Thread by @mmnjug

In December of 2019, we got information on something called #Mali which @SafaricomPLC, was working on.

#Mali would be a product that would allow customers to invest as little as Kes100 in Unit Trusts while earning daily interest. This would be accessible via USSD, and customers would be able to add investment via M-Pesa.

.@SafaricomPLC then issued a statement saying the product was still under testing and yet to be approved by regulators.

Exactly a year later, it was reported that @SafaricomPLC was officially seeking approval for two new products: Unit Trusts #Mali and insurance #Bima. It is unclear as of now whether the company has received approval. However, both products are yet to be publicly available.

#Bima is Swahili for insurance. Which is what #SafaricomBima will be offering.

Both #Mali and #Bima are under something the company calls ‘Safaricom Wealth Management Service‘. So while Mali handles investments, Bima handles risk protection.

When you dial *230#

If you use @SafaricomPLC Home Fibre, you already know that the company offers home insurance in partnership with Jubilee Insurance. It seems #Bima will be offering way more compared to this other product.

According to @TechCrunch, #SafaricomBima will cover:

Against property damage,
Theft
Loss of life, provisionally

Insuretech in Africa: tcrn.ch/3DdzSJA

As it appears, @SafaricomPLC believes they’re able to not only build something that will bring as many people into one pool as possible but also offer something insurance companies in Kenya have failed to.

We can expect – when #SafaricomBima finally becomes available – flexible and friendly premiums, easier ways to make claims, faster settlements compared to what’s currently available in the market, that the whole approach to insurance in Kenya will change should Bima work well.

.@SafaricomPLC will have both #Bima and #Mali under the same *230# USSD Code.

What is #SafaricomBima the insuretech product by @SafaricomPLC bit.ly/3GWwq8a by @TechishKenya

#LetsGoBeyond