Leadway, Ecobank Join Forces to Expand Access to Insurance Services

In a strategic alliance aimed at deepening financial inclusion and improving insurance penetration in Nigeria, Leadway Assurance and Ecobank Nigeria have partnered to make insurance products more accessible to the public, especially underserved communities and small businesses.

The partnership will leverage Ecobank’s extensive digital platforms and branch network across Nigeria to distribute a wide range of insurance solutions developed by Leadway Assurance. These will include life, health, accident, and microinsurance products designed for low-income earners and informal sector workers.

Announcing the collaboration in Lagos, Leadway Assurance’s Managing Director, Tunde Hassan-Odukale, stated that the move aligns with the company’s long-standing vision to bring affordable and relevant insurance to more Nigerians. “With Ecobank’s support, we are broadening our reach and simplifying the insurance process for customers who have traditionally been left out,” he said.

Hassan-Odukale emphasized that many Nigerians are still not insured due to lack of awareness, access barriers, and misconceptions about insurance. The partnership aims to address these challenges by integrating insurance services into platforms where people already carry out daily banking transactions.

Also speaking on the collaboration, the Managing Director of Ecobank Nigeria, Bolaji Lawal, described the partnership as a natural step in the bank’s financial inclusion drive. “At Ecobank, we believe everyone deserves access to financial security, and insurance plays a big role in that. By joining forces with Leadway, we are embedding insurance in everyday banking, making it easier for our customers to protect their health, businesses, and assets,” he said.

Under the new model, customers will be able to buy insurance policies through Ecobank’s digital channels including the mobile app, USSD code, ATMs, and internet banking. In addition, selected branches will offer in-person assistance to educate customers and guide them through policy selection and claims processes.

The initiative is targeted at low- and middle-income individuals, informal traders, artisans, and SMEs, many of whom are vulnerable to life’s uncertainties but lack formal insurance coverage. Through this model, both companies hope to remove traditional bottlenecks such as complicated paperwork, delayed claims, and lack of proximity to insurance providers.

Market analysts have hailed the collaboration as timely and impactful, given the insurance industry’s relatively low penetration rate in Nigeria — which, according to the National Insurance Commission (NAICOM), remains under 2% of the total population.

Experts argue that partnerships like this can help close the gap by piggybacking on the trust and reach that banks already enjoy among the population. By integrating insurance into banking, they say, it becomes easier to promote awareness and drive adoption.

The collaboration also comes at a time when many Nigerians are seeking ways to secure their future amid rising inflation, economic uncertainty, and increasing healthcare costs. By offering affordable insurance packages through familiar banking platforms, Leadway and Ecobank are helping Nigerians take proactive steps toward financial protection.

Industry observers believe the partnership aligns with ongoing efforts by NAICOM and the Central Bank of Nigeria (CBN) to deepen the country’s financial services ecosystem. Both regulatory bodies have in recent years encouraged greater synergy between banks, fintechs, and insurance providers to foster inclusive growth.

Additionally, Leadway Assurance is expected to provide training and onboarding support to Ecobank’s staff, equipping them to respond to customer queries and deliver basic insurance advisory services. This hands-on approach is intended to ensure that customers receive accurate information and a seamless user experience.

Some of the products to be offered through the partnership include group life insurance for SMEs, affordable health insurance for traders, motor insurance for transporters, and tailored coverage for market associations and cooperative groups.

In response to questions about affordability, Hassan-Odukale noted that the policies are priced as low as ₦500 per month, depending on the coverage and type of plan. He said the goal is to make insurance feel less like a luxury and more like a basic financial tool that anyone can access.

Ecobank’s Bolaji Lawal added that the bank will continue exploring partnerships that create value for customers. “This is part of our broader vision to use digital and strategic collaborations to improve financial well-being in Africa. Insurance is essential, and we are proud to be playing a role in expanding its reach,” he said.

As both companies begin rolling out the partnership nationwide, expectations are high that this collaboration will become a model for others to follow in bridging the gap between financial services and everyday Nigerians.

With increasing consumer awareness, policy support, and the combined infrastructure of Ecobank and Leadway Assurance, the partnership could mark a significant step forward in bringing insurance into the mainstream and offering millions of Nigerians greater financial resilience.