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26 Jul 2019

Centenary Bank, Mercantile Bank and ABC Capital bank get licensed

Centenary Bank, Mercantile Bank and ABC Capital Bank, have been licenced by the Insurance Regulatory Authority of Uganda to provide insurance services to their customers.There are currently 19 banks licensed to offer Bancassuarance in Uganda.

While handing over the licence to Centenary Bank, the IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said, "We are glad to report that the total business generated through Bancassurance in 2018 was UGX 26 billion from 13 commercial banks. We believe the performance will improve with the additional six banks that have come on board this year."

Kaddunabbi noted that the strategy of banks working with insurance companies, will enable consumers have convenient access to a wide range of intergrated financial services from a single provider, and  more competitively priced insurance products will be provided. 

IRA has recieve licens the insurance industry to