Barclays to venture into insurance
Regional lender Barclays Bank plans to go the bancassurance way in Kenya, with an eye on diversifying revenue streams.
Chief Executive Officer Maria Ramos Tuesday said the move was informed by the rising demand for insurance services in Africa.
The bank also hopes to roll out the services at lower operations cost, given its expansive network.
“We are just waiting for confirmation from the Kenyan regulators and we believe there are huge prospects in the business. We look forward to the licensing and start immediately as we intend to roll out the same services in the entire continent,” said Ms Ramos.
Barclays bancassurance will involve provision of life assurance products through premier relationship managers, microbanking services, sales agents and other channels within the bank.
In South Africa, the bank partnered with an insurance firm, Enterprise Life Assurance Company, owned by South African-based financial services group Sanlam and Enterprise Insurance Company Ltd of Ghana, to launch the products.
