Old Mutual signs bancassurance deal in Nigeria

Old Mutual has signed a bancassurance agreement with Ecobank Nigeria to provide insurance products and a service to the 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 should be extended to 200 branch offices across Nigeria.

Old Mutual said that the partnership was in line with its goal of providing holistic financial products and services to its existing and prospective customers in Nigeria.

“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,” Old Mutual Nigeria Life managing director Keith Alford said at the signing ceremony which took place in Lagos.

“Customers and corporates with multiple footprints across African markets now have a one stop shop for all their bancassurance services within the continent,” he added.

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.”

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 is currently undergoing a rebranding and has announced it will be renamed Merian Global Investors.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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