Zenith seeks to expand Nigeria’s insurance base with mobile service

Zenith Insurance, a leading insurance provider in Nigeria, recently launched a USSD code that aims to expand the country's insurance base and provide more Nigerians with access to insurance services. In a recent interview with CNBC Africa, Kehinde Borisade, Managing Director and CEO of Zenith Insurance, discussed the impact of the new mobile service on the insurance industry in Nigeria. The USSD code, which was granted by the Nigerian Communications Commission (NCC), allows Zenith Insurance to directly reach out to the grassroots and individuals with mobile phones, reducing distribution costs and expanding their reach. Borisade emphasized that the code will enable Zenith to be a solution provider to the Nigerian insurance market. The launch of the USSD code represents a significant step towards increasing financial inclusion and insurance penetration in Nigeria. Despite the challenges associated with USSD technology in Nigeria, Borisade expressed confidence in the project's success, citing thorough testing and collaboration with key partners. The collaboration between Zenith Insurance, MTN (Nigeria's largest mobile provider), and Prudential Zenith Life Insurance is expected to revolutionize insurance distribution in Nigeria. Borisade highlighted Zenith Insurance's commitment to innovation and economic growth, emphasizing the role of insurance in providing peace of mind and financial protection for Nigerians. He believes that the new mobile service will greatly benefit customers, offering them security and support in times of need. While acknowledging the low insurance penetration rate in Nigeria, Borisade stressed the importance of expanding the clientele base through initiatives like the USSD code to ensure more Nigerians can access crucial insurance services. He emphasized that insurance plays a vital role in helping individuals overcome challenges and protect their assets. Zenith Insurance's focus on enhancing accessibility and trust in the insurance sector is poised to make a lasting impact on Nigeria's insurance landscape.