Zeepay and Enterprise Life Insurance partner for life insurance in Ghana
Ghana’s a fast-growing fintech and Zeepay has announced that they have partnered with Insurance Industry leader, Enterprise Life to provide beneficiary insurance to remittance senders from the diaspora with a service called Zeemicro. This means that their customers can now purchase insurance cover for their beneficiaries when sending them money in Ghana.
The partners say that following the harsh economic crisis being experienced by most countries in Sub-Saharan Africa as a result of the outbreak of the coronavirus pandemic, they believe that the insurance will financially assist families members who are remittance receivers to manage eventualities such as natural death, accidents, partial disablement and critical illnesses.
Zeemicro offers GH¢5000 in full cover should there be an occurrence, and all claims will be paid instantly using mobile money.
Addressing the media in Accra, Zeepay MD Andrew Takyi-Appiah noted that the low penetration of the country’s insurance industry, which is currently estimated to be below 2% and the high mobile money penetration, which is now over 60% in Ghana makes Zeemicro a perfect fit for both companies. He said that the partnership leverages mobile money and remittance to drive insurance coverage growth in Ghana.
Enterprise Life MD Jacqueline Benyi said the partnership provides another opportunity to extend our affordable and innovative life solutions to Ghanaians in the UK and the diaspora. She added that it was a step towards providing all Ghanaians regardless of location an ‘Advantage in Life,’ which is the reason they exist as an organization.
Benyi noted that uncertainties of life, as highlighted by the current pandemic, have heightened society's sense of anxiety, especially amongst Ghanaians living in the UK, who are concerned about the safety and well-being of their loved ones back home.
“Through this partnership, our goal is not only to offer life cover for the beneficiaries but also to eliminate the anxieties, easing their [financial] burden and assuring Ghanaians abroad that their remittances are well protected,” she added.
Zeepay's chief commercial officer Dede Quarshie said that the service was immediately available to over 500,000 Ghanaians living in the UK who has beneficiaries living in Ghana. “We are optimistic that this service will further deepen our financial inclusion drive across Ghana,” Quarshie said.
Felicity Jaforktuk, mobile money product manager mentioned said that Zeepay are solutions- driven and their strategy remains leveraging their mobile money platform to drive solutions that impact on everyday lives.
“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,” Jaforktuk said.