In a bid to become a one-stop financial hub for Kamwokya and surrounding suburbs, KDB Sacco which is also dubbed “The ghetto bank of Kamwokya” due to its agency banking services has today launched a partnership with UAP OldMutual to offer among other Insurance solutions 3rd Party insurance.
3rd party insurance according to the Insurance Regulatory Authority is mandatory for both vehicles and motorcycles. The Boda Boda community in Kamwokya and surrounding areas is estimated to be 7,000.
According to Mukasa xyz, the chairman of Kamwokya Centre boda stage, “We welcome this new development from our local leadership and through the chairman of our Sacco Mr. Lwanga, these are the services we have been longing to see brought down and within our access and at the right price and in our local language”
Speaking to the chairman of the board, KDB Sacco Mr. Allan Lwanga said, ” Insurance penetration in Uganda is quite low but mostly because it is sold and not bought, many times it is perceived as a luxury for the affluent and out of reach for the common man due to how it is packaged and sold.
Extending insurance to the grassroots helps in demystifying and democratising it thereby making it accessible to the common person in you and me.
It is also our utmost ambition to build a one-stop financial hub for the common person where products can be bundled and sold affordably en mass”
We are the first in the market to combine MicroFinance together with microinsurance, with this move we hope to introduce easy bundled solutions such as premium financing, asset protection, agricultural insurance as well as various forms of group life and personal accident which may be out of reach for the common person. Scale, incentives and support from the government will help to bring the cost of these financial products down.