SanlamAllianz Life Insurance Nigeria Limited has launched Esusu, a savings initiative designed to build a consistent savings culture among Nigerians and help them work towards their financial goals. The product combines the familiarity of the traditional Nigerian Esusu savings system with the benefits of a structured insurance-backed arrangement, allowing customers to make flexible daily contributions according to their financial capacity.
The Esusu product enables individuals to accumulate savings through regular contributions and receive a maturity benefit based on their accumulated contributions, less applicable withdrawals, according to the policy terms and conditions. In addition to the savings component, the initiative incorporates death cover, offering financial protection for beneficiaries should an insured individual pass away, subject to applicable policy provisions. The product is available to eligible individuals between the ages of 18 and 80, subject to the applicable policy requirements and conditions.
Tunde Mimiko, Managing Director and Chief Executive Officer of SanlamAllianz Life Insurance Limited, said the company recognises that achieving financial confidence starts with the right financial habits. "Saving should not be an overwhelming responsibility; it should be a consistent practice that individuals can incorporate into their everyday lives," he said. "With Esusu, we are bringing a familiar savings culture into a structured financial solution that encourages consistency while providing additional protection."
Chris Ekwonwa, Group Head of Strategy, Marketing and Customer Relations at SanlamAllianz Nigeria, emphasised that the product goes beyond providing a savings opportunity by reinforcing financial literacy and long-term planning. The company is using the campaign message "Esusu - Savings Wey Confam!" to connect with Nigerians through a savings concept rooted in local culture while providing the structure and additional protection of an insurance solution. The launch reflects SanlamAllianz's commitment to developing customer-focused solutions that respond to the evolving financial needs of Nigerians.
SanlamAllianz Nigeria is a joint venture between Sanlam, described as Africa's largest non-banking financial services group, and Allianz, a global financial services and insurance leader. In Nigeria, the company operates through its Life and General Insurance businesses, providing a range of insurance and financial solutions designed to protect individuals, families and businesses while supporting their financial aspirations.