Announcing the signing of the deal late last week, the two nancial institutions said in a statement that apart from bene ting customers, the agreement will also support national nancial inclusion endeavours and help to enhance insurance penetration in the country.
Speaking at the event to unveil the partnership in Dar es Salaam over the weekend, NBC’s Director of Retail Banking, Filbert Mponzi, said
the synergy with Sanlam Insurance Tanzania will also bene t the two companies.
He said the new partnership will en- able NBC to act as nancial supermar- ket that caters for the nancial needs of their customers and at the same time o er solutions to customers by pro- tecting their families and businesses through relevant, a ordable and com- prehensive insurance solutions.
“This partnership between NBC and Sanlam will increase insurance penetration in Tanzania through the extensive footprint of NBC,” Mponzi noted in the statement. According to him, partnering with Sanlam will provide tangible bene ts to customers and clients by introducing value added
products that will be readily available across the bank’s entire branch network.
“The customers/client relationship will be enhanced due to the availability of a comprehensive array of insurance and banking products under one roof,” he added noting that the NBC Sanlam insurance partnership is an a rmation of the bank’s commitment to better serve its customers.
The arrangement allows NBC customers seeking insurance services to obtain them from the bank’s outlets instead of going to insurance companies and their agents.
The Chief Executive of Sanlam Life Tanzania, Khamis Suleman, said the insurer was one of the leading insurance
companies in sub-Saharan Africa with over 100 years of experience. Apart from being one of the largest commercial banks in the country, NBC has been operating in Tanzania for more than 50 years with 51 branches across the country.
“This combined experience and ex- pertise is the foundation of our com- mercial relationship,” Suleman noted on the development.
On his part, the head of Sanlam Gen- eral Tanzania, Manasseh Kawokola, said the partnership with NBC will be instrumental in serving the unbanked as part of the rm’s nancial inclusion strategy as it seeks to meaningfully con- tribute to growth and development in the country.