Zimbabwe News and Internet Radio

Econet insurance covers 4m subscribers

By Natasha Chamba

Newly-approved independent company Cassava Smartech Zimbabwe Limited (CSZL) says its insurance arm, Cassava Insurtech, has recorded close to four million subscribers.

People follow proceedings during Econet’s launch of Cassava products at a local hotel last Friday
People follow proceedings during Econet’s launch of Cassava products at a local hotel last Friday

Speaking at the launch of the new Cassava mobile money platform, EcoCash FCA digital wallet in Bulawayo on Friday, chief commercial officer, Mr Givemore Jojo said insurance penetration in Zimbabwe was five percent of the total population hence there is a broader scope for improvement.

“Insurance penetration in Zimbabwe is very low accounting for only five percent of the population in Zimbabwe leaving the rest of the 95 percent in the cold. At Cassava, through our insurance arm, Insurtech, we want everyone to be insured,” said Mr Jojo.

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“EcoSure (funeral insurance cover) so far, has insured over two million people while EcoMoovah (an auto insurance product) has insured nearly 1,9 million people.”

Recently, Cassava launched its education life time insurance product whereby an education benefit payout is made for the duration of a child’s primary or secondary school education or both in the event of the death of a parent or legal guardian.

Mr Jojo said Cassava will soon be launching a mobile micro insurance health cover to cater for the cost of diseases and accidents that result in injury.

Meanwhile, EcoCash brand manager, Mr Gordon Pemba, explained in detail about their FCA wallet, which he said will be used alongside the existing wallet as an option on the EcoCash menu.

“The FCA wallet provides an opportunity for our customers to preserve value and enjoy convenience and it appears alongside the RTGS digital wallet as an option on the EcoCash menu,” he said.

“Our customers will now be able to alternate between the RTGS Nostro wallet and the FCA wallet to conduct their business and personal transactions.”

All EcoCash foreign currency transactions do not attract the new transaction tax and all proceeds from international remittances would be automatically preserved in the foreign currency wallet, said Mr Pemba.

He noted that the introduction of the FCA wallet has brought back the EcoCash debit card, which had been suspended from international usage since last year.

The FCA wallet is exclusive to US$ only and money cannot be transferred from the FCA wallet to the RTGS Nostro wallet. The Chronicle