Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company, subsidiaries of global financial services group, Old Mutual Limited, has announced a partnership with Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, aimed at enhancing deepening consumer engagements, within the nation’s financial sector.
Tagged Bancassurance Referral Model, the collaboration offers Old Mutual an extensive outlet to offer life and general insurance products to Nigerians across 62 Ecobank branches in Lagos, Port Harcourt, Abuja and Ibadan, and is expected to be extended to 200 branches across Nigeria by 2019.
The partnership which has since commenced on 4th June 2018, enjoys the approval of the related industry regulators, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) for the sale of insurance products in banks through the Bancassurance Referral Model.
The Old Mutual-EcobankBancassurance partnership already exists across eight African countries with Nigeria projected to be the most robust in reach and spread.
Commenting on the partnership, the Managing Director, Old Mutual Nigeria Life Assurance Company, Mr Keith Alford believes the partnership would further strengthen the capacities of both financial institutions to offer multiple access points for their various products and services to customers across Nigeria and Africa.
“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.
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“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 footprint across African markets now have a one-stop shop for all their Bancassurance services within the continent,” he stated.
Expressing the bank’s delight at the partnership, its Executive Director, Consumer Banking, Mrs Carol Oyedeji described the collaboration as one of the ways the bank intends to create a one-stop hub for robust financial services offering.
“We are delighted to be consolidating our longstanding partnership with Old Mutual in Nigeria. 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.
“Our customers in Nigeria, like others in selected markets on the continent, now have the advantage of accessing our excellent banking services and Old Mutual’s insurance expertise under one roof. It is also an opportunity for value creation for our shareholders as the bank is in a position to earn Non-Interest Revenue (NIR) from the commission that accrues from Bancassurance transactions,” she stated.
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