FirstRand Ltd. obtained a license for short-term insurance services from South Africa's Financial Services Board, South Africa's Fin24 reported March 19.

The license will allow First National Bank to underwrite short- and long-term policies to businesses and retail customers as a complete insurer, the news outlet said, citing the bank.

Lee Bromfield, CEO of FNB Life Insurance, said the company would aim to leverage its ability "to interact with customers at a significantly lower cost than competitors."