Connect with us

Economy

Masawara Drives Digital Strategy With SSP Pure Insurance

Published

on

Masawara Drives Digital Strategy With SSP Pure Insurance

By Modupe Gbadeyanka

Insurance technology specialist, SSP, has signed a new deal with the Masawara Group of insurance companies.

The deal has seen SSP Pure Insurance deployed across Botswana Insurance Company Limited, Lion Assurance Company Limited and Zimnat Lion Insurance Company Limited in multiple African territories, all of which are now live.

SSP Pure Insurance is a flexible, end-to-end core insurance system, which provides Masawara Insurance Group with the full-cycle policy administration, finance, claims, reinsurance and MI/BI reporting capabilities it needs to drive future growth.

The enterprise solution will also provide Masawara Insurance Group with a web-based employee portal and a broker portal, which will make it easier for brokers to do business with the three insurers through online e-trading.

Adrian Coupland, Customer and Marketing Managing Director at SSP, said SSP was delighted it had extended its partnership with Masawara Insurance Group. “With our existing customers, Botswana Insurance Company Limited and Lion Assurance Company Limited, and their sister company Zimnat Lion Insurance Company Limited, all live on our market-leading platform, they can benefit from a consolidated solution with best practice configuration and proactive support from the experienced team in our South African office,” says Coupland.

Mustafa Sachak, Chief Executive Officer at Masawara Insurance Group comments, “SSP Pure Insurance gives us a future-proof enterprise solution with the capability and flexibility for us to be self-sufficient, as well as centralised reporting and intelligence for the data across all three insurers. SSP has over 30 years’ knowledge and experience of the African general insurance market, and has delivered the same SSP Pure Insurance package to more than 50 short-term insurers. This gives us the confidence that we have adopted a proven solution that has benefitted from $7.2m of R&D investment over the last three years.”

Stanley Mazorodze, Managing Director at Zimnat Lion Insurance Company Limited concludes, “We are committed to making a real difference to the lives of Zimbabweans through providing superior products and customer service. By adopting SSP Pure Insurance, we have not only implemented a proven functionality-rich platform designed specifically for the short-term insurance market, but can also benefit from SSP’s constant investment in its technology, service and people. As a result, we have the capabilities and support necessary to make our clients’ lives better today and in the future as the market changes.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Click to comment

Leave a Reply

Economy

IGP Orders Arrest, Prosecution of Sellers of Naira

Published

on

sellers of Naira

By Aduragbemi Omiyale

The Inspector General of Police (IGP), Mr Usman Alkali Baba, has directed the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau to begin the arrest and prosecution of sellers of Naira, as well as the abusers.

In a statement on Friday by the spokesman of the Nigeria Police Force (NPF), Mr Olumuyiwa Adejobi, the police chief said violators would not be spared.

He said efforts would be made to enforce the Central Bank of Nigeria (CBN) Act as the country boils over the swapping of the old banknotes for new ones.

There had been a scarcity of cash in many parts of the country over the Naira redesign policy of the central bank.

There have been reports of people buying the new currency notes at exorbitant rates, triggering anger in some places.

But the statement from the police today said, “In furtherance of the federal government’s policy and drive to uphold the provisions of the CBN Act, 2007, and dignify Nigeria’s currency,” the IGP has ordered the placement of place officers and men of the department and the bureau across the nation “on high alert and to carry out the arrest, and subsequent prosecution of all individuals engaged in the sale or abuse of the Naira notes issued by the CBN.”

“The IGP has similarly charged all supervisory Assistant Inspectors-General of Police and Commissioners of Police in charge of police commands and formations to carry out full enforcement of the provisions of Sections 20 and 21 of the Central Bank of Nigeria Act, 2007, which criminalises, amongst other things, the hawking, selling or otherwise trading, spraying of, dancing or matching on the Naira notes, falsifying or counterfeiting of bank notes, refusal to accept the Naira as a means of payment, tampering with the coin or note issued by the CBN,” the statement added.

It said Mr Baba has reiterated the mandate of the police “to enforce all laws and regulations without any prejudice to the enabling Acts of other security agencies and urged all and sundry to cooperate with the NPF as it brings the long arm of the law to bear upon all violators of the provisions of the CBN Act, and other extant statutes in Nigeria, with a view to having a well-policed society in all ramifications within the country.”

Continue Reading

Economy

Employment Growth Quickens Amid Efforts to Deal With Workloads

Published

on

Manufacturing Activities PMI

The Nigerian private sector registered a slight loss of growth momentum in January, with output and new business rising further markedly, though at softer rates than at the end of 2022.

On a more positive note, firms raised employment at the fastest pace since June 2018 as part of efforts to complete work on time.

On the price front, rates of inflation of input costs and output prices softened in January but remained elevated.

Analysis by Stanbic IBTC Bank showed that the headline figure derived from the survey is the Purchasing Managers’ Index (PMI®).

Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. The headline PMI dipped to 53.5 in January from 54.6 in December. Although still signalling a solid monthly strengthening of the private sector and the thirty-first in consecutive months, the rate of improvement was the softest since August 2022.

Business activity increased at a much slower pace at the start of the year, despite the rate of growth remaining marked. The latest rise was the weakest in five months. Demand continued to improve, but some firms reported a moderation in customer numbers.

Activity increased across each of the four broad sectors covered by the survey. The rate of expansion in new business also softened in January but remained sharp nonetheless, again reflecting higher demand from customers.

A desire to try and complete projects on time led companies to ramp up their hiring activities at the start of the year. Employment increased at a solid pace that was the fastest since June 2018.

Despite expanded staffing levels, backlogs of work increased for the first time in three months. Firms reported having been hindered by issues with machinery and power supply.

Higher workloads and positive expectations regarding the outlook for activity led companies to expand their purchasing activity sharply again, with the rate of growth unchanged from December. In turn, stocks of purchases also rose further. Efforts to secure inputs were helped by improving supplier performance.

Competition among vendors, quiet road conditions and prompt payments all contributed to a shortening of delivery times, one that was the most pronounced in four months. The rate of input cost inflation softened for the second month running in January, and was at a one-year low.

The slowdown in overall cost inflation largely reflected a softer rise in purchase prices, albeit one that was still substantial. Purchase costs increased on the back of rising fuel and raw material costs, exacerbated by currency weakness.

Meanwhile, staff costs rose at the fastest pace in 11 months as companies increased pay in line with higher living costs. Output price inflation also remained elevated as higher cost burdens were passed on to customers.

Continue Reading

Economy

NASD OTC Market Appreciates by 0.95%

Published

on

NASD Market capitalisation

By Adedapo Adesanya

The duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.95 per cent on Thursday, February 2.

They lifted the market capitalisation of the bourse by N8.80 billion to settle at N940.51 billion compared with the previous day’s N931.71 billion. They also raised the NASD Unlisted Securities Index (NSI) by 6.70 points to wrap the session at 715.76 points compared with 709.06 points recorded in the previous session.

During the session, the price of FrieslandCampina went up by N3.23 to settle at N68.06 per unit, in contrast to the previous day’s N64.83 per unit, while CSCS Plc appreciated by 50 Kobo to sell at N13.50 per share compared with the preceding session’s N13 per share.

The volume of transacted stocks decreased by 4.3 per cent to 261,439 units from the 273,038 units traded in the preceding session. However, the value of shares traded went higher by 38.9 per cent to N15.7 million from N11.3 million, while the number of deals recorded an improvement, as it grew by 300 per cent to 20 deals from five deals on Tuesday.

Business Post reports that there was no price loser at the session.

Geo-Fluids finished the day as the most traded stock by volume on a year-to-date basis with 321.2 million units worth N317.2 million, UBN Property Plc stood in second place with 35.8 million units valued at N25.8 million, while FrieslandCampina Wamco Nigeria Plc was in third place with 2.4 million units valued at N159.4 million.

Geo-Fluids Plc also maintained its summit position as the most active stock by value on a year-to-date basis, with 321.2 million units sold for N317.2 million, FrieslandCampina WAMCO Group Plc was in second place with 2.4 million units valued at N159.4 million, while VFD Group Plc was in third place for trading 561,810 units for N137.0 million.

Continue Reading
%d bloggers like this: