Unity Bank, Veritas Assurance Collaborate to Shrink Financial Exclusion

By Adedapo Adesanya

Unity Bank Plc and Veritas Kapital Assurance Plc have partnered to deepen financial inclusion and insurance penetration as part of efforts to reduce financial exclusion and increase access to financial services in Nigeria.

The partnership will see the insurance firm provide car, home ownership, house-holder, and personal accident insurance to Nigerians under the Bancassurance scheme.

This in line with the policies of the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM) introduced in 2018 for banks and insurance companies to go into collaboration based on referral model for Bancassurance product.

Speaking at the formal launch of the partnership in Lagos, Managing Director and Chief Executive Officer of Unity Bank, Mrs Tomi Somefun, said that Veritas Kapital will leverage on the customer base of the bank and its distribution channels to sell its Bancassurance products.

According to her, the insurance firm will have its representatives at designated flagship branches of Unity Bank in Abuja and Lagos to rollout Bancassurance products.

“The new synergy will bolster the bank’s agribusiness and its value chain as customers in livestock and crop production can be effectively offered an insurance cover.

‘’We believe that this will be profitable and mutually beneficial for the two organizations as well as our customers,” she said.

Also speaking, the Managing Director and Chief Executive Officer of Veritas Kapital, Mr Kenneth Egbaran, said that he was confident that the partnership will open new opportunities to offer more innovative financial solutions to customers to enable them access numerous benefits that are available through insurance products.

He explained that ‘’The whole purpose of this is for us to be able to provide good services to the customers. We also believe that we can find a critical mass on this platform.

With this partnership, it means that Veritas Kapital will leverage on the customer base of the Bank and its distribution channels to sell its insurance products while Unity Bank will expand its customer base to drive financial inclusion.