Tanzania: Assemble Insurance Company, Letshego Bank Partner to Get More People Ensured

By Prosper Makene, Dar es Salaam [caption id="attachment_99292" align="alignnone" width="1080"] The Managing Director of Letshego Bank Omar Msangi (left) and Assemble Insurance General Manager, Tabu Masoud, shares contract agreements soon after signing that will see the bank offering insurance products[/caption] Assemble Insurance Company has partnered with Letshego Bank, to support government's efforts in expanding the scope of providing insurance services in the country. The partnership will ensure that there is urgency banking in terms of providing insurance services to customers. Speaking at the launching event, the General Manager for Assemble Insurance, Tabia Masoud said through the collaboration, all the insurance products will be provided by Letshego bank. He said the move also supports governments Financial Sector Master Plan 2020-2030 targets to ensure that at least 90 percent of Tanzanians have access to health insurance. “The government's plan has set the goal of expanding the scope of insurance services in the country and our partnership with the bank will ensure that such plan is realized,” she said. According to her, the bank was supporting the government by expanding the scope of insurance services, where the government's goal is to increase the number of people who use insurance and ensure that the sector contributes 10 percent to the National Growth Domestic Product (GDP). Through the partnership, Letshego bank will sell insurance products such as health insurance, property insurance, fire insurance, mental health insurance and others to customers. On his part, the Director of Letshego Bank Omar Msangi said the partnership will enable the bank to become an agent of the Assemble Insurance. Mr. Msangi said the bank sees this partnership important as insurance was an important facet of life for all everyone and can help people in times of need, challenges and to plan their future. “This agreement is tailored  to ensure we are able to take part in the government agenda to encourage and make people understand the benefit of insurance,” he said. He encouraged people to open up accounts with the bank saying they stand to benefit from numerous product services along with reliable benefit propositions. The manager also named some of the services offered by the bank as insurance finance products, as a loan to clients who fail to pay premium insurance on time where the loan is repayed in ten months. Other services include fixed loan service for small entrepreneurs of up to Sh50 million, Mkopo fasta, mjasiliamali loan and many others. "Our dream to grow women entrepreneurs by providing with them low interest rate so that they are able to participate in the growth of the economy. Letshego Bank was launched in 2016 through a 100 percent requisition shares from Advance Bank. Currently, it has eight branches across the country.