This archive report was first published on 24 November 2021.
On November 24, 2021, Sanlam Kenya, a listed non-bank financial services provider, announced a partnership with Stanbic Bank Kenya and Ecobank Kenya to offer annuity loans to its policyholders.
The partnership aims to provide policyholders with annuity covers access to tailor-made credit, as well as medical insurance through GA Insurance's Hadhi Health Plan, tailored for senior citizens.
Sanlam Kenya's Group CEO, Dr. Nyamemba Tumbo, noted that the facility introduction was informed by an existing need in the market, from 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,” he said.
Ecobank Kenya's Managing Director & Regional Executive Central, Eastern & Southern Africa (CESA), Cheikh Travaly, added that the partnership was informed by the bank's commitment to promoting financial inclusion.
“We’re keen on promoting financial inclusion by offering workable financial solutions to individuals and businesses. The elderly and retired people have limited access to credit due to discriminative market practices. However, based on their monthly life cover payouts, we will now be able to offer them personal loans at affordable rates hence unlocking credit, promoting financial inclusion and ensuring they lead meaningful and productive lives,” he said.
Stanbic Bank Kenya's Head of Consumer and High Net-worth Clients, Lilian Onyach, added that the partnership was informed by the bank's track record as a long-serving insurer in the market.
