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Bancassurance key in raising insurance penetration

The Central Bank of Kenya in Nairobi. [File, Standard]

In 2004, the Central Bank of Kenya (CBK) took a significant step by granting the first commercial bank the authority to operate a bancassurance business.

This landmark decision paved the way for nearly 30 banks and microfinance institutions to establish bancassurance services through specialised agencies and subsidiaries.

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