FINCA Uganda Launches Bancassurance, Expanding Access to Insurance Services

FINCA Uganda has officially obtained a Bancassurance license from the Insurance Regulatory Authority (IRA), positioning the financial institution to offer a diverse range of insurance products alongside its existing banking services. This milestone marks a significant step toward providing more comprehensive financial solutions to its customers.

“With the launch of Bancassurance at FINCA, we have significantly enhanced the customer experience,” said James Onyutta, Managing Director of FINCA Uganda. “Customers can now access life, health, and property insurance alongside their banking needs, all in one place.”

This integration not only simplifies policy renewals and claims processes but also promotes efficiency and faster service. Onyutta added, “Our team will offer expert financial planning advice, helping customers make informed decisions regarding both their insurance and banking needs.”

The Bancassurance license is also seen as a tool to boost insurance penetration, particularly in underserved rural areas. Obel Bernard, Director for Supervision at FINCA, highlighted that this model would transform how insurance services are accessed. “Bancassurance allows clients to secure both banking and insurance services on the go, providing financial security for all Ugandans.”

Irene Kego, Executive Director of Padre Pio Insurance Brokers, praised FINCA’s innovation in growing the sector. “FINCA’s efforts will create insurance products tailored to the common person, aligning with its core mission of serving the community.”

By launching Bancassurance, FINCA Uganda is expected to expand its reach, offering valuable opportunities for insurance companies and brokers to cross-sell and up-sell to a broader customer base. This move also aligns with FINCA’s mission to eradicate poverty through scalable, community-informed solutions.

FINCA Uganda’s entry into Bancassurance underscores its commitment to financial inclusion, further empowering individuals and businesses with innovative financial services.