Kampala, Monday, 7th October 2024 – Standard Chartered Bank Uganda and Prudential Uganda are pleased to announce a strategic partnership aimed at deepening access to financial services and providing long-term financial security solutions to customers. This collaboration marks a significant milestone in both organizations’ commitment to enhancing financial inclusion and delivering exceptional value to clients.
Through this partnership, Prudential Uganda will become one of Standard Chartered Uganda’s bancassurance partners, offering the bank’s clients with a range of financial protection solutions. The partnership will also enable both organizations to leverage their global experience and local expertise to address the evolving financial needs of Ugandans.
Mr. Tetteh Ayitevie, the CEO of Prudential Uganda, stated, “We are excited to partner with Standard Chartered Bank to deliver holistic financial solutions that empower their clients with enhanced financial security. Together, we are committed to ensuring that individuals and businesses have access to the long-term protection they need to secure their futures.”
While addressing the press, the Standard Chartered CEO, Mr. Sanjay Rughani said.
As Standard Chartered, we are honoured to enter into this partnership with Prudential and remain committed to creating partnerships which not only enhance the local financial sector’s proposition and infrastructure, but also improves our customers’ experience and operational efficiencies.
He added; Private sector partnerships like this are important because they allow institutions to learn from one another; share evidence and experiences and in so doing, promote modernized and structured products and solutions that are needed in a modern 21st century economy.
Standard Chartered Bank’s clients will soon be able to access Prudential Uganda’s tailored insurance solutions, designed to provide comprehensive financial security and peace of mind. This partnership integrates banking and insurance services, making it easier for clients to manage their financial well-being in one convenient place.
Mr. Emmanuel Mokobi, CEO of Prudential Africa, added, “Partnering with Standard Chartered Bank allows us to provide their clients in Uganda with convenient access to world-class financial protection products. Our shared vision is to create a more financially inclusive environment, offering tailored solutions that meet the diverse needs of their customers and help them achieve their ambitions.”
According to the report from Insurance Regulatory Authority of Uganda, the bancassurance sector in Uganda saw a significant growth, with gross written premiums increasing from UGX 83 billion in 2020 to over UGX 170 billion in 2023. This partnership is poised to contribute significantly to the growing bancassurance sector in Uganda, which has witnessed tremendous growth in recent years. By bringing together the expertise of both organizations, the collaboration aims to offer a seamless experience for customers seeking integrated financial protection and security.
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