Microfinance company launches bancassurance in Tanzania



Faidika is a subsidiary of Letshego Holdings Limited (LHL), a listed and Botswana-based holding company focused on financial inclusion in Africa.

Faidika’s four main Bancassurance products were recently launched in Dar es Salaam in partnership with Sanlam, Sanlam Life, Alliance General, Britam General, Strategies General and Medical, First Assurance General, Jubilee Life and Jubilee General.

The company now offers Life Insurance, Health Insurance and Damage Insurance products, including property insurance coverage – all risks, industrial – all risks, fire and related risks, automobile, accident, home, burglary and theft, professional liability, goods in transit. and marine and freight insurance coverage, among others. In addition, Faidika will also offer clients its insurance premium financing, in order to allow their smooth integration and easy access to the acquisition of insurance products.

Faidika Chairman and CEO Baraka Munisi said: “The launch of this new line of insurance products is an exciting step that truly aligns with our vision to become a world-class leading financial services organization. This Bancassurance offering is part of our commitment to diversify our product offering, to deliver a unique customer value proposition and, at the same time, to elevate the Faidika offering to generate increased value through diversified revenue sources.

A key goal of Faidika is to reach the general public through its extensive network of branches and satellite operations across the country to provide access, convenience and financial inclusion to Tanzanians, including people living in the most remote regions of the country.

Faidika Board Chairman Adam Mayingu added: “We are extremely proud to be associated with the Tanzania Insurance Regulatory Authority (TIRA), the body that regulates all insurance services in the market. bancassurance in order to guarantee mutual benefit for all relevant stakeholders. At Faidika, we understand that our rapid responsiveness to customer needs generates trust, improves customer relationships, and enhances the customer experience, all leading to happy and satisfied customers.

Thanks to their new bancassurance solutions, Faidika is now able to provide its clients with added value and full services as a homogeneous and unique financial service provider, offering a wide range of relevant and innovative solutions for the benefit of existing clients. and potentials.

Faidika’s Head of Sales, Marketing and Distribution Channels, Asupya Nalingigwa, added, “Recognizing the peace of mind that our insurance solutions will provide to many Tanzanians, we are committed to increasing their convenience and access them, by offering them our attractive financing of insurance premiums, as part of our comprehensive Bancassuarance offer, offering our clients even more advantages.

Faidika is a licensed financial services provider that provides loans to individuals in the public and private sectors. The company is a wholly owned subsidiary of the Letshego Group and operates as a non-bank financial institution with 16 branches, 4 sub-branches and 86 satellite offices with a workforce of 58 employees. Their customer reach is enhanced through strategic partnerships, innovative delivery and their new enhanced digital channels.


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