Nairobi Banking Insurance

Equity Bank Launches Income loss cover for Equitel users

Equitel users have a reason to smile after the launch of the Riziki cover that earns them some income in case they are hospitalized for three consecutive nights or more.

According to Jack Ngare, the managing director of Finserve Africa which runs the mobile network alongside Equity, users will only need to spend at least Ksh 100 on airtime or make mobile money transactions worth Ksh 1000 to qualify for the cover.

“We are proud to introduce this unique service to all our Equitel users who can now secure their daily earnings through Riziki Cover. It is easy and convenient to sign up and offers benefits that are accessible instantly. Our subscribers will now have peace of mind as they focus on getting back to full health in the event of sickness or injury,” said Jack.

Mr Ngare goes on to clarify that this is not a medical cover rather a way ensuring that the subscriber doesn’t lose income for the days that he/she is in hospital.

The cash payout from the insurance, for subscribers who lose earnings while hospitalised, will be Sh400 per night for any qualifying subscriber.

But it will double to Sh800 a night for any subscriber who uses airtime of at least Sh100 and makes mobile banking transactions worth Sh1000 or more a month, so the doubling comes on doing both.

The Riziki Cover is the product of a partnership between Equitel, Equity Insurance Agency, Britam , and technical service provider Inclusivity Solutions. It is being offered to Equitel subscribers who use airtime of at least Sh100 a month, or make mobile banking transactions worth Sh1,000 or more a month.

Currently, Equitel has 1.8 million subscribers, according to the Communications Authority of Kenya, but it is targeting extra market share in the lower end market with the new insurance-incentive marketing strategy.

The payout is only eligible for that month and is not transferable.

Subscribers can activate the cover by dialling *745# and after registering they are eligible to receive a fixed payout in case of hospital admission for a period of three consecutive nights or more because of an illness, injury or a condition. It is claimable in any hospital, public or private, with inpatient facilities licensed by the Ministry of Health.


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