Sovereign Trust Insurance PLC and VTNetwork Launch Partnership Aimed at Broadening the Safety Net across Nigeria

AUGUST 20,2014.


VTN VCASH subscribers in Nigeria can now go online or use their mobile phones to obtain an array of insurance products through this partnership.

LAGOS  20th AUGUST 2014 :  Sovereign Trust Insurance PLC (NSE: SOVRENINS), a leading company providing insurance services of global standards, and VTNetwork (VTN), one of Nigeria’s leading mobile payment operators, today launched initial services which focus on accessible insurance policies.

Peter Ojo, Chief Executive Officer, VTN, spoke of a collaboration of innovators. “Sovereign Trust Insurance is a market leader." This is a world–class opportunity to for the first time, offer expansive accessible insurance services across the nation. These products will improve the average person's living standard and their ability to withstand financial shocks.”

Lekan Oguntunde, AGM/Head Information Technology and Strategy said that STIPLC had recently launched its e-business platform for real time online transaction of insurance business and that the partnership with VTN ensures that insurance services are readily available as a result of their seamless purchase.

Ojo said, “We mobile payment operators are there to provide enabling platforms that accelerate service adoption nationwide, and we are very happy that this very key segment of the economy, the insurance sector, are beginning to recognize the inherent value and are leveraging on mobile money.

VTN customers can access a range of STIPLC’s insurance services, and both companies are collaborating on developing micro and more affordable policies that will be introduced to the public on the approval of the regulatory authority.

Lanre Ojuola, AGM/Head, Business Development Department added that this partnership fits STIPLC’s desire to drive innovation in Nigeria’s competitive insurance sector. “Our customers can get quotes, report claims and purchase insurance online without leaving the comfort of their homes or offices.,” said Ojuola. Oguntunde reinforced that the VTNetwork-STIPLC partnership is to further increase the sales of insurance services online while also proffering convenience to valuable customers.

Ojo added, “We are thankful to Wale Onaolapo, Lekan Oguntunde, Lanre Ojuola and the numerous integration team members. Mr. Onaolapo was named Insurance Man of the Year for 2013 and his leadership is what made this partnership possible. It is great to be collaborating on new exciting insurance services with the market leader and innovator. These new integrated offerings will produce profitable lines of business AND greater economic prosperity at all levels for all our citizens and residents.”



About Sovereign Trust Insurance

Sovereign Trust Insurance PLC is a Nigeria-based company that offers classes of non-life insurance. It offers its products to such sectors as Oil and Gas, Telecommunication, Manufacturing, Banking, as well as Construction, among others. For more information, visit


About VTNETWORK Limited

VTNETWORK LIMITED is a leader in Nigerian payment services. It developed its platform in 2007 after several years processing transactions led to research into the peculiarities and challenges for electronic commerce in Nigeria. Its patent-pending mobile payment platform has been tested in Nigeria since 2007 with over 1,200,000 registered users and fully licensed by CBN for mobile payments. The platform is unique due to its hybrid nature, the redundancy of its fully-fledged capabilities and management knowledge of Nigerian digital consumers. It serves both m-payment and e-payment needs in the Nigerian market place. For more information, visit

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Media Contacts:


Sovereign Trust Insurance Plc


Lekan Oguntunde

AGM/Head Information Technology and Strategy Dept.

Sovereign Trust Insurance Plc

17 Adetokunbo Ademola Street

Victoria Island

Lagos, Nigeria

Direct Line: 234 1 461 5006-9, 461 1840


Lanre Ojuola

AGM/Head, Business Development Department

Sovereign Trust Insurance Plc

17, Adetokunbo Ademola Street

Victoria Island


Tel. +234 (1) 4615006 - 9

Mobile: +234 8056157400, +234 8099929145





Funmi Ojo


+ 234 8033286858

Partnership enquiries: Please click here: