Nico General Insurance Company, a subsidiary of the Malawi Stock Exchange (MSE) - listed financial services group Nico Holdings Limited, through its sister company, NBS Bank, will be extending short term loans to customers looking to pay for their insurance to ease the pressure during the pandemic period.
This will see clients having the peace of mind on their insurance cover with Nico General, by means of a loan facility by NBS Bank.
NBS Bank chief executive officer, Kwanele Ngwenya said as a caring bank it always aims at providing the best solutions to customers.
"The past year has been rather challenging, and we realize the many obligations that require cash up-up front in order to keep life as smooth as possible.
"As such, this offering is here to support households and businesses that might be having challenges with cash flow," Ngwenya said.
On his part, Nico General CEO, Donbell Mandala reiterated Ngwenya's sentiments, adding that it is Nico Group's goal to ease the pressure that comes with mandatory insurance on some assets.
"At Nico, we believe in possibilities and we are saying it is possible for you to have one less challenge to worry about this year.
"With this service, clients need not worry about paying the full amount at once. You can be insured and enjoy payment in instalments," Mandala said.
The loan offer is open to all Nico General customers, whether individuals or business entities, for the purpose of paying their general insurance premiums for a term period of up to 9 months through the loan facility.
In August last year, Nico General launched 'Yafewa' third party insurance as a way of providing an affordable coverage for motor vehicle owners.
The product enables customers to pay K70,900, covering third party motorists in the case of an accident.
At its launch, Mandala said Nico General took cognizance of the state of the economy and with Yafewa, clients are better prepared for unforeseen circumstances.
Yafewa third party insurance can be purchased directly from Nico General as well as its insurance brokers and agents throughout the country.
In addition, the service is available at NU-Tread Limited T/As A1 Insurance Agents -- situated next to Directorate of Road Traffic & Safety Services, off Paul Kagame Road, Downs Road, Area 4, Lilongwe City.
The service is only available to double cabin, saloon and SUV vehicle owners and does not include vehicles used for business purposes such as taxis, minibuses and cargo trucks.