Barclays Bank Ghana is the latest to join the growing list of banks, combining banking and insurance business within the same organisation.
Known as Barclays Bancassurance, the bank in partnership with Enterprise Life Assurance Company (ELAC), will sell various insurance products through its established distribution branches.
Mr Benjamin Dabrah, Managing Director Barclays Bank of Ghana said the collaboration was part of efforts to provide convenience to customers by offering insurance products through its Bancassurance scheme.
He said the bank's goal was to enhance customers' financial security with a package that could fulfil both their banking and insurance needs at the same time.
Mr C.C. Bruce, Executive Director ELAC, said everything must be done to improve on the low penetration rate of life assurance coverage, which is currently below one per cent.
He said the union between the two institutions would afford ELAC the opportunity to tap into the wide distribution channels of the bank.
Dr Sam Mensah, Technical Advisor at the Ministry of Finance, in a speech read on behalf of the Finance Minister, Dr Kwabena Duffuor, said public awareness must be created about the benefits of "life products".
He said the country lagged behind the rest of the world in terms of insurance coverage and every effort must be made by stakeholders to bridge the gap.
Dr Mensah called for co-ordination between the National Insurance Commission and the Banking Supervision Division of the Bank of Ghana, to ensure smooth running of the Bancassurance scheme.