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    ETI   TG0000000132

ECOBANK TRANSNATIONAL INCORPORATED

(ETI)
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Ecobank Transnational Incorporated : The Ecobank Group partners with insurance companies to offer Bancassurance to SMEs

12/14/2021 | 05:28am EDT

PUBLIC

PRESS INFORMATION

For Immediate Release

The Ecobank Group partners with insurance companies to offer

Bancassurance to SMEs

Lomé, 14 November 2021 - Ecobank Group's Commercial Banking business has partnered with five insurance companies (OLD MUTUAL, ALLIANZ, SUNU, SANLAM & NSIA) to offer a range of Bancassurance solutions to Ecobank's Small and Medium-sized Enterprise (SME) customers across markets where Ecobank operates. These customers will now benefit from the convenience of being able to access relevant solutions for all their insurance needs.

Josephine Anan-Ankomah, Ecobank Group Executive, Commercial Banking said: "Adding a comprehensive suite of Bancassurance solutions, in partnership with some of the most reputable insurance service providers across Africa, makes us a one-stop financial services hub. Furthermore, the resilience of SME businesses is enhanced through the effective risk transfer that Bancassurance provides, while our solutions also offer our valued customers the satisfaction of knowing that they will have some protection, having learnt from the painful experiences of COVID-19."

The insurance products offered include Commercial Asset Insurance, Engineering insurance, Marine & Cargo insurance, Key Man insurance, Motor fleet Business Travel insurance, in addition to bespoke offerings such as Credit Insurance-Leasing, Credit Insurance-Invoice Discounting Without Recourse, and Agricultural Area Yield Insurance.

The Bancassurance service will be rolled out in phases, starting with Benin, Burkina Faso, Congo Brazzaville, Côte d'Ivoire, Gabon, Guinea Bissau, Kenya, Mali, Nigeria, Tanzania, Togo, and Uganda. Ecobank Group's 21 other affiliates will come onboard in the second phase.

PUBLIC

PUBLIC

Demand for Bancassurance services from SMEs across our markets has been on the rise as

businesses seek to shake off the effects of the COVID-19 pandemic by looking for solutions to

cushion themselves from similar occurrences in the future.

Africa's insurance industry is valued at about US$68 billion in terms of Gross Written Premium

(GWP). Prior to COVID-19, the insurance market in Africa was expected to grow at compound

annual growth rates (CAGRs) of 7 percent per annum between 2020 and 2025, nearly twice as fast

as North America, over three times that of Europe, and better than Asia's 6 percent. This makes

the continent the second-fastest-growing region for insurance globally after Latin America - thanks

to steady economic growth in most countries and the underdeveloped insurance sector.

For more information, visit ecobank.com/bancassurance

- ENDS -

Media Contact

Christiane Bossom

Group Communications Manager

Email: groupcorporatecomms@ecobank.com

Tel: +228 22 21 03 03

About Ecobank Transnational Incorporated ('ETI' or 'The Ecobank Group')

Ecobank Transnational Incorporated ('ETI') is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs about 14,000 people and serves about 29 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking licence in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit www.ecobank.com

PUBLIC

Disclaimer

ETI - Ecobank Transnational Inc. published this content on 14 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2021 10:27:05 UTC.


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Ade Ayeyemi Group Chief Executive Officer & Executive Director
Ayo Adepoju Group Vice President-Finance
Alain Francis Nkontchou Chairman
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