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Today Zeepay, United Nations Capital Development Fund (UNCDF) and MoneyGram to announce a new additional service offered by Zeepay and UNCDF exclusively for MoneyGram's customers to compliment the life of the remitter and their friends and families back home.

The service is designed as a Micro Insurance product, known as Beneficiary Micro Insurance under the Zeemicro service offered by Zeepay. Under this new service all MoneyGram customers that receive remittance from abroad will be enrolled automatically on a free microinsurance service, which is valid for a month with full benefits should an event occur. 

The service is underwritten by reputable insurance partners such as Hollard Insurance, GLICO Life Insurance, Enterprise Insurance and State Insurance Corporation which are all available under the service. The service is fully approved by the National Insurance Commission and authorized by Bank of Ghana for Zeepay under the Payment Systems and Services Act, 2019 (Act 987).

The product offers the following, Death cover of up to GHS 5,000; Hospitalization up to GHS 3,000 (300 a day for 30 days); Permanent Disability of GHS 2,500; Temporary Disability of GHS 2,500 and Clinical Illness of up to GHS 2,500.

In an interview with the press Andrew Takyi-Appiah "Insurance traditionally has been about protection and cover, however over the years we have noticed that most insurance companies offer protection rather than both. Hence the reason why most Life Insurance balance sheets are not growing in the Country.

As predominantly they have become Asset Managers. We believe our product Beneficiary Micro Insurance will offer the customers the long-awaited cover required".

Dede Afriyie Quarshie, GM Commercial, in her statement added that, "After three years of research, we observed that most immigrants abroad will have to send about USD1000 home, whenever there is death in the family. So, we partnered with UNCDF to launch this product for MoneyGram's customers, which gives a death cover of upto about GHS 5000 in cedis should death occur in the family. So by signing on the product which costs as little as USD 1 (although free for this promotion period of 6months), the immigrant gets to save GHS 5000 should such an event occur."