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On the International Day of Family Remittances, Zeepay and UNCDF promote resiliency among Ghanaians

To improve the lives of the remitters and their friends and families back home, Zeepay, UNCDF, and MoneyGram are announcing today a new extra service that will be available only to MoneyGram clients.


Beneficiary Micro Insurance is the name of the Micro Insurance service under the Zeemicro service provided by Zeepay. With this new service, all MoneyGram customers who receive remittances from overseas will be automatically enrolled in a complimentary microinsurance program, which is valid for a month and provides full benefits in the event of an occurrence.


Reputable insurance partners who are all accessible through the service, including Hollard Insurance, GLICO Life Insurance, Enterprise Insurance, and State Insurance Corporation, underwrite the service.

According to the Payment Systems and Services Act of 2019, the National Insurance Commission has completely approved the service, and the Bank of Ghana has authorized Zeepay to use it (Act 987). The plan includes death insurance up to GHS 5,000, hospitalization up to GHS 3,000 (300 GHS per day for 30 days), GHS 2,500 for permanent disability, GHS 2,500 for temporary disability, and GHS 2,500 for clinical illness.


In a news conference, Andrew Takyi-Appiah Traditionally, insurance has been about providing protection and cover, but over time, we've found that the majority of insurance providers focus more on protecting than on providing both. This is the cause of the majority of life insurance balance sheets in the country not growing. It is mainly because they have evolved into asset managers. We think

We think that Beneficiary Micro Insurance, our product, will provide clients with the much-needed cover. "


In her statement, Dede Afriyie Quarshie, GM Commercial, stated, "After three years of research, we found that when a family member passes away, the majority of immigrants living abroad must return roughly $1,000 home." So, to introduce this product for MoneyGram customers that provides death insurance of up to about GHS 5000 in cedis should a death occur in the family, we teamed up with UNCDF.


Therefore, the immigrant gets to save GHS 5000 should such an occurrence occur by signing up for the product, which costs as little as USD 1 (although free for this promotion period of 6 months). "


Loretta Ofori-Ani, Micro Insurance Product Manager for Zeepay, said, "We conducted a demonstration last year and were quite pleased with the outcomes because we were able to cover more than 2000 remittance receivers during that time." "We believe we can sign up roughly 50,000 MoneyGram remittance receivers over the next six months, making this the most reliable microinsurance product in Ghana."


The UNCDF is charged with leading efforts of the European Union in Ghana to make remittances available and accessible to youth, women, and returning migrants in the targeted areas and to build on those flows to grant access to remittance-linked financial services to pave the way for more inclusive formal financial ecosystems.

To achieve this goal, UNCDF helps private sector participants like Zeepay Ghana innovate and broaden access to and utilization of these digital services. This collaboration centers on the following three vital UNCDF initiatives in Ghana under the GrEEn Project: improve the accessibility and closeness of services to the underserved; impact and enhance employment opportunities in the DFS industry, and encourage the use of digital financial services.


For young people, women, and returning migrants in the Ashanti and Western regions, Zeepay will expand access to and usage of digital financial services, including remittance-linked services like microinsurance.

According to Arianna Gasparri, Technical Specialist, Inclusive Digital Economies, UNCDF, "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."

Content created and supplied by: redghnew (via Opera News )

GLICO Life Insurance Hollard Insurance International Day of Family Remittances Micro Insurance Zeepay

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