SanlamAllianz Life Insurance Nigeria has introduced a new product called Esusu, a savings plan designed to nurture regular saving habits among Nigerians while pairing those habits with life-insurance protection through a structured contribution model and a clear maturity benefit.
The offering draws on Nigeria’s long-standing rotating-savings culture, allowing participants to deposit modest sums each day. Contributors can also add extra payments when their finances permit, providing flexibility without the need for large upfront or irregular contributions.
When the term ends, members receive a benefit equal to the total contributions that remain after any withdrawals, subject to the policy’s conditions. In addition, the scheme incorporates a death benefit that supplies financial support to the beneficiaries named by the account holder.
“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,” said Tunde Mimiko, managing director and chief executive officer.
Unlike many conventional savings instruments that require lump-sum deposits, the daily-contribution model mirrors the informal “esusu” groups that have helped Nigerians manage cash flow for decades. This similarity may lower entry barriers and encourage participation among lower-income earners.
Group head of Strategy, Marketing and Customer Relations Chris Ekwonwa added that the initiative seeks to help individuals plan ahead for upcoming expenses and to protect their families’ wellbeing.
