Commercial bank uniBank Ghana Limited reportedly has partnered with the local arm of telecommunications firm Airtel and Ghana-based insurance provider Star Microinsurance Services Limited to offer free life insurance coverage to subscribers of the mobile commerce product Airtel Money. Airtel Money customers “and their next of kin are covered by the insurance package when they keep an average minimum balance of GHC 5 (USD 2.89) at the end of every month” [1]. The amount of insurance coverage offered is not available.
Airtel Ghana serves approximately 1.76 million customers.
By Brendan Millan, Research Associate
About uniBank Ghana Limited: Incorporated in 1997, uniBank is a licensed commercial bank in Ghana. As of 2010, uniBank has total assets of GHS 394 million (USD 230 million) and deposits of GHS 308 million (USD 180 million).
About Star Microinsurance Services Limited: Incorporated in 2008 as an independent agency to collaborate with Star Assurance Company Ltd and StarLife Assurance Company Ltd, Star Microinsurance provides microinsurance products to low-income households in Ghana. Star Microinsurance currently has approximately 230,000 clients. Star Microinsurance does not report to the US-based nonprofit Microfinance Information Exchange (MIX) and financial data is not otherwise available.
Sources and Resources:
[1] Citi FM: “UniBank, Airtel Money launch free life insurance policy”, http://www.citifmonline.com/index.php?id=1.815854
MicroCapital.org Article, February 27, 2012, “FirstBank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat to Partner on Mobile Money”, https://www.microcapital.org/microcapital-brief-firstbank-of-nigeria-airtel-nigeria-glo-nigeria-etisalat-nigeria-to-partner-on-mobile-money/
MicroCapital.org Article, February 13, 2012, “MICROCAPITAL BRIEF: Airtel Launches Mobile Money Platform in Uganda,” https://www.microcapital.org/microcapital-brief-ugandas-airtel-launches-mobile-money-platform/
MicroCapital Universe Profile: Star Microinsurance Services Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Star+Microinsurance+Services+Limited
MicroCapital Universe Profile: uniBank Ghana Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=uniBank+Ghana+Limited
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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