Nairobi headquartered Fintech firm 4G Capital has partnered with Kenya’s micro-insurance startup, Turaco, to offer micro health insurance to their clients in Kenya.
The cover, whose cost of a 12-month policy starts at KSh1,000 per year, also takes into account COVID-19 patients.
In the wake of the coronavirus pandemic, the fintech firm is also offering the following:
- Reducing the pricing of loans by 10%
- Cancellation of all late-fees for clients who are struggling to repay
According to the firm, the majority of its clients are traders who operate within the informal sector, where one unprecedented financial burden could put them out of business. Therefore, Turaco is offering them an insurance package designed to ease the financial burdens associated with hospital admissions and death.
The cover caters for people who are hospitalized for three consecutive nights or more, or in the unfortunate event that they pass away.
Furthermore, the clients will have the ability to claim via WhatsApp or telephone, and then receive cash via their mobile money wallets in just 72 hours.
Prudential Life Assurance Kenya Ltd. is the product’s underwriters, with Ellard Insurance Agency Ltd. DBA Turaco being the distributor.
4G Capital began its operations in Kenya in 2013 by providing financial literacy training blended with unsecured working capital credit. The firm says it has lent over 750,000 loans valued at $90 million.