August 20, 2022

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Zeepay and UNCDF encourage Ghanaian resilience by means of diaspora microinsurance on Worldwide Day of Household Remittances below the GrEEn mission

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Immediately Zeepay, United Nations Capital Growth Fund (UNCDF) and MoneyGram announce a brand new extra...

Immediately Zeepay, United Nations Capital Growth Fund (UNCDF) and MoneyGram announce a brand new extra service provided by Zeepay and UNCDF completely for MoneyGram’s clients to go with the lifetime of the remitter and their pals and households again dwelling.

The service is designed as a Micro Insurance coverage product, often known as Beneficiary Micro Insurance coverage below the Zeemicro service provided by Zeepay. Below this new service all MoneyGram clients that obtain remittances from overseas can be enrolled routinely on a free microinsurance service, which is legitimate for a month with full advantages ought to an occasion happen. 

The service is underwritten by respected insurance coverage companions similar to Hollard Insurance coverage, GLICO Life Insurance coverage, Enterprise Insurance coverage and State Insurance coverage Company that are all out there below the service. The service is totally permitted by the Nationwide Insurance coverage Fee and licensed by the Financial institution of Ghana for Zeepay below the Cost Programs and Providers Act, 2019 (Act 987). The product provides the next, Demise cowl of as much as GHS 5,000; Hospitalization as much as GHS 3,000 (300 a day for 30 days); Everlasting Incapacity of GHS 2,500; Momentary Incapacity of GHS 2,500 and Scientific Sickness of as much as GHS 2,500.

In an interview with the press, Andrew Takyi-Appiah “Insurance coverage historically has been about safety and canopy, nonetheless, over time we have now observed that the majority insurance coverage firms supply safety fairly than each. Therefore the rationale why most Life Insurance coverage steadiness sheets aren’t rising within the Nation. As predominantly they’ve turn into Asset Managers. We imagine our product Beneficiary Micro Insurance coverage will supply the purchasers the long-awaited cowl required”.

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Dede Afriyie Quarshie, GM Industrial, in her assertion added that “After three years of analysis, we noticed that the majority immigrants overseas should ship about USD1000 dwelling, each time there may be dying within the household. So, we partnered with UNCDF to launch this product for MoneyGram’s clients, which supplies a dying cowl of as much as about GHS 5000 in cedis ought to dying happen within the household. So by signing on the product which prices as little as USD 1 (though free for this promotion interval of 6 months), the immigrant will get to save lots of GHS 5000 ought to such an occasion happen.” 

Loretta Ofori-Ani, Zeepay Product Supervisor, Micro Insurance coverage acknowledged, “Final yr we ran an illustration and have been very impressed with the outcomes as we managed to insure over 2000 remittance receivers throughout that interval. We’re optimistic that over the subsequent 6 months we should always be capable of signal on about 50,000 MoneyGram remittance receivers making this essentially the most credible micro insurance coverage product in Ghana.”

In Ghana, UNCDF is tasked with main efforts of the European Union to make remittances out there and accessible for youth, ladies and returning migrants within the focused areas and construct on these flows to grant entry to remittance-linked monetary providers to pave the way in which for extra inclusive formal monetary ecosystems.

In fulfilling this goal, UNCDF helps non-public sector gamers similar to Zeepay Ghana to innovate and enhance entry and utilization of those digital providers. This partnership is round three crucial pillars of the UNCDF motion in Ghana below the GrEEn Challenge: 1) enhance entry and proximity of providers reaching the underserved, 2) influence and enhance jobs within the DFS sector and three) promote utilization of digital monetary providers.

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Below this partnership, Zeepay will enhance entry to and utilization of digital monetary providers together with remittance-linked providers similar to microinsurance for youth, ladies, and returning migrants in Ashanti and Western areas. “Zeepay will create a brand new paradigm within the areas of intervention of the GrEEn mission by increasing its product choices and community of brokers in areas the place entry to monetary providers and remittances stay a problem, particularly for youth and girls,” stated Arianna Gasparri, Technical Specialist, Inclusive Digital Economies, UNCDF.

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