KAMPALA – FINCA Uganda has acquired a Bancassurance license from the Insurance Regulatory Authority (IRA), empowering the financial institution to deliver a comprehensive suite of insurance products alongside its established banking services.
“With the launch of Bancassurance at FINCA, we have significantly upgraded the service experience for our customers,” said James Onyutta, Managing Director of FINCA Uganda. “They can now access a wide range of insurance options—including life, health, and property coverage—all while managing their banking needs in one centralized location.”
This integration streamlines policy renewals and claims processes, promoting efficiency and timely support. Onyutta added, “Our skilled staff will provide expert financial planning advice, equipping customers to make informed decisions about their insurance and financial products.”
Onyutta emphasized, “This license is a crucial step in our mission to eradicate poverty through sustainable and scalable solutions informed by the insights and needs of communities.”
Obel Bernard, Director for Supervision at FINCA, noted that the Bancassurance license will increase insurance penetration, particularly in underserved and rural communities. “Bancassurance has revolutionized how insurance services are being accessed. It allows clients to access both banking and insurance solutions on the go, including financial security for Ugandans.”
Irene Kego, Executive Director of Padre Pio Insurance Brokers, praised FINCA’s innovative efforts. “Growing the sector needs innovative efforts. FINCA will design products that speak to the common person, which is at the core of FINCA’s services.”
The Bancassurance model is expected to benefit insurance companies and brokers by providing access to a broader customer base and opportunities for cross-selling and up-selling. Onyutta emphasized, “This license is a crucial step in our mission to eradicate poverty through sustainable and scalable solutions informed by the insights and needs of communities.”
FINCA Uganda’s introduction of Bancassurance aligns with its vision of financial inclusion and customer-centric services, empowering individuals and businesses through innovative financial solutions.
