The UAP Old Mutual group in Uganda has partnered with Finance Trust Bank on the platform of banc assurance an opportunity to widen the penetration of UAP Old Mutual insurance services across the country.

In her address, the Managing Director of Finance Trust Bank, Annette Mulindwa Nakawunde said that insurance penetration in Uganda still remains at 1% while banking penetration is 30% and 15% in urban and rural areas respectively. The partnership is therefore a good platform for the UAP Old Mutual group to grow their reach in Uganda. She further mentioned that with 36 branches spread across Uganda, UAP Old Mutual would insure more Ugandans.

The Director of Operations at Insurance Regulatory Authority in Uganda and the chief guest at the event, George Steven Okotha congratulated both parties on the partnership. He stressed the need for insurers to instill confidence in the clientele through timely settlement of claims.

In his address, the managing director of UAP Old Mutual Life Assurance Uganda, Anthony Githuka who also represented the UAP Old Mutual group tasked Finance Trust Bank to leverage on technological innovations like mobile banking to extend insurance products to their customers.

Finance Trust Bank was issued a banc assurance license in December 2017 following the enactment of the Financial institutions Amendment Bill 2016 which provides for Banc assurance and the subsequent approval of the regulatory guidelines by the Bank of Uganda.