Leadway Assurance Provides Insurance Cover for Cooperative Society Members 

Ebere Nwoji

Frontline insurer, Leadway Assurance, has achieved a significant milestone in insurance penetration in Nigerian with the signing of a Memorandum of Understanding (MoU) with the Federal Civil Service Staff of Nigeria Cooperative Society Union (FedCoop) to provide over 300,000 civil servants with affordable bespoke insurance coverage. 

The MoU between the leading insurer and one of Africa’s largest umbrella bodies of the cooperative societies covers Ministries, Departments, and Agencies (MDAs) in Nigeria, with over 150 registered cooperative societies and over 300,000 members drawn from the 36 states in the country. 

The comprehensive plan provides the members of the society with Group Life Assurance, Personal Accident Plan, and Group Deposit Administration, which guarantee the policyholders or beneficiaries the required compensation in case of accidents, permanent disability, death, all at an affordable premium.

Speaking during the signing ceremony, Executive Head, Sales, Leadway Assurance, Mr. Olusola Ajayi, said the insurance plan was a major landmark in entrenching the culture of insurance in Nigeria to deepen insurance intake in the country.

“I am particularly proud about this partnership as it shows we are on the right track towards engendering a positive attitude towards insurance. As we are aware, most people in Nigeria, including the educated, do not appreciate the essence of insurance despite its numerous benefits, and that is why it is heart-warming to get the buy-in of Africa’s largest Civil Service into this all-too-important financial management tool”, Anahi stated.

Also speaking on the partnership, President, Federal Civil Service Staff of Nigeria Cooperative Society Union (FedCoop), Mr. Onjefu Obe, stated that the partnership echoes the vision and mission of FedCoop, which is to eradicate poverty and provide the required financial support for all the members.  He said the group was ecstatic to partner with a leader in the insurance space, Leadway Assurance, with proven expertise and reliability for decades, and were optimistic that this partnership would indeed lead the way for all the members of the society nationwide.