Unity Bank, Veritas Kapital Launch Bancassurance Product


Peter Uzoho

Unity Bank Plc has executed a Bancassurance partnership with Veritas Kapital Assurance Plc in creating a financial solution that provides customers access to insurance services while carrying out their banking transactions.

Under the partnership, Veritas Kapital will leverage on the customer base of the bank and its distribution channels to sell its products.

Also, Veritas Kapital representatives would be present in designated flagship branches under the initiative, to rollout Bancassurance products which offer financial protection, covering wide ranging policy and risks in areas such as Motor, House Owner, Personal Accident and House Holder insurance.

Commenting on the partnership, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun, said the bank’s longstanding relationship with Veritas Kapital Assurance Plc resulted in the agreement by the two parties for the benefit of the bank’s customers.

She added that the new synergy would bolster the bank’s agribusiness and its value chain as customers in livestock and crop production can be effectively offered an insurance cover.

Somefun said: “It’s a landmark event for Unity Bank. It’s the result of many months’ of engagement with Veritas Kapital. Bancassurance is something that has come to stay with us and it’s something that has been largely developed in other climes. But it’s just gaining traction in Nigeria, and, which better partner can we have than Veritas Kapital, who used to be a part of the Unity Bank family.

“When Veritas Kapital started looking at Bancassurance, we were the natural partners to have, and it’s a pleasure today that long hardworking has finally resulted in the collaboration we are launching today. We are glad that this is happening today.

“I believe that this is the beginning of a very profitable and mutually beneficial relationship between our two organisations, not just to us but to our teeming customers. The implementation of this is that Veritas Kapital can leverage on the asset base and the knowledge of the existing customers base of Unity Bank, and to provide insurance services easily to those customers through our various channels.

On his part, the Managing Director of Veritas Kapital Assurance, Mr. Kenneth Edore Egbaran, expressed his confidence that the partnership will open new vistas of opportunities to offer even more innovative financial solutions to customers to enable them access numerous benefits that are available through insurance products.