Bharti Airtel (Airtel), an India-based telecommunications provider, reportedly is expanding the range of services that users in Zambia can pay for with its ‘Airtel Money’ mobile money service to include insurance. Airtel’s 1.8 million customers in the country will now be able to purchase insurance policies from Nico Insurance Zambia, an insurance provider and subsidiary of Malawi-based Nico Holdings Limited. Nico Insurance will be offering a discount of an unreleased amount for Airtel customers in the country. In addition to purchasing insurance, Airtel customers in Zambia can use their mobile accounts to transfer money to other Airtel accounts, pay utility bills and purchase airline tickets. Airtel currently offers insurance and other money transferring services through EcoBank in seven other African countries.
As of August 2012, Airtel reports total assets of USD 636 billion and approximately 261 million subscribers across 150 countries. Nico Insurance Zambia opened in 1997 as a subsidiary of Nico Holdings Limited, which offers a range of services in Malawi, Mozambique, Tanzania, Uganda, Zambia and Zimbabwe.
By Megan McGowan, Research Associate
About Bharti Airtel:
Founded in 1995, Bharti Airtel (Airtel) is an Indian telecommunications company headquartered in New Delhi, India. Airtel operates Airtel Money, a mobile money service that allows users to transfer money, pay bills and perform other financial transactions directly from their mobile phones. As of August 2012, Airtel reports total assets of USD 636 billion and approximately 261 million subscribers across 150 countries.
Sources and Additional Resources
[1] Mobile Payments Today: “‘Airtel Money’ Reaches 1.8 million Zambian Customers, Now Offers Mobile Insurance,” January 2, 2014, http://www.mobilepaymentstoday.com/article/225445/-Airtel-Money-reaches-1-8-million-Zambian-customers-now-offers-mobile-insurance
MicroCapital: “Airtel, Tanzania Postal Bank (TPB) Partner to Offer Mobile Banking Services,” October 29, 2013, https://www.microcapital.org/microcapital-brief-airtel-tanzania-postal-bank-tpb-partner-to-offer-mobile-banking-services/
MicroCapital: “Airtel, EcoBank Partner to Provide Mobile Money Services in Africa,” October 22, 2013, https://www.microcapital.org/microcapital-brief-airtel-ecobank-partner-to-provide-mobile-money-services-in-africa/
MicroCapital: “Bharti Airtel, MicroEnsure Launch Mobile Microinsurance Service in Africa,” August 28, 2013, https://www.microcapital.org/microcapital-brief-bharti-airtel-microensure-launch-mobile-microinsurance-service-in-africa/
MicroCapital Universe Profile, Bharti Airtel:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bharti+Airtel
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