FEATURED: Equity Bank Rwanda, SanlamAllianz launch 'INZOZI' Diaspora Savings account with Built-In life insurance

Equity Bank Rwanda, in partnership with SanlamAllianz Life Insurance Rwanda, has launched the INZOZI Diaspora Savings Account, a first-of-its-kind hybrid savings and insurance product designed to help Rwandans living abroad save and secure their future. The account requires a minimum deposit of Rwf100,000. “While savings accounts already exist, this is the first time we have combined our efforts as a bank and an insurance company to serve the needs of Rwandans. They don’t just need banking services, but also ways to save and benefit from added advantages, like life cover, which is really important,” said Hannington Namara, Managing Director of Equity Bank Rwanda, during the launch on June 26. Namara thanked SanlamAllianz Life Insurance Rwanda for the partnership, highlighting that it was the second collaboration between the two institutions. ALSO READ: Equity Bank Rwanda partners with SanlamAllianz for Impamba: A new savings account for education, life insurance “This is a chance because we have the upcoming Rwanda Convention in Dallas, U.S. When they hear about this, they will know that we care about them, that we listen to their needs, and that we are creating ways for them to save back home in Rwanda. This wouldn’t have been possible without the strong support we’ve always received from SanlamAllianz Life Insurance Rwanda,” he added. Jean Chrysostome Hodari, Chief Executive Officer of SanlamAllianz Life Insurance Rwanda, said the company shares a strong vision with Equity Bank when it comes to fostering growth and finding financial inclusion solutions that can reach all Rwandans. Hodari explained that this new product is a unique solution in Rwanda. “Traditionally in insurance, it has been common for only an individual to have a policy. At SanlamAllianz Life Insurance Rwanda, we’ve introduced the idea of family insurance, but combining this approach with banking benefits is unprecedented, this is the first time it’s happening, and we encourage Rwandans living abroad to take advantage of it,” he said. He emphasised Rwanda’s ambitious growth goals and pointed out that life insurance uptake is still low. “This is why we want Rwandans in the diaspora to understand its benefits, participate, and share it with their families to help build a more secure future together,” he added. Hodari also acknowledged the role of Equity Bank. “Over the past ten years, Equity Bank has been reaching out to Rwandans living abroad, opening many accounts and building strong connections. This is something we deeply admire, as it reflects the same vision we have for serving Rwandans both at home and across the world.” Frank Ngarambe, Head of Bancassurance at Equity Bank, explained the product’s dual nature: “We wanted a product with two sides: a savings component and a risk component so that when you save, you benefit from both your accumulated savings and insurance protection in times of crisis. This is why we decided to work with SanlamAllianz Life Insurance Rwanda.” ALSO READ: Equity Bank’s Inter-Country Payment Suite: Simplifying regional trade, transactions The INZOZI Diaspora Savings Account offers favorable interest rates, can be used as loan collateral, and includes life insurance protection, according to Ngarambe. The Savings Insurance Protection Cover offers up to three times the amount saved, with a minimum payout of Rwf 5 million, regardless of the account holder’s savings balance. It provides coverage not only to the account holder but also to their spouse, children, and parents. It also covers travel expenses for a parent abroad to attend a funeral. Eligible individuals must be Rwandan nationals aged 18–64 residing in Europe, America, the Middle East, or key African cities. They need to present a Rwandan ID or passport when opening the account. The insurance component is mandatory and begins upon enrolment. Those without immediate family must nominate a next of kin. To open an INZOZI Diaspora Savings Account, Rwandans abroad can email rwandans.abroad@equitybank.co.rw. The bank will provide guidance and open the account remotely. Claims can be filed via a dedicated link on the bank’s website, with responses within 24 hours.

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FEATURED: Equity Bank Rwanda, SanlamAllianz launch 'INZOZI' Diaspora Savings account with Built-In life insurance