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Prudential Uganda and Standard Chartered Bank Uganda have announced a transformative partnership aimed at expanding financial inclusion and enhancing access to financial protection solutions in Uganda. This collaboration marks a significant milestone in both companies’ efforts to provide tailored, long-term financial security products to the Ugandan market.
Through this strategic partnership, Prudential Uganda will become one of Standard Chartered Uganda’s key bancassurance partners, offering the bank’s clientele a diverse range of financial protection products. This partnership brings together global experience and local expertise to address the evolving financial needs of individuals and businesses in Uganda.
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 convenience and 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.”
The partnership comes at a time when Uganda’s bancassurance sector is experiencing remarkable growth. According to the Insurance Regulatory Authority of Uganda, gross written premiums in the bancassurance sector grew from UGX 83 billion in 2020 to over UGX 170 billion in 2023. This collaboration between Prudential and Standard Chartered Bank is expected to contribute significantly to this upward trend by offering customers a seamless and integrated approach to financial protection.