Bankers urge Ghanaians to take on retirement plans

Some bankers are asking the public to consider taking up additional retirement investment products now to secure their future.

Their advice has been influenced by the fact that most people only think about retirement when they are in their old age.

Head of Bancassurance at Ecobank Ghana, Beatrix-Lynn Tamakloe, asserts retirements plans can cushion people against financial difficulties during their old age – when income streams reduce due to retirement.

She spoke to Joy Business at the launch of the Ecobank Retirement Savings Plan, which is a partnership between the bank and Old Mutual Ghana.

With GHC 20, Ecobank customers within the ages of 18 to 55 can sign onto the retirement plan.

The fund, called Eco-retire, offers Ecobank clients an opportunity to save for their retirement through the payment of an agreed monthly premium with a definite target lump sum amount.

Group CEO of Old Mutual Ghana, Chris Kapanga, indicated at the launch that such bancassurance products help to deepen insurance penetration in the country.

Apart from the retirement plan, the two companies have also signed a deal to facilitate the accessibility of Old Mutual’s products and services at all Ecobank branches in the country and promote high insurance inclusiveness in a country where insurance penetration is very low.

Under the arrangement, Ecobank will distribute four insurance products of Old Mutual, namely Funeral/Transition Plan, Education Plan, International Travel Plan and Credit Life Policy.

Ecobank Executive Director of Domestic Bank, Mr George Mensah-Asante, said efforts at reversing the lack of trust and confidence in the insurance industry would be bolstered if institutions of repute collaborated to provide life-changing insurance products and services.

Mr Mensah-Asante gave the assurance that the Ecobank Bancassurance would provide cutting-edge solutions at affordable prices, while ensuring that claims were dealt with promptly.

He pledged the committed of Ecobank to providing tailor-made, convenient, accessible and reliable banking services to its customers.