Tanzania: Bank, Insurance Firms' Partnership Push Up Industry to New Milestone

Mar 18, 2020 | Tanzania Daily News - All Africa

THE contribution of insurance industry into the economy will register new milestone following banks move to step out of its core banking services and entering into partnerships with insurance companies thus pushing up insurance penetration in the country.

Currently, Tanzania has the lowest insurance penetration in East Africa, which stands at less than 1 per cent.

Recently, NMB rolled out bancassurance services in the country being a major positive impact on the delivery of insurance services to areas that insurance registrants have not been able to extend their operations.

With the widest network of over 225 branches spread in almost all district councils in the country, Mr Mponzi said the NMB is positioned to provide bancassurance services to reach more people both customers and non customers.

An entrepreneur and victim of fire that gutted Tegeta, Nyuki market recently Mr Godwin Rwechungura testified to the workshop participants how NMB Bank through bancassurance services assured him compensation of the losses.

"I have been working and growing with NMB bank for over 10 years through various loan products which are insured. The hope to get back to business after incurring huge losses was rejuvenated" he said.

For an entrepreneur, insuring business against all forms of risks and losses is no longer an option and can give confidence to remain in business.

NMB Bank through all its branches now offer all insurance retail products from insurance partners, namely, but not limited to Motor, Health Insurance, Property, Life, bonds and Agriculture Insurance.

Through NMB Bank, Customers and Non Customers will now be able to get insurance covers from six insurance companies- Reliance, Sanlam Life, Jubilee, National Insurance Company, Zanzibar Insurance Company and UAP Insurance.

NMB Bank will offer all insurance retail products from insurance partners, namely, but not limited to Motor, Health Insurance, Property, Life, bonds and Agriculture Insurance.

On her part, the NMB Dar es Salaam business club chairperson, Bahati Njomba said after getting knowledge on NMB bancassurance services, decided to insure her business as well as providing other insurance products to her children.

"I started borrowing only 5m/-several years ago and have managed to grow with the NMB bank that now can borrow up to 150m/-," she said while urging other entrepreneurs to insure their businesses... Lire davantage sur All Africa

Source: All Africa