OIBM, NICO GENERAL INSURANCE LAUNCH MTHUNZI INSURANCE POLICY

Opportunity International Bank of Malawi (OIBM) in conjunction with NICO General Insurance Company has launched Mthunzi Insurance Policy that is targeting small and medium entrepreneurs.

Speaking at the launch of the policy in Lilongwe on Friday,2nd of May, Reserve Bank of Malawi governor Victor Mbewe welcomed the new initiative.

He said besides providing security to small businesses, it would act as a guide to the business community and bankers because small and medium entrepreneurs were being sidelined.

"OIBM and NICO need to be commended for remembering small and medium entrepreneurs because they are often left out when it comes to insurance policy issues while banks and insurance companies just target corporate clients and other big clients only" said Mbewe.

In his remarks OIBM Board Chairman Francis Perekamoyo said the bank responded swiftly to the need of having the insurance policy for its small and medium scale entrepreneurs.

"We were considering the plight of small and medium entrepreneurs who were doing businesses without any cover. For instance one could say that he was unable to pay back loans because fire had gutted his shop and when we asked whether he had an insurance he would say no," said Perekamoyo.

According to Perekamoyo, most financial institutions ignored small and medium entrepreneurs because they were considered non bankable.

NICO Insurance General Manager Eric Chapola, said he was happy that the collection of premiums would not be difficult because they will be done through OIBM," said