NDB launches insurance agency
The National Development Bank ( NDB) has launched its first subsidiary NDB Insurance Agency, a landmark development under the bank’s three year blueprint - Letsema le Tsweletse 2022- 2025, which is expected to increase efficiency and convenience for the customers.
Underwritten by Botswana Insurance Holdings Limited ( BIHL) subsidiaries - Botswana Life and Botswana Insurance Company ( BIC), NDB’s latest innovation is expected to close the insurance gap within the agriculture sector.
Outgoing NDB Chief Executive Officer, Lorato Morapedi said NDB Insurance Agency was crafted with a bias towards farmers, influenced by the amount of the bank investment within the different sectors of the economy by way of financial loans.
“We invest in risky spaces, from start- up businesses where research has proved that 90percent of these hard
ly survive the first three years; and in agriculture where weather conditions of our beautiful country compound the already risky nature of the sector.
“Despite this, NDB is committed to supporting Government agenda of Food Security, SMME growth, Economic Diversification and employment creation through our financial products,” said Morapedi.
Morapedi said the latest development fulfills the bank’s desire to offer a onestop service centre encompassing loan application together with insurance cover.
“This is particularly important in today’s fast paced world characterised by competing priorities and hence the need to optimise on the time available for the customer and us as service providers. We are confident that this move will result in important savings for the customer and for the bank,” said Morapedi.