Uganda’s Insurance Regulatory Authority (IRA) has granted the pan-African bank United Bank for Africa (UBA) a license to launch bancassurance activities in the country.
Joseph Balikuddembe, executive director of UBA Uganda, said it will be easy for the bank to promote insurance in the country given the customer base it has. “We just need to get our customers interested in insurance and explain what it is for them to adopt,” he said.
Balikuddembe added that “by offering insurance services as a bank, we will have facilitated access to customers and, possibly, increased insurance penetration in the country. ”
Speaking at the UBA licensing ceremony at IRA headquarters in Kampala on Tuesday, April 25th, Acting Director of the Insurance Regulatory Authority, Bernard Obel, said the move from banks to insurance products will help to increase the insurance penetration rate in the country, which is currently only 19.2%.
The representative of the Insurance Regulatory Authority argued that in the past, it has been difficult for insurance companies to establish themselves in all regions of the country, but will benefit from the arrival of banks. who have many institutions across the country.
