SanlamAllianz Life Insurance Nigeria Limited has introduced a savings product, Esusu, aimed at encouraging regular savings among Nigerians while providing policyholders with life insurance protection.
The initiative, inspired by Nigeria’s traditional rotating savings culture, allows customers to build savings through flexible daily contributions, with the option of making additional payments depending on their financial capacity.
According to the insurer, the product is designed to help individuals develop consistent savings habits and work towards their financial goals without necessarily having to commit large sums at once.
Under the arrangement, customers receive a maturity benefit based on their accumulated contributions, less any applicable withdrawals, subject to the policy’s terms and conditions. The product also provides death cover, offering financial protection to beneficiaries in the event of the policyholder’s death, in line with applicable provisions.
Speaking at the launch, Tunde Mimiko, managing director and chief executive officer of SanlamAllianz Life Insurance Nigeria, said the product was developed to make structured savings more accessible by building on a financial practice already familiar to many Nigerians.
“At SanlamAllianz, we recognise that achieving financial confidence begins 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,” Mimiko said.
He added that the initiative combines familiar savings practices with the structure of an insurance-backed financial product, giving customers an opportunity to build financial security through regular contributions while enjoying additional protection.
Chris Ekwonwa, group head, Strategy, Marketing and Customer Relations at SanlamAllianz Nigeria, said Esusu also seeks to promote financial literacy and encourage individuals to plan ahead for future financial responsibilities.
According to Ekwonwa, the product uses a savings concept deeply rooted in Nigerian communities to make financial planning more relatable while introducing the additional benefits of an insurance arrangement.
Marketed under the campaign slogan, “Esusu – Savings Wey Confam!”, the product is available to eligible individuals between the ages of 18 and 80, subject to the insurer’s policy requirements and conditions.
SanlamAllianz said the initiative forms part of its efforts to develop customer-focused financial solutions that respond to the savings and protection needs of Nigerians.
