The National, Tuesday 16th April 2013
MORE than 85% of Papua New Guineans are excluded from formal financial services, according to a research conducted by Nationwide Microbank and Pacific MMI recently.
The research says grassroots people cannot access insurance as a formal mechanism to protect them from the many perils threatening their livelihoods.
Following extensive market research, Nationwide Microbank and Pacific MMI, supported by the Pacific Financial Inclusion Programme, have developed an innovative insurance product specifically developed and designed with low-income people in mind.
MiLife is the first micro insurance product to be launched in PNG and the first mobile micro insurance scheme in the South Pacific.
It protects families from the financial burdens following unexpected deaths and builds on the convenience of an award winning, safe and hassle-free mobile money scheme.
MiLife is a term life or funeral cover that will cover the life of the husband and wife for the duration of one year and provide a payout of K5,000 in the event of either insured’s death.
The cost of the MiCash Mobile Bank Account together with insurance premium is K55.
Clients will have access to a state of the art mobile banking account and insurance.
Nationwide believes that a bundled MiCash Mobile Banking and MiLife Insurance product represents a major milestone in making financial inclusion a reality in PNG.