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Access Bank seals partnership with Coronation Insurance on bancassurance

Access Bank has announced a partnership with Coronation Insurance to drive bancassurance in Nigeria.



Access Bank seals partnership with Coronation Insurance on bancassurance, Businessmen shaking hands, close up

In a bid to avail its numerous customers of the best underwriting and claims experience, Access Bank of Nigeria has entered into a partnership with Coronation Insurance to drive an efficient and effective bancassurance system.

The partnership was discussed during an earlier organised webinar themed, “Managing Risks that Keep CEOs up at Night,” held on October 7, 2020.

Why Coronation Insurance

In explaining the choice of Coronation Insurance Plc from a pool of other insurance firms in Nigeria, the CEO/GMD of Access Bank, Hebert Wigwe, explained that apart from the close ties the bank has with the insurance firm, it considered some other important criteria, such as the financial strength/capitalization and underwriter speed of response to customers.

In his view, Coronation Insurance satisfied all the required criteria, part of which informed the decision to choose the firm over others.

What they are saying

The CEO/GMD of Access Bank, Hebert Wigwe, commented on the close relationship between the bank and the firm. He said: “Coronation Insurance, formerly known as Wapic Insurance, was part of the Access Bank ecosystem and we do have fond memories of its spin off when our shareholders received their dividends after the spin-off.

“I am very proud of the great strides that the institution has made since its spin-off, recording several achievements, one of which is being among the fastest growing corporate risk underwriter over the last decade, and being among the top three most capitalized insurance businesses in the country.”

On why Coronation Insurance was picked as its partner, Mr. Wigwe said:

“In choosing among a pool of potential organizations to fill this gap, we have had to look at a couple of identifiers, with the first among them being underwriter speed of response to customers and the second is the financial strength and the capitalization base of the underwriter.

“Given all these, and with the interest of its customers at heart, Access Bank considered all of these qualities and found coronation to be leading between the various categories. We want our customers to have the best underwriting and claims experiences.”


Also, the Chairman of Coronation Insurance, Mutiu Sunmonu, commended the partnership. He said:

“This partnership represents a key milestone in the Nigerian insurance industry. Through the coming together of both organizations, new standards of quality and service delivery will be established within the industry. It will also elevate the level at which insurance services are delivered to corporate customers within the country.”

In addition, the founding CEO of Agusto & Co. Limited, Bode Agusto spoke on the impact of key macroeconomic risks on businesses in Nigeria. He outlined three main macroeconomic risks and briefly evaluated their impact- Inflation, exchange rate, interest rate.

Mr. Agusto noted that non-monetary assets such as plant and property, imported raw materials are greatly impacted by these factors. He concluded by asserting that the Nigerian currency (Naira) is a weak currency owing to inflation and as such Nigerians should not be owing hard currencies like Dollars, Euro, Pounds etc. He also called for the consideration of Depreciated replacement cost when insuring assets.

Stanbic 728 x 90

Furthermore, the CEO of Munich Re of Africa, Nico Conradie talked about managing cyber risks in an organization. He noted that insurance companies and Banks are not immune to cyber-attacks, citing examples of recent cyber-attacks of some key institutions in South Africa. In a nutshell, he remarked that businesses in Africa just like elsewhere are exposed to cybercrime.

Nico noted that Cyber Risk Insurance is a fast-growing market globally worth at least an estimated $7 billion. He concluded by emphasizing that cyber risks can be mitigated.

What you should know

  • According to Wikipedia, Bancassurance is a partnership between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers, with the resulting commission shared between the bank and the insurance firm.
  • Coronation Insurance was formerly known as Wapic Insurance and was part of the Access Bank ecosystem before its spin-off.
  • NAICOM had earlier in January 2020, laid the foundation for the growth of bancassurance in Nigeria, when it approved 18 out of 20 applications sent in by operators to enable them run a retail business through the bancassurance platform.


Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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    Linkage Assurance Plc proposes N500 million as final dividend for 2020, bonus issue on existing shares

    In addition to the payment of the cash dividend of 5 kobo per share, shareholders will also be issued a bonus of 2 new shares for every 5 existing shares held in the company.



    linkage assurance

    The Board of Linkage Assurance Plc has proposed a final dividend of N500 million and a bonus issue to existing shareholders of the company for the period ended 31st December 2020.

    The company’s Board made this announcement in a notification published on the website of the Nigerian Exchange Group Plc (NGX), stating that a dividend of 5 kobo per share will be paid on all the issued 9,999,999,994 ordinary shares of the company.

    In addition to the payment of the cash dividend of 5 kobo per share, shareholders will also be issued a bonus of 2 (two) new shares for every 5 (five) existing shares held in the company, amounting to N2 billion.

    READ: Linkage Assurance set to raise capital to N15 billion  

    Qualifying conditions

    The following conditions must be met by shareholders, to benefit from the recent bonus issue and dividend:

    • Only shareholders, whose names appear in the Register of Members at the close of business on the 30th of April, 2021 will be considered.
    • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Centurion Registrars) to pay their dividends directly into their bank accounts.
    • For the purpose of the dividend payment, the Register of Shareholders will be closed from 3rd to 10th of May, 2021.

    Sequel to the aforementioned points, the dividend will be electronically paid to qualified shareholders on the 26th of May, 2021.

    READ: UBA proposes N11.97 billion as final dividend for shareholders in 2020

    What you should know

    • Linkage Assurance Plc had earlier declared a profit after tax of N2.4 billion in FY 2020, and consequently proposed a final dividend of 5 kobo per share.
    • It is pertinent to note that the firm did not declare any cash dividend last year. However, it announced a bonus issue of 1 (one) share for every 4 (four) shares held by existing shareholders, amounting to N1 billion in the same period.
    • Therefore, the recent bonus issue is 50% higher than what was declared in the preceding year.
    • Linkage Assurance shares is currently trading at 80 kobo at the time of writing this report.

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    Corporate deals

    Access Bank moves to acquire BancABC Botswana

    The Nigerian bank would buy just over 78% of BancABC Botswana for an undisclosed cash amount of about 1.13 times the book value plus a two-year deferred payment.



    Access Bank , #EndSARS: Access Bank Debunks aiding military onslaught against Lekki protesters

    According to a memo published today, Access Bank, Nigeria’s largest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, only a month after buying a South African bank.

    Stagflation and dollar shortages in Nigeria have frustrated industries and shrunk the lending sector, prompting Access Bank to extend across the African continent. Atlas Mara said in a statement on Monday that the Nigerian bank would buy just over 78% of BancABC Botswana for an undisclosed cash amount of about 1.13 times the book value plus a two-year deferred payment.

    Access Bank now has a presence in ten African countries thanks to the agreement with ABC Holdings, a local subsidiary of Atlas Mara, a London-listed company. It should be completed by the end of the second quarter.

    Herbert Wigwe, the Chief Executive Officer of Access Group, told the public that the company is focused on growth. “We remain committed to a focused and deliberate expansion strategy in Africa, which we believe will generate solid, long-term returns,” the bank said.

    According to Access Bank, BancABC is Botswana’s fifth-largest bank, with a strong retail loan portfolio and plans to expand into corporate and small-to-medium-sized business lending. Nigerian lenders have been looking for new ways to increase profits in the face of slowing domestic inflation, falling government bond yields, and an increase in restructured loans as a result of the COVID-19 pandemic.

    In March, Access Bank paid $60 million for a majority stake in South Africa’s Grobank, making it the first Nigerian bank to enter the country. It has also recently signed agreements in Zambia and Mozambique. Access Bank is restructuring into a holding firm to drive its international growth with more than $16 billion in reserves and an emphasis on corporate and retail banking.

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