PBZ launches bancassurance to drive financial inclusion

ZANZIBAR: THE People’s Bank of Zanzibar (PBZ) has launched a bancassurance service to enhance its offerings and increase community inclusion in the formal financial system through insurance services.

This initiative supports the government’s ten-year Financial Strategy Plan (2020-2030), which aims to ensure that by 2030, 80 per cent of the ‘wananchi’ have a sufficient understanding of insurance services, with 50 per cent actually using them.

The Deputy Commissioner of Insurance, Ms Khadija Said, said during a launching ceremony yesterday that that the service will help accelerate the delivery of insurance services in the isles and nationwide.

“This initiative is very important to the government as it supports the implementation of the ten-year Financial Strategy Plan (2020-2030),” she said while challenging the bank to continue providing more insurance education.

The commissioner was chief guest.

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The PBZ Managing Director, Mr Arafat Haji, said the product will be provided through all their branches in various areas in the country, in collaboration with various insurance companies, as authorized by Tanzania Insurance Regulatory Authority (TIRA).

“PBZ is now ready to enable our customers to access insurance services and other financial services, such as obtaining loans for insurance premium financing, at a competitive level,” he said.

PBZ’s Director of Business, Eddie Mhina, said they will work together with Zanzibar Insurance Corporation (ZIC), National Insurance Corporation (NIC), Alliance Life, Jubilee Insurance, Strategis Insurance and Metro Life Assurance.

“The launch of the programme will assist the implementation Bank of Tanzania (BoT) vision aims at achieving an inclusive digital economy and transitioning towards a less cash-dependent economy,” Mr Mhina said.