Absa Life Botswana (Pty) Limited, a wholly owned subsidiary of Absa Financial Services Limited (AFS), has received approval from South African regulatory authorities and Botswana to change its brand name to Barclays Life Botswana (Pty) Limited.
Absa Financial Services Africa Holdings Managing Executive, Lanz Zulu, announced this to the media on Tuesday in Gaborone.
He expressed satisfaction with the approval to trade under the Barclays name and brand in Botswana, saying that the adoption of the Barclays name and brand by Absa Life Botswana provides the basis for fulfilling the ambition to make Barclays the ‘Go-To’ banking and financial services brand in Botswana.
“We will ensure that Absa’s insurance capability and success in South Africa can be replicated in Botswana and the rest of Africa under the Barclays name,” said Zulu.
He added that Barclays Bank has operated in Botswana for more than 80 years and is a well-known, trusted and respected brand.
Zulu said that it is an exciting journey for them. He also pointed out that it makes business sense for the bank to take advantage of the business footprint, which can help them grow and be recognised in all markets for their customers banking and insurance needs.
“Barclays Life Botswana will offer insurance solutions such as credit life, funeral cover, individual and group life, investment and education products, amongst others,” said Zulu.
He stated that the prospects for the insurance business are bullish, with Absa Life Botswana forecast to produce gross premium income of P150 million (R177,55 million) in 2013 and expected to maintain strong growth in the medium term.
Absa Life Botswana commenced operations in 2010 and has since grown to become the third largest life insurer in Botswana with a market share of about 5 percent. He revealed that currently Absa Life Botswana has more than 130 000 policyholders, with more than 2500 new policies being added each month.
“This is aligned to the Barclays Africa Group goal of accessing markets with robust growth and seizing opportunities on the continent,” he said.
Zulu said that under the Barclays brand, Barclays Life Botswana would be even better positioned to offer additional risk and investment products, with new endowment and education products due to be launched in the latter part of 2013.