Standard Chartered Bank Uganda and Prudential Uganda have announced a strategic partnership designed to deepen access to financial services and offer long-term financial security solutions to Ugandan customers. The collaboration signifies both institutions’ commitment to enhancing financial inclusion and providing tailored financial protection products in Uganda’s evolving economic landscape.
As part of the partnership, Prudential Uganda will become one of Standard Chartered’s bancassurance partners, offering the bank’s clients a range of insurance products aimed at providing comprehensive financial security. This collaboration will allow both companies to leverage their global expertise and local experience to address the diverse financial needs of Ugandan individuals and businesses.
Mr. Tetteh Ayitevie, CEO of Prudential Uganda, expressed enthusiasm about the partnership, stating,
“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.”
Standard Chartered Uganda CEO, Mr. Sanjay Rughani, echoed these sentiments during a press briefing, emphasizing the importance of such partnerships in the financial sector.
“As Standard Chartered, we are honored to enter into this partnership with Prudential and remain committed to creating collaborations that not only enhance the local financial sector but also improve our customers’ experience and operational efficiencies,” Rughani said.
He further highlighted the role of private-sector partnerships in modernizing financial products and solutions, essential for a dynamic, 21st-century economy. Through the partnership, Standard Chartered clients will soon gain access to Prudential Uganda’s specialized insurance products, designed to offer peace of mind and financial security in one convenient platform.
Mr. 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.”
The bancassurance sector in Uganda has experienced significant growth, with gross written premiums rising from UGX 83 billion in 2020 to over UGX 170 billion in 2023, according to the Insurance Regulatory Authority of Uganda. This partnership between Standard Chartered and Prudential is expected to contribute further to this growing sector by offering clients seamless access to integrated financial and insurance services.
With this collaboration, both institutions aim to simplify financial management for their customers by integrating banking and insurance services, making it easier for Ugandans to safeguard their financial futures. The partnership is poised to play a key role in the continued development of Uganda’s bancassurance sector, promoting financial inclusion and enhancing customer experiences across the board.
