Tanzania: TPB Bank, Insurer Team Up to Reach More Tanzanians

TPB Bank has reaffirmed its commitment to ensure more Tanzanians are covered by insurance.

This was said in Dar es Salaam, Thursday, by the bank's Chief Executive Officer (CEO) Saba Saba Moshingi when the financial institution announced the partnership with Alliance Life Assurance in Tanzania's commercial city.

The partnership led to the launch of 'Nishike Mkono' product in Dar es Salaam aiming at reaching out to more Tanzanians with insurance.

He said only 15 percent of Tanzania's population are currently accessing the insurance service, something he described as 'not good' as far as the country's developments are concerned.

"Insurance penetration in the country is very low as only 15% of the country population is insured, even insurance contribution is also very low... as Tanzania Postal Bank (TPB), we are committed to see that many Tanzanians are insured," the TPB boss insisted as he added:

"We have partnered with Alliance Life Assurance since they are experienced and their distribution network in the country is impressive."

He said the Nishike Mkono product was developed by the two parties to ensure the TPB account holders and other bank's clients are covered.

In his remarks, TPB head of Insurance unit, Francis Kaaya said the newly launched product is "good to Tanzanians since it is affordable."

Meanwhile, Alliance Life Insurance CEO Byford Mutimusakwa said the launch of the product in partnership with TPB marks the beginning of provision of insurance services for betterment of Tanzanians.

"... we know that insurance plays a key role in developing and delivering inclusive and sustainable financial services to the society... we will always develop innovative insurance solutions that meet our clients expectations," he said .

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