Zeepay and UNCDF encourage Ghanaian resilience through diaspora microinsurance on International Day of Family Remittances under the GrEEn project
Today Zeepay, United Nations Capital Development Fund (UNCDF) and MoneyGram to announcing a new additional service offered by Zeepay and UNCDF exclusively for MoneyGram’s customers to complement the life of the remitter and their friends and families back home.
The service is designed as a Micro Insurance product, known as Beneficiary Micro Insurance under the Zeemicro service offered by Zeepay. Under this new service all MoneyGram customers that receive remittances from abroad will be enrolled automatically on a free microinsurance service, which is valid for a month with full benefits should an event occur.
The service is underwritten by reputable insurance partners such as Hollard Insurance, GLICO Life Insurance, Enterprise Insurance and State Insurance Corporation which are all available under the service. The service is fully approved by the National Insurance Commission and authorized by the Bank of Ghana for Zeepay under the Payment Systems and Services Act, 2019 (Act 987). The product offers the following, Death cover of up to GHS 5,000; Hospitalization up to GHS 3,000 (300 a day for 30 days); Permanent Disability of GHS 2,500; Temporary Disability of GHS 2,500 and Clinical Illness of up to GHS 2,500.
In an interview with the press, Andrew Takyi-Appiah “Insurance traditionally has been about protection and cover, however, over the years we have noticed that most insurance companies offer protection rather than both. Hence the reason why most Life Insurance balance sheets are not growing in the Country. As predominantly they have become Asset Managers. We believe our product Beneficiary Micro Insurance will offer the customers the long-awaited cover required”.
Dede Afriyie Quarshie, GM Commercial, in her statement added that “After three years of research, we observed that most immigrants abroad will have to send about USD1000 home, whenever there is death in the family. So, we partnered with UNCDF to launch this product for MoneyGram’s customers, which gives a death cover of up to about GHS 5000 in cedis should death occur in the family. So by signing on the product which costs as little as USD 1 (although free for this promotion period of 6 months), the immigrant gets to save GHS 5000 should such an event occur.”
Loretta Ofori-Ani, Zeepay Product Manager, Micro Insurance stated, “Last year we ran a demonstration and were very impressed with the results as we managed to insure over 2000 remittance receivers during that period. We are optimistic that over the next 6 months we should be able to sign on about 50,000 MoneyGram remittance receivers making this the most credible micro insurance product in Ghana.”
Under this partnership, Zeepay will increase access to and usage of digital financial services including remittance-linked services such as microinsurance for youth, women, and returning migrants in Ashanti and Western regions. “Zeepay will create a new paradigm in the areas of intervention of the GrEEn project by expanding its product offerings and network of agents in areas where access to financial services and remittances remain a challenge, especially for youth and women” said Arianna Gasparri, Technical Specialist, Inclusive Digital Economies, UNCDF.
Zeepay is the fastest growing mobile financial services company across Africa with operations in Ghana and the United Kingdom and terminating in 20 countries across Africa with termination agreements in over 90 jurisdictions globally. We specialize in remittance termination into mobile wallets and are completely network and partner agnostic. We are a wholly-owned Ghanaian company and regulated in the UK by Financial Conduct Authority-FCA # 592538 and in Ghana by Bank of Ghana- #00001. Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last-mile access. Visit myzeepay.com for more information.
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The UN Capital Development Fund makes public and private finance work for the poor. UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.
About MoneyGram International, Inc. MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world’s communities. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve over 150 million people in the last five years. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world’s top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement. For more information, please visit ir.moneygram.com, follow @MoneyGram on social media, and explore the website and mobile app through moneygram.com.