PEG Africa, which offers “rent-to-own” financing for solar products in Cote d’Ivoire and Ghana, recently arranged to offer select customers no-cost insurance cover via Bima, a microinsurance service of Sweden’s Milvik. The rollout across Ghana follows a pilot project that served 2,000 families. PEG will enroll customers that meet certain criteria relating to loyalty and timeliness of repayment. The insurnace will pay out for each night spent in a hospital due to illness or injury.
PEG CEO Hugh Whalan said, “We are excited to be…the first player to provide these kinds of value-added services to rural consumers…. With this cover, our customers have the security of knowing that unexpected healthcare costs won’t limit their ability to access life-changing solar power.”
Ghana-based PEG offers plans with 12-month terms and payments of approximately USD 0.50 that are paid daily via mobile money services. It employs 180 full-time staff members as of 2017.
Bima provides paperless insurance and health services to 24 million customers in 16 markets in Africa, Asia and Latin America as of 2017. Since it began working in Ghana in 2010, it has insured approximately 2 million lives through the Tigo and Bima brands.
Sources and Additional Resources
PEG Africa to Reward Solar Customers with Free Insurance Cover
https://www.pegafrica.com/app/download/15043504225/PEG%20to%20Reward%20Solar%20Customers%20with%20Free%20Insurance%20Cover.pdf
PEG
https://www.pegafrica.com/
Bima
http://www.bimamobile.com/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at: https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: M-Kopa Raises $250m to Expand Financing of Mobile Phones, Solar Equipment in Africa
- MICROFINANCE EVENT: Unlocking Solar Capital (USC) Africa; May 31 – June 1, 2023; Kampala, Uganda
- MICROCAPITAL BRIEF: David Grimaud Named CEO of Palladium Group’s Bamboo Capital Partners
- MICROCAPITAL BRIEF: Oikocredit Loans Yellow of Uganda $5m for Off-grid Solar Energy in Africa
- MICROCAPITAL BRIEF: Arohan of India Raises $11m in Equity from FMO to Expand Microfinance, Including via Technology