Launch of Vodabima by Vodacom Tanzania

VODABIMA INSURANCE

Making digital inclusion in Tanzania a reality

Vodacom Tanzania has launched VodaBima, a service that allows customers to access insurance products through their M-PESA app for the first time, with a large portfolio of ten Tanzanian Insurance companies including state owned Zanzibar Insurance Corporation (ZIC).

The move also gives the Tanzania Insurance Regulatory Authority (Tira) a chance to extend insurance awareness to millions of Tanzanians. This puts Tira in a better position to achieve its target of extending the knowledge of management against the risk of contingent or uncertain losses to 80 percent of the population by the year 2030.

Despite insurance uptake doubling from 2009 to 2013, it is still one of the least utilised services in Tanzania. By bringing insurance services into the M-PESA portfolio, Vodacom Tanzania is able to remove the barriers to these products, making it easier for customers to access services. VodaBima enables customers to save up for insurance throughout the year. The customer will be sent an alert when the vehicle insurance is about to expire. VodaBima will begin with vehicle insurance and expand to other types of insurance as it evolves.

M-Commerce Director for Vodacom Tanzania, Epimack Mbeteni said, “Vodacom aims to bridge the gap of access to insurance services by offering a digital solution that will cut down costs and increase access to insurance products.”

“We are taking insurance services to the digital world where our clients will register and get the service at their comfort homes or workplace offices and at their convenient time,” detailed Mr Mbeteni while adding that there will be no more stress because the service will be available on the

Customers finger tips.

ZIC Director General Arafat Haji said apart from joining efforts with the government in improving insurance services in the country, the new initiative by the corporation aims at ensuring that more people are accessing insurance services closely and timely.

“This strategy comes at a time when statistics show that only 30 per cent have access to insurance services, therefore, more efforts are needed and we believe that through VodaBima, which is using a high-tech method through M-Pesa, we are now going to reach out to many people and assure our customers of maximum security in the course of providing services,” said Mr Haji. On his side, Britam’s Chief Executive Officer, Mr Raymond Komanga, said they are happy that clients will no longer need to walk here and there

Through this new service, VodaBima is leveraging M-PESA’s technology infrastructure and network, making insurance products more accessible and is a part of Vodacom’s digitisation agenda to bring services closer to customers through mobile innovation and technology.

searching for offices to access insurance services and get a chance to contact millions of Tanzanians through the Vodacom data base. Vodacom Tanzania is Tanzania’s leading mobile operator and financial services provider, with over 15 million customers. M-PESA was first introduced to Tanzania 13 years ago and is now Tanzania’s largest mobile financial service, with over 10 million customers.

M-PESA, originating from a joint venture with Vodafone, the British government and Safaricom, allows customers to deposit and withdraw money from their M-PESA wallet through over 106,000 agents across Tanzania alone.

The M-PESA ecosystem connects businesses, banks and government agencies making digital payments possible and encouraging financial inclusion across the continent.

Picture Courtesy of Vodacom Tanzania