Standard Chartered Bank Uganda and Prudential Uganda Forge Partnership to Enhance Financial Services

Standard Chartered Bank Uganda has joined forces with Prudential Uganda in a strategic partnership aimed at expanding access to financial services and providing long-term security solutions to customers. This collaboration will see Prudential become one of Standard Chartered’s key bancassurance partners, offering a range of financial protection solutions to the bank’s clientele.

The partnership will leverage both organizations’ global experience and local expertise to address the evolving financial needs of Ugandans. Tetteh Ayitevie, CEO of Prudential Uganda, expressed enthusiasm about the collaboration, stating, “We are excited to partner with Standard Chartered Bank to deliver holistic financial solutions that empower their clients with enhanced financial security. Together, we are committed to ensuring that individuals and businesses have access to the long-term protection they need to secure their futures.”

Mr. Sanjay Rughani, CEO of Standard Chartered, emphasized the importance of this partnership in enhancing the local financial sector, noting, “We are honored to enter into this partnership with Prudential. Our commitment to creating partnerships not only enhances the financial sector’s proposition and infrastructure but also improves our customers’ experience and operational efficiencies.” He highlighted that private sector collaborations are vital for sharing knowledge and promoting modernized products essential for today’s economy.

Clients of Standard Chartered Bank will soon have access to Prudential Uganda’s tailored insurance solutions, designed to offer comprehensive financial security and peace of mind. This integration of banking and insurance services aims to simplify financial management for clients by providing them with a one-stop solution for their financial well-being.

Emmanuel Mokobi, CEO of Prudential Africa, added, “Partnering with Standard Chartered Bank allows us to provide their clients in Uganda with convenient access to world-class financial protection products. Our shared vision is to create a more financially inclusive environment, offering tailored solutions that meet the diverse needs of their customers and help them achieve their ambitions.”

According to the Insurance Regulatory Authority of Uganda, the bancassurance sector has experienced significant growth, with gross written premiums increasing from UGX 83 billion in 2020 to over UGX 170 billion in 2023. This partnership is set to make a considerable contribution to the expanding bancassurance sector in Uganda, which has seen remarkable growth in recent years.