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PEG Africa, West Africa's leading pay-as-you-go financing company, announced a new nationwide partnership with BIMA the global micro-insurance and health pioneer, and prudential life. Eligible PEG customers will receive free insurance cover as a reward for loyalty and timely loan repayment.

PEG provides financing for solar products to low-income households on a 12 month rent-to-own plan. PEG's typical customer lives in a rural area and earns 5-10 dollar per day, spending up to 30% of that income on poor quality fuels such as kerosine, candles and batteries.

Whiles these customers have little ability to purchase a solar home system for cash, the payment plan offered by PEG allows them o purchase it over time, building ownership in the asset over 12 months with daily payments of 50 cents.

One of the primary reason that PEG's customers cease repaying their solar loan on-time is a health emergency that requires hospitalization.

Poor consumers have little or no savings, PEG worked with BIMA to create a unique insurance product that is specifically tailored to the kinds of emergency situations faced by a poor rural household.

PEG and BIMA have already conducted a successful pilot project providing insurance to over 2000 families. They will now scale the program nationwide, providing a vital financial safety net that creates an even more affordable way for Ghanaians to fund their energy needs.

The exclusive hospitalization insurance product pays out for every night spent it hospital as a result of illness or injury. For peace of mind, the PEG hospitalization product is underwritten by Prudential Life, a company with 1.268 trillions USD in assets under management and 49,000 employees.

"We are excited to be at the forefront of our industry, being the first player to provide these kinds of value-added services to rural consumers. BIMA has worked hard to design a product around the needs of our customers and the results from the pilot are very positive.

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," said Huge Whalan, Chief Executive Officer of PEG Africa.

Russell Haresign, Ghana Country Manager at BIMA, committed, "The PEG hospitalization product means that a period of illness or injury won't prevent a family from paying for the services it needs to succeed. We are very proud to wort with PEG, creating an innovative solution that tackles a business challenge whilst creating real value for consumers."