Ecobank and Old Mutual designing a pension-saving plan

Ecobank Ghana is in partnership with the insurer Old Mutual in an effort to provide the customers of the bank with a “pension-saving plan” product. Thanks to this initiative, the bank is hoping to maintain the level of consumption for individuals whose purchasing power is likely to diminish by retirement.

Holders of an Ecobank account will have the possibility to sign up to a pension-saving scheme in return for a monthly premium. A lump sum determined in advance will be made available at the end of the contract.

According to Old Mutual, this product is poised to actively contribute to the development of insurance penetration rate which does not exceed 2%.

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