Ecobank launches new product
The Ecobank Ghana Limited has partnered Old Mutual Ghana, one of the world's biggest investment, insurance and banking groups, to introduce a new life insurance product to help customers save towards retirement.
Advertisement
The product, dubbed “Ecobank Retirement Savings Plan (EcoRetire)” is expected to provide retail clients of the bank an opportunity to save for their retirement through a disciplined savings approach with a defined goal.
At the launch in Accra, the acting Managing Director of Ecobank, Mr Morgan Asiedu, said the product had been tailored to the specific needs of the bank’s customers.
“The Ecobank Retirement Savings Product will be an addition to the suite of bancassurance products that are currently available at the 79 operating branches of Ecobank,” he said.
He added; “As a bank, we have had the pleasure of observing customers who have planned their financial affairs so well that they practically bloom during their retirement, because they have no financial worries. We have also had opportunity to sometimes observe the gradual financial decline of a customer when they retire,” he noted.
Due to this, he said, the bank took the bold step together with the Old Mutual not to remain passive observers to the decline in the financial fortunes of customers but to provide them with groundbreaking solutions.
He explained that the product was not designed to compete with the tier one pension scheme, but to supplement the lump sum payable under the Tier 2 which was mandatory and the Tier 3 which was not mandatory.
He noted that the Tier 2 and 3 were relatively new funds and had not matured, therefore the lump sum payment would be reduced, especially for those who had contributed for only 10 years.
Other Trending Stories
Continuing the partnership
The Group Chief Executive Officer (CEO) of the Old Mutual Ghana, Mr Chris Kapanga, for his part, said the product further cemented the partnership that existed between the two institutions.
“This partnership will continue to come up with value-adding products and services for stakeholders of the two financial giants,” he stressed.
He emphasised that apart from the two institutions being household names in Africa, both companies also shared similar corporate values.
Eligibility of the product
Touching on the eligibility to access the product, a representative from Ecobank, Madam Beatrix-Lynn Tamakloe, said customers of Ecobank Ghana between the ages of 18 years and 55 years could start with a minimum of GH¢20.
“The target market is Ecobank Ghana’s retail clients as well as non-Ecobank clients willing to purchase this product in an Ecobank branch by first opening an account,” she said.
She said 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.”