By
Denis Kasule Ssebunya
Standard Chartered Bank Uganda has entered into a strategic partnership with Prudential Uganda, aiming to enhance access to financial services and provide long-term financial security solutions for customers. This collaboration represents a key step in promoting financial inclusion and offering value-driven services to Ugandans who are clients of both organizations.
As part of this initiative, Prudential Uganda will become one of Standard Chartered Uganda’s bancassurance partners, offering a range of financial protection solutions to the bank’s customers. The partnership leverages the global expertise and local experience of both organizations to meet the evolving financial needs of Ugandans.
Tetteh Ayitevie, CEO of Prudential Uganda, expressed enthusiasm for the collaboration. “We are thrilled to partner with Standard Chartered Bank to deliver comprehensive financial solutions that empower their clients with enhanced financial security. Together, we are committed to ensuring that individuals and businesses have the long-term protection they need to secure their futures,” Ayitevie said.
Standard Chartered Bank CEO, Sanjay Rughani, echoed these sentiments during a press briefing, underscoring the bank’s dedication to forming strategic alliances that add value to the local financial landscape. “We are honoured to enter this partnership with Prudential and remain committed to creating collaborations that improve our customers’ experience and operational efficiencies, while also enhancing the local financial sector’s proposition and infrastructure,” Rughani stated.
Rughani also emphasized the significance of private-sector partnerships, highlighting their potential to foster learning, share best practices, and introduce modernized financial products and solutions suited to a 21st-century economy.
Through this partnership, Standard Chartered clients will gain access to Prudential Uganda’s customized insurance solutions, designed to offer comprehensive financial protection and peace of mind. The integration of banking and insurance services will simplify clients’ financial management, providing them with a seamless experience in managing their financial well-being.
Emmanuel Mokobi, CEO of Prudential Africa, commented on the broader impact of the partnership. “By partnering with Standard Chartered Bank, we can offer their clients in Uganda convenient access to world-class financial protection products. Our shared vision is to foster a more financially inclusive environment, offering tailored solutions that meet the diverse needs of customers and help them achieve their financial goals,” Mokobi remarked.
The partnership comes at a time when Uganda’s bancassurance sector is experiencing significant growth. According to the Insurance Regulatory Authority of Uganda, gross written premiums in the sector rose from UGX 83 billion in 2020 to over UGX 170 billion in 2023. This collaboration is expected to contribute further to the sector’s expansion by delivering integrated financial protection and security solutions to clients.