Unguja.Zanzibar. People’s Bank of Zanzibar (PBZ) has launched a bancassurance service as part of its efforts to increase the inclusion of more communities in the formal financial system.
The government targets in its Financial Strategy to ensure that 80 percent of Tanzanians have sufficient understanding of insurance services, with 50 percent actually using insurance services by 2030.
Deputy insurance commissioner, Ms Khadija Said, praised the bank for the step, stating that the service will help accelerating the delivery of insurance services in the isles as well as nationwide.
“This initiative is very important to the government as it supports the implementation of the ten-year financial strategy (2020-2030), which aims to deepen the insurance penetration,” she said, urging the bank to continue providing more education to citizens about the importance of insurance services.
Ms Said called on financial institutions in the country to continue collaborating with various insurance companies to collectively facilitate the accessibility of the service.
PBZ managing director Arafat Haji said the introduction of the service which has all approvals from the Tanzania Insurance Regulatory Authority (Tira) and the Bank of Tanzania (BoT), is part of the bank’s strategy to continuously improve its services, with the intention of creating a one-stop shop.
“This product will be provided through all PBZ branches in the country, in collaboration with various insurance companies, as authorized by Tira. PBZ customers can now access insurance services and other financial services, such as obtaining loans for insurance premium financing, at a competitive level,” he said.
The bank’s director of business, Mr Eddie Mhina, listed the insurance companies involved in this programme as Zanzibar Insurance Corporation (ZIC), National Insurance Corporation (NIC), Alliance Life, Jubilee Insurance, Strategis Insurance, and Metro Life Assurance.
“The launch of this program comes at a time when PBZ is continuously excelling in our digital services, and thus being recognized as one of the financial institutions effectively implementing the vision of BoT in achieving an inclusive digital economy and transitioning towards a less cash-dependent economy,” added Mhina.
According to Mhina, the bank’s goal is to eliminate inconvenience for customers by adding several value additions to the insurance service, including easy access to reporting claims, convenience in registering new insurance policies where customers will receive digital notifications for the expiry of their policies, and receiving close support in renewing insurance policies.
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
