Vodacom Tanzania has partnered with East African insurance group, Britam, to launch VodaBima. VodaBima is a micro insurance platform accessible on Vodacom’s M-PESA menu in Tanzania.
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. The product will bring insurance services closer to customers increasing convenience and accessibility and boost the insurance industry in the country as a whole.
According to Finscope report 2013, Insurance uptake in Tanzania is at 13%, having doubled from 6.8% in 2009. Despite the double digit growth, Insurance is still one of least utilized financial services in Tanzania. This has been attributed to the low numbers including a low awareness, mistrust of the service and bottlenecks to access the services.
Speaking in Dar es Salaam, M-PESA Director, Epimack Mbeteni, said, “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.”
Also speaking at the launch, Zacharia Muyengi, Director of Marketing and Research at Tanzania Insurance Regulatory Authority (TIRA) , said that increased access to insurance services through mobile phones will bring awareness to more customers.