Key points
- Prudential Zenith Life and Standard Chartered Bank Nigeria launch bancassurance partnership.
- Collaboration aims to expand access to life insurance through the bank’s customer network.
- Customers will have access to protection, education and family-focused insurance products.
Main story
Prudential Zenith Life Insurance and Standard Chartered Bank Nigeria Ltd. have entered into a strategic bancassurance partnership to expand access to life insurance products and strengthen financial inclusion in Nigeria.
The partnership was announced on Thursday in Lagos in a joint statement by the two organisations.
Under the arrangement, Standard Chartered Bank will distribute Prudential Zenith Life’s insurance products through its banking network, enabling customers to access life insurance alongside their banking services.
The companies said the collaboration is intended to bridge Nigeria’s insurance gap by integrating insurance products into customers’ everyday financial activities.
Customers will have access to a range of life insurance products tailored to different life-stage needs, including individual protection, family security and education planning.
The partnership combines Prudential Zenith Life’s underwriting expertise with Standard Chartered Bank’s distribution network to make insurance products more accessible, affordable and easier to manage.
The companies also noted that the collaboration builds on the longstanding 27-year global relationship between Prudential and Standard Chartered across 11 markets in Africa and Asia.
Executive Director and Chief Financial Officer of Prudential Zenith Life Insurance, Mr Afolabi Lawal, said the partnership is expected to broaden access to financial protection while making life insurance more relevant to customers’ financial planning.
Acting Chief Executive Officer of Standard Chartered Bank Nigeria, Mr Ayodeji Adelagun, said integrating insurance into the bank’s service offerings would strengthen its wealth management proposition while promoting greater financial inclusion.
Prudential Zenith Life Insurance became a wholly owned subsidiary of Prudential Plc following the acquisition of a 100 per cent shareholding in September 2024.
The company provides individual and corporate life insurance products, including savings plans, investment-linked products, group life cover, mortgage protection and education insurance.
Standard Chartered Bank Nigeria Ltd., a subsidiary of Standard Chartered PLC, offers corporate and institutional banking, wealth management and transaction banking services in Nigeria.
The issues
Nigeria’s insurance penetration remains among the lowest in Africa. Bancassurance partnerships are increasingly being adopted to improve access to insurance products by leveraging banks’ customer reach and distribution channels.
What’s being said
“Together, we are dismantling barriers while building a stronger and more resilient society,” said Mr Afolabi Lawal, Executive Director and Chief Financial Officer of Prudential Zenith Life Insurance.
“Our customers can now secure their futures with confidence, knowing that their wealth and legacy are protected,” said Mr Ayodeji Adelagun, Acting Chief Executive Officer of Standard Chartered Bank Nigeria.
What’s next
The partnership will see Standard Chartered Bank begin offering Prudential Zenith Life’s insurance products to its customers as both organisations seek to expand insurance uptake and financial protection across Nigeria.
Bottom line
The bancassurance partnership combines banking and insurance services to make life insurance more accessible, supporting broader financial inclusion while helping more Nigerians protect their families and long-term financial goals.
