What do you believe is the single most important factor driving up the cost of living in Nigeria?

FINCA Uganda has become the latest financial sector player to acquire the bancassurance agency license, paving the way for increased insurance penetration in the country. This development is expected to bring a unique and hard-to-reach clientele base into the formal financial sector.

According to the CEO of the Insurance Regulatory Authority of Uganda (IRA), Alhaj Kaddunabbi Ibrahim Lubega, "Bancassurance has revolutionised how we approach the distribution of insurance services. It allows clients to access both banking and insurance solutions under one roof, ensuring convenience, broader coverage, and improved financial security for Ugandans."

FINCA Uganda's Managing Director, Mr James Onyutta, noted, "We are proud to announce the official acquisition of a bancassurance license from the IRA. This significant milestone empowers us to deliver a comprehensive suite of insurance products alongside our established financial services, greatly enhancing convenience and accessibility for our customers."

With over three decades of experience in financial inclusion, FINCA Uganda's extensive reach and deep connections with low-income clients, SMEs, and rural communities make it a powerful ally in extending insurance services to areas where uptake has historically been low.

"Bancassurance will allow us to offer a diverse range of insurance products, critical to protecting the livelihoods of our clients," said Onyutta. "This collaboration will drive increased revenue for insurance partners while minimizing distribution costs."

• Read More