Zeepay, a fast-growing financial technology (fintech) and remittance company, has announced a new partnership with Enterprise Life to provide beneficiary insurance, known as Zeemicro, to remittance senders from the diaspora.
Under Zeemicro, the more than 500,000 Ghanaians in the United Kingdom can now purchase insurance cover for their beneficiaries when sending money home.
Remittance receivers on the policy will benefit from the following: natural death, accident, partial disablement, critical illness and hospital cash income benefit.
Commenting on the partnership, the Managing Director of Zeepay, Mr Andrew Takyi-Appiah, said: “The insurance industry in Ghana has a low penetration currently estimated to be below 2 percent, while mobile money penetration is over 60 percent. 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 participates.”
He said through the partnership with Enterprise Life, Zeepay was positioned to become a key digital player in the insurance sector, contributing to increase penetration, which is currently between one and two per cent in Ghana.
The Managing Director of Enterprise Life, Mrs Jacqueline Appiah, said the partnership provided opportunity to extend Enterprise Life’s affordable and innovative life solutions to Ghanaians in the UK and the diaspora.
She explained that “the uncertainties of life exacerbated by the corona virus pandemic have heightened our sense of anxiety, especially amongst Ghanaians living in the UK, who are 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.”
The Mobile Money Product Manager of Zeepay, Felicity Jaforktuk, said, “At Zeepay, we are solutions-driven and our strategy remains to leverage our mobile money platform to drive solutions that impact on everyday lives.”
She said Zeemicro offered GH¢5000 in full cover should there be an occurrence, and all claims will be paid instantly using mobile money.
Zeepay is the fastest-growing fintech in mobile financial services across Africa with operations in Ghana and United Kingdom and terminating to 20 countries across Africa and with termination agreements in over 90 jurisdictions globally.
BY TIMES REPORTER