Absa Launches Botswana Subsidiary

February 28 - Expanding its footprint on the African continent, Absa Financial Services announced that it was rolling out a suite of financial solutions for the Botswana market

The life insurance solutions would include credit life protection, funeral and group risk.

Absa Life Botswana will underwrite and distribute funeral and life insurance product through Barclays Insurance services.

Barclay's is Absa's global parent company and will be adding its knowledge, experience and expertise to the venture.

The Chief Executive of Absa Financial Services, Willie Lategan said: "We saw an opportunity in Botswana for Absa Life to enter the market and provide a distinct service offering."

"Absa believes that our business has a market in the country. Moreover, Botswana has a sound monetary policy which safeguards and ensures economic stability."

Lategan said that the group had been particularly impressed by the regulatory environment of financial services in Botswana.

As such, he said, "Absa Life Botswana will be delivering a complete suite of financial solutions made up of Credit Life Protection, Funeral and Group Risk."

Bilkiss Moorad has been appointed to run Absa Life Botswana as the Managing Director.

With over 13 years of experience under her belt, Moorad has held senior management roles in the insurance and banking sectors in Botswana.