FNB and Momentum Metropolitan Namibia have entered into a partnership that will see FNB offer funeral cover to its clients.
The policies will be underwritten by Momentum Metropolitan. This is the second partnership between the two financial giants, following the success of their credit life offering.
Georg Garrels, Head of Insurance at FNB, expressed his excitement about the partnership, stating, “We are delighted to expand our existing partnership with Momentum Metropolitan. Our credit life offering has been successful, and we look forward to collaborating further to provide our clients with an affordable and comprehensive funeral cover product.”
The Group Chief Executive Officer of Momentum Metropolitan, Sakaria Nghikembua, also expressed his satisfaction with the partnership, highlighting the company’s commitment to providing innovative and affordable financial solutions to all Namibians.
He said, “This decision is in line with our commitment to providing innovative and affordable financial solutions to our clients, whilst ensuring financial inclusion of all Namibians.”
The Family Funeral Cover will be available to any citizen or legal permanent resident of Namibia who is an FNB client and can be purchased at an affordable premium. The benefit is aimed at ensuring that the family is financially protected in the event of an unexpected accidental death.
FNB’s continued investment in the insurance sector comes as FirstRand Namibia completed the 100% acquisition of OUTsurance Namibia. The acquisition was rebranded to FNB Insurance after securing the necessary regulatory approval.
The insurance market in Namibia has been growing rapidly, with a report by the Namibia Financial Institutions Supervisory Authority showing that insurance premiums rose by 5.5% in the second quarter of 2022, compared to the same period in the previous year.
FNB’s partnership with Momentum Metropolitan Namibia is expected to further boost the insurance industry and provide clients with innovative and affordable financial solutions.
