Unity Bank Plc is in partnership with Veritas Kapital Assurance Plc to deepen financial inclusion and insurance penetration as part of efforts to increase access to financial services in Nigeria.
The partnership will see the underwriting firm providing Bancassurance products such as motor, home ownership, personal accident and house-holder insurance.
It will be recalled that in 2018, the Central Bank of Nigeria and the National Insurance Commission issued guidelines for banks and insurance companies wishing to go into collaboration based on referral model for Bancassurance product.
Speaking at the formal launch of the partnership in Lagos, Managing Director and Chief Executive Officer of the bank, Mrs. Tomi Somefun, said that Veritas Kapital will leverage on the customer base of the bank and its distribution channels to sell its Bancassurance products.
According to her, the underwriting firm will have its representatives at designated flagship branches of Unity Bank in Abuja and Lagos to rollout Bancassurance products.
Commenting on the partnership, she said: “The new synergy will bolster the bank’s agribusiness and its value chain as customers in livestock and crop production can be effectively offered an insurance cover.
‘’We believe that this will be profitable and mutually beneficial for the two organizations as well as our customers.”
Also speaking, Managing Director and Chief Executive Officer, Veritas Kapital, Mr.Kenneth Egbaran, said that he is confident that the partnership will open new vistas of opportunities to offer more innovative financial solutions to customers to enable them access numerous benefits that are available through insurance products. He stated: ‘’The whole purpose of this is for us to be able to provide good services to the customers. We also believe that we can find a critical mass on this platform.
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