NICON, NAMB Sign MoU on Insurance Cover for Chairmen/MDs


NICON Insurance Limited recently signed a partnership agreement with the National Association of Microfinance Banks (NAMB) to provide Group Welfare Insurance to all chairmen and managing directors of over 900 micro-finance banks in the country.

NICON Insurance Executive Director Technical, Mr. Akinsola Ale and President of NAMB, Mr. Valentine signed the agreement on behalf of their respective organisations recently in Uyo the Akwa Ibom State capital.

Speaking on the partnership, Ale said the signing of the agreement marked the beginning of a strong relationship between NICON and NAMB. He further assured NAMB that NICON would provide quality service to its members nationwide.
“NICON with its 40 branches is strategically positioned to provide cover to all members of NAMB nationwide,” he added.

Also speaking, Chief Marketing Officer, of NICON, Mr Samson Davies said the signing of the agreement came after long and intense negotiations between the parties.
He said in case of death or permanent disability arising from unforeseen circumstances, the insured or their family can now look to NICON for indemnity.

Davies, further said NICON is poised to provide other insurance services to the association, its member banks and their clients that are financially excluded.

On his part, the NAMB president said the current executive found it necessary to insure its chairmen and managing directors against death and permanent disability.
He noted that while the depositors’ funds in micro finance banks are insured by NDIC, his members are left exposed to every kind of risk imaginable.

He further stated that the present NAMB executive is responsive to the needs of its members, adding that the premium arising from the partnership with NICON will be paid from the yearly subscription paid by members.
This, he explained, means that the association’s members will not bear any additional cost for the cover.
According to the NAMB president, the partnership with NICON is in a series of planned added value services by his led executives for members of the association.