MyBucks expands bancassurance services

Malawi: MyBucks Banking Corporation, one of the country's fastest-growing financial institutions, has announced the expansion of its bancassurance offering to include home, motor, and electronic insurance, dubbed CellSure, in an effort to improve customers' financial plans.

Linda Nkosi, MyBucks Marketing & Customer Experience Manager, stated that the development is one of MyBucks' goals aimed at improving its customers' living standards.

“We felt it is important to bring to the market, the home, motor and CellSure insurance because these have clearly become essential and expensive realities of modern life. Losing or breaking these entails real financial problems, plans being disturbed and a cause of unnecessary headaches on Malawians, therefore the expansion of our bancassurance products is in line with one of our goals of making people’s lives better,” Nkosi said.

She added that the new bancassurance products complement MyBucks' existing funeral and credit life insurance offerings.

Nkosi emphasised that the most recent home insurance protects a person's home and belongings from life's unexpected events such as theft, damage from extreme weather, fire, and other losses.

She went on to say that the motor vehicle insurance package includes free installation of a telematics device for car tracking, allowing customers to be rewarded with fuel cash-backs by the bank for good driving.

Nkosi stated that the CellSure offering is intended for customers who want to insure their electronic devices such as mobile phones and laptops against loss, theft, accidental damage, liquid damage, and electrical damage.

“Customers should expect to benefit from this offering as the bank will either repair their mobile phone and laptop where possible or will simply replace it with a mobile phone and laptop of the same make or model, subject to fulfilment of prescribed conditions,” she said.

Alice Kalua, a MyBucks customer from Lilongwe, praised MyBucks Banking Cooperation for its new development in her remarks.

"The new bancassurance services will put our minds at ease when our properties are damaged or lost," Kalua explained.