Zeepay, a fast-growing fintech and a Challenger Electronic Money issuer (Mobile Money Company), has announced a new partnership with Enterprise Life to provide beneficiary insurance to remittance senders from the diaspora.
The product, known as Zeemicro, provides people in diaspora the opportunity to purchase insurance cover for their beneficiaries when sending money home and the policy is issued instantly.
The service will be available to senders within the United Kingdom directly to Ghana.
Remittance receivers on the policy will benefit from this policy in the case of natural death, accident, partial disablement, critical illness and hospital cash income benefit.
Speaking at the launch of the policy, the Managing Director of Zeepay, Mr Andrew Takyi-Appiah, said through the collaboration, Zeepay was now well positioned to become a key digital player in the insurance sector.
“The insurance industry in Ghana has a low penetration currently estimated to be below two per cent.
While mobile money penetration is over 60 per cent in Ghana.
This makes the product a perfect fit, as we leverage mobile money and remittance to drive insurance growth in Ghana.
The product will focus on the micro sector of the economy where the bulk of population participate,” he stated.
Extending life insurance to Ghanaians For her part, the Managing Director of Enterprise Life, Mrs Jacqueline Benyi, said the new partnership between the two companies would provide another opportunity to extend affordable and innovative life insurance solutions to Ghanaians in the UK and the diaspora.
She said this was a huge step towards providing all Ghanaians regardless of location the opportunity to life insurance.
She noted that the uncertainties of life, highlighted by the current pandemic has heightened the sense of anxiety especially amongst Ghanaians living in the UK, who were concerned about the well-being and safety of their loved ones back home.
“In this partnership, our goal is not only to offer life cover for the beneficiaries but also to eliminate the anxieties, easing the burden and assuring Ghanaians abroad that their remittances are well protected,” she stated.
Available to 500,000 Ghanaians Shedding more light on the product, the Chief Commercial Officer of Zeepay, Ms Dede Quarshie, said the product would immediately be available to over 500,000 Ghanaians living in the United Kingdom with beneficiaries living in Ghana.
“We are optimistic that this product will further deepen our financial inclusion drive across Ghana,” she said.
She said Zeemicro offers GH¢5000 in full cover should there be an occurrence, and all claims would be paid instantly using mobile money.
“We are delighted to bring this wonderful product to market and thank all our partners for making it possible including Enterprise Life and Gloremit UK our strategic partner for the service,” she noted.