The Chief Executive Officer of the Insurance Regulatory Authority of Uganda, Ibrahim Lubega Kaddunabbi, has commended Stanbic Bank Uganda for pioneering bancassurance and advancing financial inclusion in the country.
Speaking during a Ramadan Iftar dinner hosted by the bank in Kampala, Kaddunabbi said partnerships between banks and insurance companies are helping transform Uganda’s financial ecosystem by integrating insurance products into mainstream banking services.
“Insurance at its core is a promise — a commitment to stand with individuals, families and businesses in their most difficult moments,” Kaddunabbi said.
He added that the core principles of the insurance industry, including trust, accountability and stewardship, closely reflect the values associated with Ramadan.
Kaddunabbi revealed that Stanbic Bank became the first bank in Uganda to receive a bancassurance licence in October 2017, a development that helped set the pace for the sector’s growth.
Since then, the regulator has licensed 22 financial institutions to offer bancassurance services, a milestone he said has significantly expanded insurance penetration across the country.
Bancassurance allows banks to distribute insurance products through their existing banking networks, giving customers easier access to insurance services while strengthening the financial sector.
Kaddunabbi also announced that this year’s Insurance Week will run from March 19 to March 27, culminating in the Insurance Innovation Awards.
The annual initiative seeks to promote innovation in insurance products and services, particularly those targeting youth, women and small and medium enterprises (SMEs), which he described as the backbone of Uganda’s economy.
Meanwhile, the Chief Executive Officer of Stanbic Bank Uganda, Mumba Kalifungwa, reaffirmed the bank’s commitment to inclusive and sustainable economic growth.
Kalifungwa said the bank continues to operate under its purpose statement — “Uganda is our home and we drive her growth” — which guides its long-term investment and development priorities.
According to him, Stanbic’s positive impact agenda focuses on empowering women-led enterprises, financing agriculture value chains, supporting youth entrepreneurship and expanding digital financial access across Uganda.
“The greatest product we sell is trust,” Kalifungwa said, noting that financial institutions carry a significant responsibility in safeguarding customers’ deposits and enabling ethical enterprise.
Both leaders called for stronger collaboration between regulators, banks and development partners to accelerate inclusive growth, strengthen public confidence in financial institutions and build resilient systems capable of serving all Ugandans.
