Mufindi Cooperative Bank Tanzania, MicroEnsure Tanzania and Jubilee Insurance have entered into a strategic alliance to distribute insurance products bespoke to the specific needs of the banks’ customers.
On December 1st, 2018, the parties launched Credit Life Insurance the first of many micro-insurance products to be made accessible to customers of the Bank. Upon death, borrower’s loans will be forgiven and their families compensated for being a loyal customer of MuCoBa.
Speaking on the occasion, Mr. Philip Raymond, General Manager MuCoBa stated: “We are excited to be able to not only secure our loans but at the same time provide some form of security to our customers. The partners have proven ability to bring new products to the market, tailored to meet the needs of mass-market consumers at the best prices available and we are confident that the partnership with MicroEnsure and Jubilee will be a successful one”
Bertha Magodi, Account Executive Tanzania commented that “MicroEnsure is honored to partner with MuCoBa as they continue their expansion drive, and appreciate the partnership as another step towards the goal of enhancing financial inclusion in Tanzania”.
MucoBa Bank PLC, formerly known as Mufindi Community Bank LTD (MuCoBa) was the oldest community bank in Tanzania incorporated in December 1998 and licensed by Bank of Tanzania (BOT) in May 1999 to offer banking services to the communities of Mufindi and neighboring districts. It opened its doors to the public in June 1999. Visit http://www.mucobatz.com/ for more information.
MicroEnsure Tanzania is a global micro insurance specialist specialising in providing tailor made solution for the mass market through partnership with MFIs, Banks, Telco’s and NGOs. Incorporated in Tanzania in 2008, it has served over 1.5 million Tanzanians with innovative insurance solutions. Visit https://microensure.com/ for more information.
Jubilee Insurance Limited, is a subsidiary of Aga Khan Fund for Economic Development S.A. Switzerland. It’s a reputable insurance company operating in 6 countries in Africa and Asia with 80 years of experience. The Company is engaged in life insurance, carrying on non-participating business Visit www.jubileeinsurance.com for more information.