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 known as Zeemicro.
People in diaspora can now 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 the following: natural death, accident, partial disablement, critical illness and hospital cash income benefit. Through this new collaboration with Enterprise Life, Zeepay is positioned to become a key digital player in the insurance sector contributing to increase penetration which is currently about 1-2% in Ghana.
Andrew Takyi-Appiah, Managing Director, Zeepay said: “The insurance industry in Ghana has a low penetration currently estimated to be below 2 percent. While mobile money penetration is over 60percent 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.”
Jacqueline Benyi, Managing Director of Enterprise Life, the foremost life insurance company in Ghana, speaking on the impact of this new partnership, said this partnership provides another opportunity to extend our affordable and innovative life solutions to Ghanaians in the UK and the diaspora, thus a step towards providing all Ghanaians regardless of location an ‘Advantage in Life’ the reason for which we exist as an organization.
The Managing Director went on to state that, the uncertainties of life, highlighted by the current pandemic has 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.
Dede Quarshie, Chief Commercial Officer, Zeepay, speaking about the service said: “The service will immediately be available to over 500,000 Ghanaians living in the United Kingdom with beneficiaries living in Ghana. We are optimistic that this service will further deepen our financial inclusion drive across Ghana.”
Felicity Jaforktuk, Mobile Money Product Manager at Zeepay mentioned: “At Zeepay, we are solutions driven and our strategy remains to leverage our Mobile Money platform to drive solutions that impact on everyday lives.
Zeemicro offers GH¢5000 in full cover should there be an occurrence, and all claims will 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”.
Zeepay is the fastest growing fintech into 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. We specialize in Remittance termination into mobile wallets and completely network and partner agnostic.