LILONGWE ( Malawi NewsNow) –The Reserve Bank of Malawi (RBM) has given insurance operating licenses to the Kenya based CIC Africa Cooperative Life Insurance and the CIC Africa Cooperative General Insurance Limited.The two companies are a partnership between Malawi Union of Savings and Credit Cooperatives (MUSCCO) and the CIC Group of Kenya.
RBM Deputy Governor responsible for Supervision, Grant Kabango said during the awarding of the licenses in the capital Lilongwe on Monday that they expect the firms to bring more benefits to Malawians especially those living in rural areas.
“We are convinced with the way the companies do their business in Kenya and we expect the same to happen in our country” he said.
MUSCCO Executive Director, Silvester Kadzola said the coming of the two companies into Malawi market are a milestone to the country’s insurance industry.
“With the vast experience, expertise and viable performance track record, the companies will bring change to the lives of people as they will accumulate savings through long term insurance policies,” he said.
However, two coming of the companies complements government agenda of deepening financial inclusion in the country.