The Bank of Ghana (BoG) has issued a fresh directive to all regulated financial institutions (RFIs) to strictly comply with the National Insurance Commission’s (NIC) rules on bancassurance.
Per the NIC’s Bancassurance and Corporate Agency Guidelines, banks are prohibited from selling insurance to corporate or commercial clients.
In a notice by Insurance Brokers Association of Ghana (IBAG), cited by The High Street Journal, the association re-echoed the BoG’s directive, making it clear that banks are not permitted to sell insurance products directly to corporate or commercial clients.
The directive follows growing concerns that some banks are overstepping their mandate, edging into insurance brokerage, an area strictly regulated under NIC guidelines.
The notice further indicated that industry players and the public who witness such an infraction should report same to the IBAG secretariat.
“The Bank of Ghana has issued a directive to all Regulated Financial Institutions (RFIs) to comply strictly with the National Insurance Commission’s (NIC) Bancassurance and Corporate Agency Guidelines,” parts of the IBAG statement noted.
It added that “Banks are NOT permitted to sell insurance to corporate or commercial clients.”
This directive emphasizes that, for businesses and corporates, insurance coverage must continue to be sourced through licensed insurance companies and brokers, not banks.
The move underscores BoG’s determination to prevent conflicts of interest and safeguard consumer trust at a time when competition for financial services is intensifying.
