Ecobank deepens bancassurance offering
Ecobank Ghana Limited has partnered Old Mutual Ghana, a fund management company, to introduce a retirement savings plan for its customers.
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Called the EcoRetire, the product offers clients of Ecobank the opportunity to save for retirement through the payment of an agreed monthly premium with a definite target lump sum .
The Ecobank retirement savings product is an addition to the suite of bancassurance products that are currently available at all the Ecobank branches in the country. The fund will be managed by Old Mutual Ghana.
At the launch in Accra, the Deputy Managing Director of Ecobank Ghana, Mr Morgan Aseidu, said the product was not intended to compete with the Social Security and National Insurance Trust (SSNIT) pension scheme but to supplement the lump sum payable under the Tier 2 and Tier 3.
“There is the need to supplement our pension because national pension scheme often offers you a baseline existence. However, the financial demands of retirement can become burdensome,” he said.
Applicants will have to be Ecobank customers or desire to become Ecobank customers and should be above the ages of 18 and not more than 55.
Monthly premiums for the product can vary per person. The minimum monthly premium is GH¢22.
Mr Aseidu said the EcoRetire offered customers the comfort of knowing “that they have a nest of eggs which they can dip into as lump sum or dip in from time to time when the need arises to supplement their pension payment.
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Old Mutual determined
The Group Chief Executive Officer of Old Mutual Ghana, Mr Chris Kapanga, said the launch of EcoRetire further cemented the partnership existing between the two institutions.
“This partnership will continue to come up with value added products and services for stakeholders of the two financial giants,” he stated.
Mr Kapanga said Old Mutual had been in the fund management business for over 170 years, and that “over this period, we have developed various techniques and competence in fund management which will safeguard your contributions as well as pay returns higher than the inflation rate.”