THE BANK IS SET TO OFFER INSURANCE SERVICES TO OVER 1.6 CUSTOMERS
Kampala, Thursday, July 11, 2019. In an effort to further diversify, and boost financial inclusion in Uganda, Centenary Bank, Uganda’s leading commercial microfinance Bank has today officially announced that the bank will be offering insurance services in addition to the existing traditional banking services.
“Today, we are honored to be receiving our Bancassurance Agency License from the Insurance Regulatory Authority of Uganda, an added advantage that will see us offer insurance services to our over 1.6 customers,” said Mr. Fabian Kasi, Centenary Bank’s Managing Director during the Bancassurance certificate handover at the Insurance Regulatory Authority (IRA) offices.
Mr. Kasi further noted that the Bancassurance services will be rolled out through all the bank’s 73 branches in partnership with nine (9) insurance companies. “These insurance companies include PAX, Britam, UAP Old Mutual General, CIC General, Jubilee Life, Prudential Assurance, Liberty Life, UAP Old Mutual Life, and Grand Micro Insurance,”
The launch of the Bancassurance services come at a time when the bank has made commendable milestones in promoting usage of digital alternative channels including the introduction of new features on the CenteMobile platform where customers can now self-register, reset their PIN and do name validation of the recipient in addition to the recent roll out the biometric access for customer transactions to improve security.
“I extend a vote of thanks to the Insurance Regulatory Authority for the trust, they have shown the bank by awarding us a license, adding that, despite the growth of the insurance industry in Uganda, uptake of insurance policies remains very low, and we believe this partnership will go a long way in increasing insurance uptake by our customers and supporting financial inclusion in Uganda” noted Mr. Kasi.