Ecobank, Old Mutual introduce pension savings plan
The Ecobank Retirement Savings Plan is to provide the bank’s retail clients with a flexible medium to long term savings plan and offer 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 varies per person but 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 and the two institutions will 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 in that they both place the customer at the center of their operations and are committed to developing products that respond to their needs.
Mr George Mensah-Asante, the Ecobank Executive Director of Domestic Bank, said the initiative which offers customers an opportunity to save for their retirement through a disciplined savings approach, will not compete with the SSNIT pension scheme but rather 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.