The National Investment Bank (NIB) PLC has launched a strategic Bancassurance partnership with SIC Life Insurance Company, aimed at expanding access to insurance, deepening financial inclusion and providing comprehensive financial protection for Ghanaians.
The partnership, unveiled in Accra under the theme “One Partnership, Total Protection,” will enable NIB customers to access life insurance solutions covering financial protection, savings, education planning, family security and long-term financial planning through the bank’s distribution network.
Special Guest of Honour, Hon. Seth Terkper, former Finance Minister who represented the Chief of Staff, described the partnership as hopeful and transformational, noting that SIC and NIB are two important post-independence institutions in Ghana’s financial services landscape.
“We expect the partnership to be transformational and to achieve growth. SIC Life and NIB are two important post-independence institutions in Ghana’s financial services landscape,” Mr. Terkper said.
He recalled that during fiscal reforms, NIB was envisioned to play the role of Ghana’s version of the China Development Bank – providing patient capital, long-term financing beyond 10 years for commercial and capital projects, similar to what the Ghana Infrastructure Investment Fund (GIIF) and the Ghana Stock Exchange are now pursuing through long-term bonds.
He called for deeper synergies, including tapping into the Ghana Stock Exchange for issuance of corporate bonds to mobilize the pool of resources from the partnership for long-term development financing.
“Today, both your institutions are pursuing transformation that focuses on regional efficiency, application of technology, customer service innovation and sustainable development,” he noted.
Mr. Terkper outlined five markers for success: customer-centred innovation with simple and relevant products, digital integration to make it easier to discover and manage insurance, strong distribution networks to extend micro-insurance to towns and villages, enhanced staff capacity and joint ownership, and clear targets for customer acquisition, premium growth, satisfaction and claims turnaround.
“What gets measured gets managed, and what gets managed effectively is more likely to produce sustainable results,” he said.
He urged the two state-owned institutions to see the launch as the beginning of a broader strategic relationship covering digital financial services, employee insurance solutions and financial literacy.
“SIC Life, there’s no need to become a bank, and NIB, there’s no need to become an insurance company. Each institution should focus on its strengths while working together to create a stronger financial services ecosystem,” he advised.
He emphasized that success should not be measured by number of policies sold alone, but by number of Ghanaians who gain meaningful protection, improved customer experience, and contribution to financial sustainability and public confidence.
NIB Focused on People-Centred Transformation – MD
The Managing Director of NIB, Chief Dr. Doli-Wura Awushi Abdul-Malik Seidu Zakaria, said the initiative marks a significant milestone in the bank’s transformation journey.
“NIB has a proud history, spanning from 1963, of contributing to Ghana’s financial and economic development. However, while we remain proud of our heritage, we are equally focused on the future,” Dr. Zakaria said.
He noted that the financial services landscape is changing rapidly, with evolving customer expectations and technology transforming banking delivery.
“Our transformation journey is therefore focused on building a stronger, more innovative, responsive, and customer-focused NIB. Importantly, our transformation is people-centred. We recognize that our people are the heart of sustainable transformation,” he stated.
According to him, Bancassurance is part of the bank’s response to making financial services more accessible, convenient and relevant, bringing together NIB’s banking strength and SIC Life’s expertise in insurance and risk protection.
“For NIB, this partnership broadens our product offering and enables us to deepen our relationship with customers. For SIC Life, it provides an additional avenue to reach customers. Most importantly, our customers benefit from greater convenience, accessibility and choice,” he said.
He stressed that financial planning and financial protection are inseparable, adding that the success of the initiative will depend on staff capacity and commitment to superior customer service.
Insurance Gap Must Be Closed – Commissioner of Insurance
Chairperson of the event, Dr. Abiba Zakaria, Commissioner of Insurance at the National Insurance Commission (NIC), said the collaboration comes at a time when Ghana needs to close its financial protection gap.
Citing recent national incidents including floods and the stadium stampede, she questioned whether affected victims were adequately protected financially, noting that in most cases they were not.
“Africa’s contribution to climate change is less than 5 percent, but Africa suffers close to 95 percent of the dangers of climate change. This is simply because we are poorer, and when our people are hit, they become even poorer,” Dr. Zakaria said.
She explained that government’s financial inclusion agenda goes beyond banking to include access to protection when adverse events occur.
Dr. Zakaria revealed that Bancassurance currently contributes about GH¢560 million to Ghana’s insurance industry, with its contribution to insurance penetration growing from 13 percent to about 16 percent, while overall insurance penetration remains at about 1 percent.
She expressed optimism that the NIB-SIC Life partnership will push the contribution to 20-25 percent.
The new Bancassurance offering is expected to enhance convenience for customers who can now access banking and insurance solutions under one roof, while contributing to increased insurance penetration and long-term capital mobilization for national development.
