NAIROBI, Kenya, Nov 23 – Sanlam pension annuity holders are set to enjoy access to personal loans against their monthly life cover pay-outs.
Sanlam Kenya, the listed non-bank financial services provider has through its Sanlam Life subsidiary partnered with Stanbic Bank Kenya and Ecobank Kenya to provide policyholders with annuity covers access to tailor-made credit.
Policyholders with annuity covers will also access medical insurance through GA Insurance, under its Hadhi Health Plan that is tailored for senior citizens.
Speaking on the partnership, Sanlam Kenya Group CEO Dr. Nyamemba Tumbo noted that the facility introduction was informed by an existing need in the market, from the retirees’ population.
“We received requests from clients for a facility backed by their monthly annuity pay-out as it is a guaranteed payment due to the retiree for the rest of their lifetime. At Sanlam, we’re a listening partner committed to financially enriching the lives of our customers,” he said.
The inclusive facility will be extended as both a loan and Insurance Premium Finance (IPF) to annuitants of a maximum age of 75 years, offering competitive interest rates due to the guaranteed nature of the payments, and a tenure not exceeding 12 months subject to an annual review.
“This partnership is in line with our continued customer focus, identifying needs and strategic partnerships to achieve results. We will be able to offer this facility through operational agility, synergy with our partners, and a customer-first mentality” Tumbo said.
“We’re keen on promoting financial inclusion by offering workable financial solutions to individuals and businesses,” Ecobank Kenya Managing Director & Regional Executive Central, Eastern and Southern Africa (CESA) Cheikh Travaly added.
