Old Mutual Ghana has partnered with fintech company Eban Capital Limited to sign a memorandum of understanding with the Association of Small-Scale Industries (ASSI), to support Micro, Small and Medium Enterprises (MSMEs) operating in the manufacturing and service sectors.
Old Mutual Ghana, through this partnership, will offer insurance services to these MSMEs – protecting the health and wellbeing of their employees.
“The strategy with these partnerships is to give individuals and businesses easier access to insurance; which helps to increase insurance penetration in the long run, and also ensure MSMEs employee wellbeing is catered for,” says Emma Ocansey-Head of Distribution for Old Mutual Ghana, speaking at the partnership launch.
According to the NIC, Insurance penetration in Ghana currently stands at 1%; and Old Mutual Ghana through partnerships like this will help to boost the country’s low insurance penetration and make insurance more accessible.
“This exciting new partnership is also aimed at providing MSMEs in the manufacturing and service sectors with digital and automated platforms for transactional processes which may previously have been inaccessible to them for various reasons,” says Emma Ocansey.
She adds that this initiative will facilitate greater trade among leaders in the fintech industry MSMEs.
The agreement will facilitate trade and aid the operational capacities of MSMEs, associations and groups in general. Furthermore, this partnership has made available a digital platform for these MSMEs to access useful financial products and services – like insurance, business registration, e-commerce, banking access and any other digital means of transacting.
“The world is changing and demands new solutions to its significant challenges. MSMEs are poised to provide the creative answers the country so desperately needs. It is therefore vital that institutions such as ours don’t just focus on supporting existing businesses. We must also keep providing inspiration and nurturing fertile ground for digital and innovative entrepreneurship.
“It is globally recognised that micro, small and medium enterprises (MSMEs) hold the key to large-scale job creation and economic growth. Our role is to ensure that MSMEs have access to support, key partners and relevant financial services products and services which suit their specific needs, concludes Ms. Ocansey.