Nigeria: Ecobank signs bancassurance pact with Old Mutual

Ecobank Group Managing Director, Ade Ayeyemi, and Old Mutual Managing Director Ralph Mupita

Ecobank Nigeria has signed a bancassurance agreement with Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company to provide insurance services to its clients.

Under the terms of the agreement, Old Mutual will market life and general insurance products to customers at 62 Ecobank locations in Lagos, Port Harcourt, Abuja and Ibadan. And by 2019, the bancassurance partnership should be expanded to 200 branches across the country.
Both institutions have already received accrediting authorizations, including the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).
Through this partnership, Old Mutual says it will build on Ecobank’s existing customer base and broad-based distribution to promote financial inclusion and insurance penetration while pushing its brand offerings to customers form the bank.

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