CBZ Holdings is set to launch a new insurance product, the CBZ SME Pension Fund in the second half of the year targeting the growing small to medium enterprise market.
Group chief executive Mr Never Nyemudzo told an analyst briefing that this was part of the group’s key strategic areas of focus in the year as it consolidates its market share in the small to medium enterprise sector.
As of June 30, 2017, CBZH held 111 000 insurance policies which constituted 5 percent of the insured population, an area the group considers to present growth opportunities on the back of the growing SME sector as well as the uninsured population.
“Obviously, the group is a strong partner of the SME sector. Having obtained regulatory approvals, we are targeting to launch in the second half of the year. This will complement banking solutions and solidify our market presence in the SMEs sector,” said Mr Nyemudzo.
This also complements other initiatives to enhance financial inclusion by providing formal banking services to the unbanked.
Mr Nyemudzo acknowledged the challenging economic environment characterised by foreign currency shortages, constrained credit expansion, informalisation of the economy and constrained ability to plan for the long term.
The biggest banking group by assets and deposits has however indicated it would strengthen its market presence while developing new innovative products that help consolidate their market dominance across sectors.
Source: Bulawayo 24