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| Vodacom’s M-Pesa Director, Epimack Mbeteni (centre) and Britam Tanzania Chief Executive Officer, Raymond Komanga greet each other during the launch of the new Digital Insurance Service held in Dar es Salaam recently. On right is TIRA Marketing Director, Zakaria Muyengi. |
- A digital platform facilitating easy access to affordable insurance services in partnership with Britam
- Over 13 million M-PESA customers to access Motor Insurance through their phones
- Other Insurance service categories to added into the portfolio
According to Finscope report 2013, Insurance uptake in Tanzania is at 13.0% having doubled from 6.8% in 2009. Despite the double digit growth, Insurance is still one of least utilized financial services in Tanzania. Different reasons are cited for the low numbers including a low awareness, mistrust of the service and bottlenecks to access the services. As a technology company with a vision to digitize Tanzania and change lives through technology, Vodacom is keen to bridge this gap by offering a digital solution that will ease access to Insurance products.
Speaking in Dar es Salaam, M-Pesa Director, Epimack Mbeteni said that VodaBima is a new addition to M-Pesa portfolio of products and services all aimed at making digital inclusion in Tanzania a reality.
“For 13 years now, Vodacom M-Pesa has been a key catalyst in growth of financial inclusion in the country and we are always looking into new ways of pushing for an inclusive digital economy. Vodacom aims to bridge the gap of access to insurance services by offering a digital solution that will cut down costs and increase access to Insurance products. VodaBima gives customers the option of saving up for Insurance at no cost in their VodaBima wallet throughout the year. VodaBima platform will send out push notifications and SMS alerts when your vehicle Insurance is about to expire
Mr Mbeteni added that the new product will bring insurance services closer to customers increasing convenience and accessibility and boost the insurance industry in the country as a whole. VODABIMA leverages on M-Pesa’s superior technology infrastructure and Vodacom’s wide network and Vodashop footprint countrywide ensuring safety, ease of access and convenience.
‘VODABIMA is a first in the market and offers the assurance of easy access to insurance services and simplicity of access to claims. We currently offer motor-insurance but plan to bring in more risk covers as the product keeps evolves.’
Director of Marketing and Research from Tanzania Insurance Regulatory Authority – TIRA, Zacharia Muyengi said that increased access to insurance services through mobile phones will benefit more customers as they will now be more aware of insurance services on offer in the market.
‘We work towards developing, promoting and maintaining an inclusive, efficient, fair, safe and stable insurance market for the benefit and protection of policy holders. We welcome use of mobile technology and innovation to bring these services closer to the people. Launch of VodaBima is a step towards creating a more efficient and transparent service through digitization of insurance services in the country.’
On his part, Chief Executive Officer of Britam Tanzania, Raymond Komanga, who are partnering with Vodacom to roll out digital motor insurance service said that use of telecommunication technology in accessing insurance, is a step closer towards making insurance services widely available to more people and will help mobilize more people to use insurance services and boost the industry as a whole.
“VODABIMA service is revolutionary in a sense that it will make it easy and cheaper for clients to access a variety of insurance services from providers. Clients will not have to visit insurance companies in person as they can access insurance services easily and conveniently on their phones. In addition, as the public become more educated on mitigating risk through use of insurance services.”
Launch of VodaBima is part of Vodacom’s inclusive and digital agenda and another step further in bringing services closer to customers through mobile innovation and technology.
“We want our customers to have an all-round enhanced user experience. The VodaBima is an additional product that can be accesses through M-Pesa’s revamped App where customers can access other products such as loans and savings services like Songesha and M-Pawa’. Mbeteni concluded.
About Vodacom Tanzania
Vodacom Tanzania Plc is the country’s leading mobile operator and mobile financial services provider. We provide a wide range of communication services for consumers and enterprise – including voice, data and messaging, video, cloud and hosting, mobile solutions and financial services – to over 14.1 million customers. Vodacom Tanzania Plc and its subsidiary companies are part of the Vodacom Group registered in South Africa, which is in turn owned by Vodacom Group Plc of the United Kingdom. It has been registered on the Dar es Salaam Stock Exchange (DSE) with registration number ISIN: TZ1886102715 Stock name: VODA.
For further information, please visit our website: www.vodacom.co.tz
About Vodacom M-Pesa Tanzania
Vodacom M-Pesa is Tanzania’s largest mobile financial service introduced by Vodacom Tanzania PLC in 2008. Now GSMA certified and with over 8 million customers, M-Pesa has significantly contributed towards financial inclusion and economic activity in the country. Customers deposit and withdraw money from their M-Pesa wallets through over 106,000 agents across the country. The M-Pesa ecosystem connects businesses, banks and government agencies making digital payments possible.
To date, M-Pesa continues to be the market leader in mobile financial services, rolling out innovative services such as savings & Loans, Virtual Debit cards, Overdraft services, Group savings, E-payments and many more, which address the real needs of Tanzanian thereby enhancing financial inclusion and deepening.
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