dfcu Bank becomes latest to offer bancassurance
February 9—Customers of dfcu Bank can now buy a wide range of insurance products, including motor vehicle cover, fire and burglary, child education, goods in transit and more after the bank officially signed onto bancassurance.
Last year, Bank of Uganda, opened the door for commercial banks to begin the business and dfcu Bank is latest to sign up. William Sekabembe, Chief of Business and Executive Director at dfcu Bank said, “dfcu Bank’s customers will be able to access their insurance needs through our 67 branches countrywide hence offering more convenience to them.”
He said, “We are making all this possible for our customers by offering more holistic financial solutions for much less and conveniently. Through the tailor made insurance products, DFCU Bank customers are guaranteed a range of insurance covers at affordable cost and conveniently.”
Ibrahim Lubega Kaddunabbi, the Insurance Regulatory Authority CEO, said “By adding bancassurance to its portfolio, the bank is ensuring the growth of the insurance sector as well. Bancassurance will also enable the insurance companies grow their network to reach more clientele that are brought together through dfcu Bank.”
“By attaching insurance to some of the bank’s products, we believe that we will contribute to the uptake of insurance. Additionally, all dfcu bancassurance operations will be regulated by the Insurance Regulatory Authority and we are committed to upholding the highest level of compliance in our operations,” Sekabembe said.