Prudential Uganda and Standard Chartered Bank Partner to Boost Financial Inclusion

The two institutions are set to transform the bancassurance sector by integrating banking and insurance services, delivering a holistic financial experience under one roof.

Standard Chartered Bank Uganda and Prudential Uganda have entered into a strategic partnership aimed at expanding access to financial services and offering comprehensive protection solutions for Ugandans.

Through a Memorandum of Understanding (MoU), the two institutions are set to transform the bancassurance sector by integrating banking and insurance services, delivering a holistic financial experience under one roof.

This collaboration positions Prudential Uganda as a key bancassurance partner for Standard Chartered Bank, enabling the bank's clients to access a variety of life insurance policies, credit protection services, and other tailored financial security products for both individuals and businesses.

By leveraging their combined global experience and local expertise, the two organizations aim to address Uganda’s evolving financial needs.

Speaking during the signing ceremony, Mr. Sanjay Rughani, CEO of Standard Chartered Uganda, highlighted the significance of the partnership in enhancing clients’ financial resilience.

"This collaboration goes beyond business—it’s about building a stronger financial foundation for our customers," Rughani stated.

He noted that with Uganda's high borrowing rates, clients would particularly benefit from credit protection products designed to safeguard their investments and provide peace of mind.

Rughani further emphasized the role of private-sector partnerships in modernizing Uganda’s financial sector.

"We believe that this partnership with Prudential will not only improve operational efficiencies but also provide structured financial products suited to the demands of a 21st-century economy."

Mr. Tetteh Ayitevie, CEO of Prudential Uganda, echoed these sentiments, expressing excitement over the shared mission to promote financial security.

"We are thrilled to work with Standard Chartered Bank to deliver holistic financial solutions that empower clients with long-term protection," Ayitevie said.

"Our goal is to ensure individuals and businesses have access to the tools needed to secure their futures."

The partnership arrives as Uganda's bancassurance sector experiences significant growth.

According to the Insurance Regulatory Authority of Uganda, gross written premiums from bancassurance increased from Shs83 billion in 2020 to over Shs170 billion by 2023.

The collaboration between Prudential and Standard Chartered is expected to accelerate this growth, contributing to a more inclusive financial landscape.

Mr. Emmanuel Mokobi, CEO of Prudential Africa, highlighted the importance of this partnership in addressing Uganda's financial inclusion challenges.

"By combining our expertise, we aim to provide world-class financial protection products that meet the diverse needs of Standard Chartered’s clients," Mokobi said.

"Our vision is to create a financially inclusive environment where Ugandans can confidently pursue their ambitions."

Under the partnership, Standard Chartered's clients will soon have access to Prudential's wide range of insurance products, including life insurance, credit protection, and long-term savings plans.

The integration of banking and insurance services is designed to streamline the customer experience, allowing clients to manage their financial well-being more conveniently.

This MoU builds on a 25-year global relationship between Standard Chartered and Prudential, with both organizations working together in various markets to improve financial access.

With Uganda now part of this partnership, the two institutions are poised to make a lasting impact on the country's financial landscape.