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UniBank Ghana Limited has collaborated with Airtel Money and Star Micro Insurance to offer life insurance coverage for free (no premiums paid) as an additional benefit to subscribers who use Airtel’s mobile commerce product, Airtel Money.

A statement issued in Accra said Airtel Money users and their next of kin would be covered by the insurance package when they keep an average minimum balance of GHC 5 (USD 2.8) at the end of every month.

Airtel Money will build partnerships with other financial institutions and businesses with the view to ensuring that it provides its subscribers with products tailored to meet their daily needs.

The systems have been developed to ensure that claims presented within 30 days are paid within 48 hours of receipt of the required documents. The product is open to Ghanaian residents between the ages of 18-75.

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As a means to increase Rwanda’s insurance penetration, players in the sector continue to push the government to introduce more compulsory insurance products and waive Value Added Tax (VAT) on insurance premiums. The sector faces a demanding task of achieving penetration of 10% by 2020 from the current level of 2.3%.

Rwanda’s economic development, largely dependent on a population that lacks capacity to buy insurance, is a serious impediment to the growth of the insurance sector.

According to the latest Integrated Household Living Conditions Survey (EICV), Rwandans living in poverty has been reduced but the figure is still high at over 45%. The majority of Rwanda’s 10.7 million population are involved in small-scale agricultural activities which, to date, cannot attract insurance because few can afford it. Livestock insurance has begun but is moving at a slow pace because of the costs associated with it. This consequently discourages companies to offer the product.

Read more about the Rwandan insurance sector