Standard Chartered Bank Uganda and Prudential Uganda have embarked on a strategic partnership to drive financial inclusion through bancassurance. This collaboration aims to expand access to financial services and offer customers long-term financial security solutions, marking a significant step in Uganda’s rapidly growing bancassurance sector.
Prudential Uganda, a key partner in this initiative, will collaborate with Standard Chartered Uganda to provide a diverse array of financial protection solutions. The bank’s esteemed clients will soon gain access to Prudential’s tailored insurance products designed to enhance their financial security, further solidifying both organizations’ commitment to providing valuable, customer-centric services.
Tetteh Ayitevie, CEO of Prudential Uganda, expressed his enthusiasm about this new partnership. He emphasized Prudential Uganda’s dedication to empowering clients with financial security and protection, noting that this collaboration aligns with their mission to enhance customer well-being through strategic insurance products.
Sanjay Rughani, CEO of Standard Chartered Uganda, also shared his excitement for this partnership. He highlighted the critical role of private sector collaborations in modernizing financial products and services for a 21st-century economy. This alliance, he noted, is a reflection of both organizations’ commitment to innovation and client satisfaction.
Uganda’s bancassurance sector is experiencing impressive growth, with gross written premiums nearly doubling from UGX 83 billion in 2020 to over UGX 170 billion in 2023, as reported by the Insurance Regulatory Authority of Uganda. This surge underlines the growing importance of bancassurance in expanding access to financial services across the country.
The partnership between Standard Chartered Uganda and Prudential Uganda comes at an opportune time, as it seeks to leverage this growth in Uganda’s financial sector, ensuring that customers benefit from innovative, reliable, and comprehensive financial solutions.
#Bancassurance #FinancialInclusion #UgandaFinance #InsuranceGrowth #StrategicPartnership
