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Equity Assurance launches mobile ‘USSD’ insurance

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By peter oluka

Equity Assurance Plc., a member of SUNU Group, a leading Insurance Group that operates in 14 countries in Africa, announces the launch of its innovative mobile (USSD) Insurance solution.

It is a simple,  ‘first of its kind’ self-service solution which  enables  car owners  /  users  to  purchase authentic  3rd  party  Auto Insurance with the use of their mobile phones in less than 5minutes.

This mobile (USSD) application also serves as a platform for customer engagement, claims payment and other after-purchase services.

The company’s decision to develop this ground-breaking mobile insurance solution is aimed at ensuring excellent customer experience at all times for its existing and prospective customers at affordable cost.

In addition, it guarantees customer convenience, easy & secure access, real-time interaction and speedy service.

Mr. Moruf Apampa, the managing director of Equity Assurance Plc., shares that the application will be available to all customers, regardless of their GSM network or type of phone they use, whether they have internet access or not, effective 10th December 2017.

Furthermore, Demo& animated illustrations can be viewed by prospective customers and general public on the firm’s website in order to better understand how to purchase/use the product as well as its different service features and functionalities.

In response to a question regarding the Company’s decision to go the digital route, Apampa, who took over the reins of Equity Assurance in December 2016, went on further to explain the firm’s strategic decision to deploy low-cost digital/mobile technologies as a means to overcoming longstanding industry challenges while effective and affordable insurance solutions to Nigerians, regardless of their location or economic/social status.

He further shared that, “The firm has witnessed a surge in purchase of its insurance products since testing the application with a few selected customers, garnering a lot of very positive feedback from the customers and organizations that are looking to partner. I can confidently say that Equity Assurance Plc is on the verge of revolutionizing the insurance marketplace in Africa within the next few years.”

Apampa, who until last year was at AIICO Insurance as General Manager – a role he played successfully with exemplary leadership and proficiency – has deep understanding of consumer behavior and the power of digital technologies.

He has garnered over 24years experience in the Insurance industry. Since joining the Equity Assurance family in 2016, the firm has recorded significant wins in product innovations, customer satisfaction, growth &value creation.

Equity Assurance Plc., a member of SUNU Group has the vision to be a Leading African Insurance Company.

It is on a mission to be an insurance company recognized for excellent client services, using cutting edge technology, motivated workforce and good business ethics to meet stakeholders expectations.

This will be driven by innovative in service delivery, products development, cost management, customers experience and ensuring proper balance in all dealings. Equity Assurance preserves and multiplies value of shareholders and ultimately maintain a consistent dividend payment policy.

Equity Assurance was incorporated on December 13, 1984 and was licensed to underwrite all classes of general business. The company operates with a recently increased authorized share capital of N7 billion and shareholders fund of about N5.1 billion.

The company is a corporate member of the West African Insurance Company Association (WAICA) and the Nigeria Insurers’ Association (NIA), the official umbrella of registered insurance companies in Nigeria, as well as The Africa Insurance Organisation (AIO).

Equity Assurance Plc is the parent company of Equity Assurance Limited, a Ghanaian subsidiary that started operations in Ghana in 2008.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

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E-Financial

FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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