Zimbabwe’s leading cellular network Econet Wireless is now offering life insurance cover to its over 4.5 million subscribers – a first for the southern African nation.
Econet Wireless Chief Executive Officer, Douglas Mboweni, said the launch of the product, called EcoLife, was part of initiatives to provide life insurance to those unable to get a policy due to high costs.
Zimbabwe faces depressed wages as the economy struggles to recover from a decade-long crisis. Most civil servants earn less than US$200 per month.
Mboweni said the product was developed in partnership with Trustco Mobile, a division of the Johannesburg Stock Exchange (JSE)-listed Trustco Group Holdings, which is a Namibian-based financial services company.
He said EcoLife would be sold for US$3 (about R21) per month as an airtime package which would ensure free life cover.
“This means that the more airtime one buys, the more cover they get, up to a maximum payout of US$10 000,” said Mboweni.
He said the scheme was not only free, but was also extremely simple to access for the user.
“A person does not have to visit FML offices to subscribe to EcoLife. Everything can be done via SMS,” said Mboweni.
Mboweni said the insurance product is one of many services Econet Wireless is developing to create convenience for its customers and help make life easier for Zimbabweans.
MERCY MUJURU in Harare, Zimbabwe