Republic Bank Ghana and Enterprise Life partner to sell life insurance

Republic Bank Ghana has entered a bancassurance partnership with Enterprise Life that allows the bank to sell life assurance products developed by the insurer to its customers and the general public. The partnership was announced in March 2022.

Under the arrangement, Republic Bank's customers and members of the public can buy Enterprise Life policies through the bank. B&FT reported that the two firms joined hands through bancassurance to widen their reach, while Graphic Online described the products on offer and the aims of both partners.

The Enterprise Life products offered through the bank include:

• Final Rest Policy: an immediate cash payout to meet funeral expenses.

• Next Gen Policy: replacement income if the policyholder suffers a dreaded disease, an accident or premature death.

• EduPlan Policy: savings towards future educational expenses.

Farid Antar, Managing Director of Republic Bank Ghana, said the partnership fits the bank's focus on protecting and sustaining the family. He said many Ghanaian banks had been on this path for some time, and that Republic Bank aims to become Enterprise Life's "number one bancassurance partner in no time".

Antar also pointed to the bank's retail products, including the RightStart Account, I Do Account, Career Builder, HomeSave Plus and Optimizer to 55 Plus Account. He said joint mortgages allow couples or siblings to combine their incomes to buy homes.

Keli Gadzekpo, Group Chief Executive Officer of Enterprise Group, said the partnership is strategically important because it allows the bank to offer customers holistic financial solutions. He said Enterprise Life seeks to make insurance accessible to all Ghanaians and to increase insurance penetration.

Sources

• Graphic Online, 30 March 2022: 2 Institutions partner to offer life insurance products

• B&FT, 31 March 2022: Republic Bank, Enterprise Life join hands through bancassurance to widen reach