Faidika Board Chairman Adam Mayingu (centre), Faidika’s CEO Baraka Munisi (second right), TIRA’s Corporate Communications Manager, Eliezer Rweikiza third from right and other Faidika Board members, pose during the launching ceremony of the Bancassurance product to become the first Microfinance Institution in Tanzania to fully collaborate with several insurers by forming strategic partnerships
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• Faidika launches a new suite of Bancassurance products to become the first Microfinance Institution in Tanzania to fully collaborate with several insurers by forming strategic partnerships.
• Through the strategic partnerships, Faidika launched four key insurance products being Life Insurance, Health Insurance, General Insurance products and Insurance Premium Financing.
• Faidika now positioned to offer their customers increased value and well-rounded services, transforming into a seamless, one-stop financial services provider.
By Our Reporter
Dar es Salaam. Faidika, a subsidiary of regional inclusive finance group, Letshego Holdings Limited (“Letshego Group”), recently launched its new suite of Bancassurance products to become the first Microfinance institution in Tanzania to fully collaborate and form strategic partnerships with several insurance companies, to provide a holistic range of Insurance Covers in the market. The launch was held at Coral Beach Hotel in the City of Dar es Salaam.
Faidika’s four key Bancassurance products were launched in partnership with Sanlam, Sanlam Life, Alliance General, Britam General, Strategies General and Medical, First Assurance General, Jubilee Life and Jubilee General. The company now offers Life Insurance, Health Insurance and Genearal Insurance products, including assurance cover for assets – all risks, industrial – all risks, fire and allied perils, motor, accident, home insurance, burglary and theft, professional indemnity, goods in transit and marine and cargo insurance cover, among others. Additionally, Faidika will also be offering customers its Insurance Premium Financing, to enable their smooth onboarding and easy access to acquire the insurance products.
Faidika Chief Executive Officer, Baraka Munisi commented, “The launch of this new suite of insurance products is an exciting milestone that truly alings with our vision to become a leading world-class financial services organisation. This Bancassurance offering forms part of our commitment to diversify our product offering, to deliver a unique customer value proposition and to, at the same time elevate the Faidika offering to generate increased value through diversified revenue streams”
A key objective for Faidika is to reach the general public through their extensive network of branches and satellite operations across the country in order to provide access, convenience and financial inclusion to Tanzanians, including people at the remotest areas of the country.
Faidika Board Chairman Adam Mayingu added, “We are exceptionally proud to be associated with the Tanzania Insurance Regulatory Authority (TIRA), the body that regulates all insurance services in the Bancassurance market to guarantee mutual benefit for all concerned stakeholders. At Faidika, we understand that our prompt responsiveness to customer’ needs generates trust, improves customer relationships and enhances customer experience, all leading to happy and satisfied customers.”
Through their new Bancassurance solutions, Faidika are now positioned to provide their customers with increased value and well-rounded services as a seamless, one-stop financial services provider, offering a wide range of relevant and innovative solutions to benefit existing and potential customers.
In closing, Faidika’s Head of Sales, Marketing and Channel Asupya Nalingigwa added, “In recognising the peace of mind that our insurance solutions will provide for many Tanzanians, we have committed to increase their convenience and access, by offering them our attractive Insurance Premium Financing, as part of our full Bancassuarance package, providing our customers with even more benefits.”
Faidika is a licensed financial services provider, offering loans to individuals across the public and private sectors. The company is a wholly owned subsidiary of Letshego Group and operates as a non-bank financial institution with 16 Branches, 4 Sub Branches and 86 Satellite Offices with a staff compliment of 58 employees. Their customer reach is enhanced through strategic partnerships, innovative delivery and their new and enhanced digital channels.
