Insurance giant, Old Mutual Ghana has partnered Ghana’s largest bank, Ecobank Ghana to unveil the Ecobank Retirement Savings plan.
The product, also called the EcoRetire, offers clients an opportunity to save for their retirement through the payment of an agreed monthly premium with a definite target lump sum amount.
Mr Chris Kapanga, Group Chief Executive Officer (CEO) of Old Mutual Ghana said the launch of the product further cements the partnership between that exists between the two institutions.
“This partnership will continue to come up with value adding products and services for stakeholders of the two financial giants,” Mr Kapanga said.
He said apart from the two giants being household names on the continent, both institutions share similar corporate values.
“We both place the customer at the centre of our operations and we are committed to developing products that respond to their needs,” the CEO noted.
On her part, Madam Beatrix-Lynn Tamakloe, Head of Bancassurance at Ecobank Ghana, said Ecobank, as a financial institution, has had the opportunity to sometimes observe the gradual financial decline of some customers when they retire.
“It is especially heart-breaking for the bank, as we cannot provide any financial solution to prevent this from happening,” Madam Tamakloe said.
“We have therefore taken the bold step together with our partner Old Mutual not to remain as a passive observer to the decline in the financial fortunes of our customers but rather to provide them with this ground breaking product to enable them build up a nest egg for their retirement,” she added.
Old Mutual became Ecobank Ghana’s bancassurance partner in May 2015.
Following the partnership, three products have so far been unveiled by the two institutions and the EcoRetire comes as the fourth.
The EcoRetire, which is tailored to the specific needs of the Ecobank customer base, is an addition to the suite of bancassurance products currently available at all Ecobank branches nationwide.
It is designed to afford retail customers of Ecobank Ghana with a flexible medium- to long-term savings plan.
Applicants will have to be Ecobank customers above the age of 18 and less than 55 years. Monthly premiums can vary among customers, with minimum monthly premium of GH₵20.
Source: The Finder