Ecobank and Old Mutual introduce Retirement Savings Plan

By Edna A. Quansah, GNA
Accra, April 29, GNA - Ecobank Ghana and Old Mutual Ghana, have jointly introduced the Ecobank Retirement Savings Product at a launch held in Accra.

The Ecobank Retirement Savings Plan tagged: 'The EcoRetire,' is to provide the bank's retail clients with a flexible medium to long-term savings plan.

It offers clients an opportunity to save for their retirement through the payment of an agreed monthly premium.

The product has been tailored to the specific needs of the Ecobank customer base.

Applicants will have to be Ecobank customers or desire to become Ecobank customers and should between 18 and 55 years.

The monthly premium for the product though varies per person, a minimum premium has been pegged at GH¢20.00.

Speaking at the launch, Mr Chris Kapanga the Group CEO of Old Mutual Ghana, said the launch of the product is to cement the partnership which exists between the two institutions.

He said the two institutions will also continue to come up with value added products and services for stakeholders and customers.

He said apart from the two giants being household names on the continent, both institutions share similar corporate values.

They both place the customer at the center of their operations and are committed to developing products that respond to the needs of their cherished customers.

Mr George Mensah-Asante, the Ecobank Executive Director of Domestic Bank, said the initiative offers customers an opportunity to save for their retirement through a disciplined savings approach.

He said the product will not compete with the SSNIT pension scheme but rather to supplement the lump sum payable under the Tier 2 and Tier 3 which is not mandatory.

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 commitment of Ecobank to providing tailor-made, convenient, accessible and reliable banking services to its customers.

The bank will distribute four insurance products of Old Mutual including Funeral/Transition Plan, Education Plan, International Travel Plan and Credit Life Policy.

GNA