In order to support companies in obtaining and executing public and private contracts and to protect them against defaults, the National Insurance and Reinsurance Company (SONAR) has designed a new product called „ Insurance-credit-attention ”. A product whose goal is to enable subscribers to undertake transactions in a serene manner. Considered as an innovative solution, this official offer was presented on June 9, 2022 to media men and women during a press lunch.
It helps businesses cope with customer insolvency and meet the needs of market prudence, financial precaution required in certain industries, which are often major concerns of ancillary economic actors at SONAR wants to find a solution. by means of credit-guarantee insurance. With this product, SONAR offers caution insurance and credit insurance to its customers.
The purpose of credit insurance is to insure the insured against the risk of default of his client due to insolvency. For example, it allows the supplier to have more confidence because in the event of bankruptcy, credit insurance will overcome the customer’s insolvency. As for bail insurance, it allows companies to be protected from their commitments.
- Thomas Zongo, CEO at SONAR
In this specific case, SONAR undertakes, in the event of the company’s difficulty, to pay the beneficiary the amount of the deposit indicated on the contract. This allows financial institutions and banks to have more confidence in their business to execute transactions. In addition, six types of coverage are offered by SONAR. We have the bid guarantee, the performance guarantee deposit, the deposit withholding guarantee, the financial guarantee guarantee and the supplier credit guarantee.
According to Thomas Zongo, director general of the insurance company, credit-guarantee insurance facilitates the procurement and execution of contracts and contributes to the financial security of companies. «Several companies do not have enough assets or own funds, which can be used as collateral or with caution. And with what product, the insurer replaces the contractor to provide the guarantee and assurance of the foreman who of the company that is in the process of soumissionner au marché, of des financial guarantees for the power of execution of the market without problems », he explains .
- Emmanuel Yoda, representative of the sponsor
Credit-guarantee insurance has several advantages, including the facilitation of obtaining new contracts and contracts by securing customers and business partners; strengthening the credibility of the company in the execution of contracts; cash flow optimization as well as access to affordable financing costs. All natural and legal persons practicing in the field of public and private markets, as well as those carrying out activities subject to financial guarantees, may take out this insurance offer.
The launch of this new service offered by SONAR has been placed under the patronage of Issaka Kargougou, Director General of the Burkina Chamber of Commerce and Industry. He, through the voice of his representative, Emmanuel Yoda, hailed this new solution, which he said would bring relief to entrepreneurs. You do not have to invite individuals and legal entities, who apply to the public and private markets and those who need a financial guarantee, to join SONAR to discover and use assurance-credit-caution that. propose.
Armelle Ouédraogo / Yaméogo