NCBA Group is set to acquire AIG Kenya Insurance Company Limited for an undisclosed amount following approval by its Board of Directors.

The lender hopes to leverage AIG Kenya’s breadth and scale to offer corporations, SMEs, and individuals general insurance.

NCBA Group Managing Director John Gachora noted that insurance is increasingly becoming a basic financial need for NCBA's customers.

“We believe that by bringing together NCBA’s physical and digital distribution platforms and AIG Kenya’s insurance capabilities we will accelerate towards our ambition to become a universal bank that addresses a full set of our customers’ financial needs,” Gachora said.

Further, the lender has excluded confidence that the acquisition will further propel its revenue growth.

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On her part, AIG Kenya CEO Stella Njunge noted that the acquisition is an exciting development as it represents an opportunity to continue to build on the firm’s solid platform.

“Through a combination of NCBA’s customer centric product offering and their cutting-edge technology solutions, customers will be able to access a variety of insurance products and services, seamlessly,” she said.