Prudential Uganda and Standard Chartered Bank have entered into a strategic partnership aimed at enhancing financial security and providing innovative financial solutions to meet the evolving needs of Ugandans. The collaboration also seeks to introduce a range of tailored financial protection products, designed to promote long-term savings and comprehensive insurance coverage.
CEO of Prudential Africa, Emmanuel Mokobi (R), Standard Chartered Bank CEO, Mr. Sanjay Rughani(C), the CEO of Prudential Uganda, Tetteh Ayitevie(R) having a photo moment after announcing a strategic partnership between Standard Chartered Bank Uganda and Prudential Uganda
Emmanuel Mukobi, CEO of Prudential Africa, emphasized the value this partnership will bring to various stakeholders, including clients, shareholders, and the wider community. “This partnership marks a significant milestone in our ongoing mission to create value for all our stakeholders. Together with Standard Chartered, we will deliver world-class financial solutions that ensure our mutual clients’ futures are secure,” Mukobi stated.
He said the partnership is set to offer seamless access to Prudential’s broad range of financial protection products to Standard Chartered Bank’s clientele, simplifying the process of attaining financial security.
Mukobi added that the initiative will go beyond traditional insurance policies, providing clients with comprehensive solutions that bring peace of mind and financial confidence.
Tetteh Ayitevie, Chief Executive officer of Prudential Uganda, reiterated the company’s deep commitment to Africa, where it operates in eight countries, offering long-term financial security. “This partnership aligns with our mission to offer sustainable financial solutions that empower individuals and communities. With Standard Chartered Bank, we will provide innovative products that help people secure their financial future,” Ayitevie noted.
He said one of the key objectives of the partnership is to address Uganda’s low savings culture, where the savings rate currently hovers around 17-18%. Ayitevie emphasized the need to promote financial literacy and the importance of protection and savings in the community.
“We are committed to educating individuals about sound financial management and the vital role insurance plays in safeguarding their futures. This partnership will be instrumental in that effort,” he said.
The collaboration is set to introduce a suite of life insurance products, focusing on protection, savings, and long-term wealth creation. With the Ugandan insurance market experiencing 25% growth in the last year—45% of which was driven by life insurance—the partnership seeks to capitalize on the increasing demand for life insurance solutions.
Sanjay Rughani, CEO of Standard Chartered Bank Uganda, expressed his enthusiasm for the partnership, highlighting the potential it has to transform the financial landscape for Ugandan customers. “We are thrilled to take this step with Prudential. As Uganda evolves, so do the financial needs of its people. This partnership comes at a time when Ugandans are becoming smarter in their financial choices, particularly in areas like investment, protection, and growth,” Rughani said.
He further noted that the robust growth of Uganda’s insurance sector is no accident, attributing it to a rising awareness of the importance of financial protection. “Ugandans are increasingly recognizing the value of insurance. It’s not just about finances—it’s about making wise decisions, caring for yourself and your loved ones, and safeguarding your future,” Rughani added.
He noted that the partnership between Prudential and Standard Chartered Bank is expected to play a pivotal role in driving financial literacy, expanding access to insurance, and promoting a culture of savings and protection in Uganda.
Leave a Reply