This archive report was first published on 23 November 2021.
On November 23, 2021, Sanlam Kenya, a listed non-bank financial services provider, announced a groundbreaking partnership with Stanbic Bank Kenya and Ecobank Kenya to offer its policyholders with annuity covers access to tailor-made credit.
Through this innovative partnership, policyholders with annuity covers will not only have access to personal loans but also medical insurance through GA Insurance's Hadhi Health Plan, specifically designed for senior citizens.
Speaking on the partnership, Sanlam Kenya Group CEO Dr. Nyamemba Tumbo emphasized that the introduction of this facility was informed by an existing need in the market, as expressed by the retirees' population.
"We received requests from clients for a facility backed by their monthly annuity pay-out as it is a guaranteed payment due to the retiree for the rest of their lifetime. At Sanlam, we're a listening partner committed to financially enriching the lives of our customers," Dr. Tumbo said.
The inclusive facility will be extended as both a loan and Insurance Premium Finance (IPF) to annuitants of a maximum age of 75 years, offering competitive interest rates due to the guaranteed nature of the payments, and a tenure not exceeding 12 months subject to an annual review.
