NICON turns to Microfinance Banks for profitability

Leading underwriter insurance firm in the country, NICON Insurance Limited, has signed a partnership agreement with the National Association of Microfinance Bank (NAMB) to provide Group Welfare Insurance to all Chairmen and Managing Directors of over 900 microfinance banks across the country.

The Executive Director Technical, Akinsola Ale and the President NAMB, Valentine Whensu signed on behalf of their respective organisations recently in Uyo the Akwa Ibom State capital.

Ale said the signing of the agreement marked the beginning of a strong relationship between NICON and NAMB.

He further assured NAMB that NICON would provide quality service to its members nationwide.

“NICON with its 40 branches is strategically positioned to provide cover to all members of NAMB nationwide”, he added.

The Chief Marketing Officer, Samson Davies earlier said the signing of the agreement came after long and intense negotiations between the parties.

He said in case of death or permanent disability arising from unforeseen circumstances, the insured or their family could now look to NICON for indemnity.

Davies further said NICON is poised to provide other insurance products for the Association, its member banks and their clients that are financially excluded.

On his part, the NAMB President said the current executive found it necessary to insure its Chairmen and Managing Directors against death and permanent disability, noting while the depositors funds in microfinance banks are insured by NDIC, his members are left exposed to every kind risk imaginable.


Source: Guardian