Orange Mali, NSIA launch ‘Sini Tonon’
By Issa Sikiti da Silva
The insurance and savings sector in Mali has been revolutionised with the launch recently of a mobile money product called ‘Sini Tonon’, an initiative of insurance giant NSIA (Nouvelle Société Interafricaine d’Assurances), in partnership with Orange Mali.
Sini Tonon is an Orange Money savings account which allows consumers to save as little as US$6 (3000 FCFA) and benefit from various insurance products, NSIA Mali MD Kodjo Worou Salami told reporters in the capital Bamako.
When the account holder’s savings reaches US$80 (40 000 FCFA), he or she will be part of a draw conducted every three months by NSIA to determine which subscribers will win an amount of US$2000 (1 million FCFA).
Every account holder who manages to save 40 000 FCFA will receive an annual interest of 2%, the insurance company, which has representations all over West Africa, said.
The 40 000 FCFA ceiling will also give the holder the opportunity to have access automatically to insurance products such as life insurance, financial assistance to dependents in case of death (all causes) or permanent total disability, and financial assistance for the reimbursement of medical expenses in case of complications related to childbirth, Salami said.
Very few people in this impoverished, less advanced West African nation have insurance accounts due to poverty and low purchasing power, lack of awareness in poor communities, red tape and the conditions seen by many ordinary citizens as ‘extremely complicated’.
Sini Tonon give us hope and the courage to enter this market, which many of us believe is strictly reserved for the well-off and the politicians,” Orange user Fatou Cissé said last week.
To open a Sini Tonon account, Orange users need only to dial #144# from their mobile phones.