Wakandi launches life insurance with Sanlam for SACCOs in Tanzania
Cooperative societies have always been there for their members and families. This inspires us to give valuable and low-cost financial services to everyone in these groups. We've been doing good work in Tanzania and have more good news to share.
We are excited to announce that Wakandi Tanzania has received the “Insurance Digital Platform" license from the Tanzania Insurance Regulatory Authority (TIRA). The license enables us to offer customers different insurance services online with our digital platform's help.
Life Insurance and Loan Protection for SACCOs
With this new license, we're adding a 'Life Insurance with Loan Protection' feature in the Wakandi app. It was developed to provide a safety circle for the families of SACCO members. This means every member's loan will come with insurance to safeguard their family in case of death, securing them from paying the loan - but also supporting the funeral cost.
With this new insurance facility, SACCOs will be able to:
- provide comprehensive protection to the member's families
- ensure complete repayment of members' loans in case of death
Mr. Masoud Mndeme, Principal Officer, Wakandi
"In the unfortunate event that the borrower dies and owes a loan to the association, this insurance will pay the entire debt. This will allow the lender to have the protection of the loans he gives to avoid the risks of getting losses. If that is not enough, when a member dies with debt, his family has peace of mind because he does not inherit debts." Masoud Mndeme, Wakandi, Tanzania.
We aim to offer valuable financial services to cooperative societies and enable them to create a positive impact on their members as well as their families. We want to thank Sanlam Ltd. for supporting us in our mission.
Partnership with Sanlam Life Insurance
We are delighted to announce our partnership with Sanlam Life Insurance, a leading financial services company in Africa. Sanlam offers affordable life insurance, financial planning and general insurance solutions to individuals, families, businesses, and institutions. Established in 2005, the company has grown to become the leading life insurance-providing company in Tanzania.
We have partnered with Sanlam to extend insurance services to cooperative societies and other savings groups. We believe that this partnership will enable us to provide the right insurance solutions to cooperatives and enable them to safeguard the interests of their members.
Mr. Julius Magabe, CEO, Sanlam
"Sanlam and Wakandi have one common goal: we want to provide protection to small organizations like SACCOS so they can sustain themselves economically. But in order for a SACCOS or a small financial institution to be able to continue lending to its needy people for economic sustenance, the capital of the SACCOS or microfinance institution must be protected, and the borrower must also be protected so that in the event of a problem, his family remains safe”. Regional Excecutive, Sanlam.
As we move ahead to provide digital financial services, it is important for us to work in tandem with SACCOs, so we understand their actual needs. The insurance feature is one of the many services that Wakandi brings to every SACCO member. We continue to offer such facilities and build a better financial world for society.