Standard Chartered Bank Uganda, in partnership with Prudential Uganda, has announced a strategic collaboration aimed at broadening access to financial services and offering long-term financial security solutions to customers. This initiative marks a significant milestone in advancing financial inclusion and providing exceptional value to Ugandans who are clients of both organizations.
Through this partnership, Prudential Uganda will become one of Standard Chartered Uganda’s bancassurance partners, providing the bank’s clients with a variety of financial protection solutions. The collaboration will also enable both companies to combine their global expertise and local experience to address the evolving financial needs of Ugandans.
Tetteh Ayitevie, CEO of Prudential Uganda, remarked, “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.”
During a press briefing, Standard Chartered Bank CEO, Sanjay Rughani, expressed his appreciation for the partnership and emphasized a commitment to forming more such collaborations.
“As Standard Chartered, we are honoured to enter into this partnership with Prudential and remain committed to creating partnerships that not only enhance the local financial sector’s proposition and infrastructure, but also improve our customers’ experience and operational efficiencies,” he said.
Rughani further highlighted the importance of private sector partnerships, noting that they allow institutions to learn from one another, share evidence and experiences, and thereby promote modernized and structured products and solutions necessary for a 21st-century economy.
Standard Chartered Bank clients will soon gain access to Prudential Uganda’s tailored insurance solutions, designed to provide comprehensive financial security and peace of mind. This partnership integrates banking and insurance services, simplifying the management of clients’ financial well-being in one convenient place.
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 a report by the Insurance Regulatory Authority of Uganda, the bancassurance sector in Uganda has seen substantial growth, with gross written premiums rising from UGX 83 billion in 2020 to over UGX 170 billion in 2023. This partnership is set to significantly contribute to the growing bancassurance sector, which has witnessed remarkable progress in recent years. By leveraging the expertise of both organizations, the collaboration aims to provide a seamless experience for customers seeking integrated financial protection and security.