Having 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 for our various products and services to customers across Nigeria and indeed Africa.
“This is very unique and strategic. Through this partnership, Old Mutual will leverage on Ecobank’s existing customer base, and wide distribution to promote financial inclusion and insurance penetration whilst pushing our brand offerings to customers of Ecobank.
“Customers and corporates with multiple footprints across African markets now have a one stop shop for all their bancassurance services within the continent.
Ecobank Nigeria executive director of consumer banking Carol Oyedeji said: It is an alliance of brands whose pan-African agenda and customer delivery objectives align perfectly. This strategic partnership is one of the ways Ecobank Nigeria aims to create a one-stop hub for robust financial services offerings.”