NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, March 8, 2018

Edited by Fundisiwe Maseko.

Equitel subscribers will now have access to a mobile-based insurance product, called Riziki Cover. According to the company, the solution aims to ease the financial burden associated with lost daily income from one’s employment or personal business in case they are admitted to hospital.

The Riziki Cover has been introduced by a partnership between Equitel, Equity Insurance Agency, Britam as well as technical service provider, Inclusivity Solutions. It is accessible to Equitel subscribers who use airtime from Kshs 100 or make Mobile Banking transactions worth Ksh 1,000 or more per month.

The cash payout will be Kshs 400 per night for a subscriber who uses airtime from Kshs 100 or makes Mobile Banking transactions worth Kshs 1,000 or more per month. The cash payout will double to Kshs 800 for a subscriber who uses airtime from Kshs 100 and makes Mobile Banking transactions worth Kshs 1,000 or more per month.