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dfcu Bank receives license to offer Insurance services

dfcu bank has been granted a license to offer bancassurance services to its customers. File photo.

Dfcu customers and the general public can now purchase a wide range of insurance services, including motor vehicle cover, fire and burglary, Child Education, goods in transit and so much more from dfcu Bank.

This was after the Insurance Regulatory Authority of Uganda granted dfcu Bank a license to offer bancassurance services to its customers.

As a bancassurance agent, dfcu Bank can now provide a more wholesome financial service tailored to customer needs at their convenience.

Some of the insurance covers that will be offered include investment clubs cover, salary protection cover, hospital cover for Dembe accounts among others. Through these covers, the bank’s customers will be able to access medical insurance, life insurance, funeral and related expenses insurance.

Speaking at the event, dfcu Bank’s Chief of Business and Executive Director William Sekabembe said the bank’s customers will be able to access their insurance needs through their 67 branches countrywide.

“We are making all this possible for our customers by offering more holistic financial solutions for much less and conveniently. Through the tailor made insurance products, dfcu Bank customers are guaranteed a range of insurance covers at affordable cost and conveniently,” Sekabembe said.

The Insurance Regulatory Authority CEO, Ibrahim Lubega Kaddunabbi, commended dfcu Bank for driving growth in the banking sector through its innovative products.

“By adding bancassurance to its portfolio, the Bank is ensuring the growth of the insurance sector as well. Bancassurance will also enable the insurance companies grow their network to reach more clientele that are brought together through dfcu Bank,” he said.

dfcu Bank will be offering various incentives for its customers to encourage them to subscribe to bancassurance.

“By attaching insurance to some of the bank’s products, we believe we will contribute to the uptake of insurance. Additionally, all dfcu bancassurance operations will be regulated by the Insurance Regulatory Authority and we are committed to upholding the highest level of compliance in our operations,” Sekabembe added.

dfcu Bank is the second bank to be issued with a banccasurance this year. Diamond Trust Bank was also last month issued with the same license.

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