By Michael Kanaabi Dollar
Speaking at the recently concluded Financial Wellness class webinar organised by Post Bank and UAP Old Mutual, Bank of Uganda’s Director for Administration Gloria Wakooba advised attendees to continuously diversify their investment portfolio in order to be certain of returns even when things don’t work out in some sectors.
“ You all remember what happened during the Covid 19 lockdowns, people with a single source of income faced a tough time. In fact I would recommend one diversifies to about 7 or more investment asset classes as taught in the book of Ecclesiastes in the bible” she said.
Having long term savings plans like life insurance and Education funds saved up for your children all planned ahead as soon as you start earning is key as well she added. This will help ensure you leave your family with something to start with Incase you pass or become incapacitated when they are still dependents.
Having good insurance policies starting from Health insurance to key assets like comprehensive motor vehicle insurance and savings products like life insurance will improve your quality of life going forward Professor Samuel Sejjaaka a panelist at the event and a seasoned Finance Professional noted.
To make these long term investment options even more accessible to Ugandans across all walks of life UAP Old Mutual a leader in Uganda’s insurance industry has partnered with Post Bank Uganda one of the banks with the largest branch networks in the country to offer Bancassurance products that will enable customers improve their quality of life and grow their wealth too.
Tonny Mudoola a panelist at the webinar and also the Acting CEO of UAP Old Mutual Life Assurance Uganda noted the importance of this partnership saying it will go a long way in ensuring their products reach many more people given Post Bank’s nation wide coverage.
Mudoola also reassured all those who have had doubts about the transparency of insurance that all claims from clients whether from maturity of a policy or any other format are promptly paid under one week given all the required documentation is in place. Consequently Ugandans should take up insurance packages and savings products more so as to be able to effectively take care of long term needs like higher education for their children as it gets more expensive by the day.
Panelist Andrew Kabeera also Post Bank’s Executive Director highlighted the fact that the bank also has a number of channels in place brick and mortar plus digital to ensure all these value added services of banking and insurance reach customers far and wide.
“While for our low income customers for example in the markets and villages we reach them through licensed mobile banking vans and community workshops, we are also reaching out to the youth who are the majority of Ugandans through our vast digital channels to grow their savings culture and also benefit from our vast loan and other business products,” he said.
Kabeera added that Post Bank Uganda also boasts some of the most affordable loans on the market including the Covid 19 recovery loans which were put in place by government to help businesses recover. These attract an interest rate of only 10% per annum and they also have Agricultural loans that attract interest of between 12% and 15% per annum depending on what role a borrower is playing in the agricultural chain.
Jonan Kisakye the CEO Uganda Insurers Association commended the role Bancassurance is playing in growing the insurance sector noting that 10% of premiums are now coming through this channel with opportunities for further growth also in view.
He specifically applauded the partnership between UAP Old Mutual and Post Bank Uganda emphasizing that it will go a long way in boosting the savings and investment culture in the country besides spreading the reach of the insurance industry further.
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