CIC Cooperative Insurance Malawi, a joint venture between Muscco and CIC Insurance Group of Kenya, is scheduled to roll out its services in October, it has been learnt.
Malawi Union of Savings and Credit Cooperatives (Muscco) has confirmed the development, saying CIC Insurance Group, Kenya’s, third largest insurance group out of 46 insurance companies, is touted as one of Africa’s leading insurance cooperative.
Muscco chief of operations Fumbani Nyangulu, in an interview in Lilongwe on Friday, said under the arrangement, CIC Insurance Group will own a 49 percent stake while Muscco will hold 51 percent.
“The Reserve Bank of Malawi is about to give us a licence and within this month, we have been assured that we will have it.
“We will be dealing in general and life insurance [business] and, in the general insurance, our target will be farmers and entrepreneurs,” he said, adding that they want to encourage people in the rural areas to buy life insurance.
Earlier, Muscco chief executive officer Sylvester Kadzola said cooperatives in Malawi are advancing and many of them own properties which are not insured.