Introduction of bancassurance in Tanzania

Since the introduction of bancassurance on the Tanzanian market in March 2019, 13 out of more than 50 commercial banks in the country have been granted licences for such operations.

The regulations allow each bank to practice bancassurance with three to ten insurance companies.

Such distribution channel was introduced by the regulatory authority in order to make insurance products accessible to a large number of Tanzanians. The authority also aims to improve the penetration of insurance in all regions of the country. For the record, bancassurance has helped increase employment opportunities for young graduates.

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