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Nyaradzo Life Assurance Company introduces diaspora package

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Nyaradzo Life Assurance Company

Nyaradzo Life Assurance Company has launched a pioneer product, the Sahwira International Plan (SIP) that will cater to Zimbabweans living in the Diaspora across the globe.

The SIP will bridge the gap and give those living abroad the opportunity to be present for the burial of their loved ones. And it is available for complete registration online.

Speaking at the launch of SIP Nyaradzo chief executive officer Philip Mataranyika said the new product was especially focused for Zimbabweans living in the Diaspora.

“Today, it is estimated that there is an excess of three million Zimbabweans residing in the Diaspora and they are often not catered for by most Zimbabwean products.

We feel that Diasporans are key clients so we have tailor-made a product that meets their needs particularly when it comes to the repatriation of their loved ones. The SIP is a product dedicated to ‘redefining convenience’.

“The product benefits both Zimbabweans based in the Diaspora as well as their loved ones back home, meaning that you can cover your spouse, children and any other dependants both in the Diaspora and in Zimbabwe,” he said.

SIP allows policyholders to get two return air tickets from wherever they are in the world to Zimbabwe.

“The thinking behind this product is that death comes when least expected and in our culture, it is the norm to be present for a family burial whether immediate or extended.

However, being present can be very difficult without planning and as Nyaradzo Life Assurance Company we want to bridge that gap and give people living abroad the opportunity to be present for the burial of their loved ones,” said the CEO.

Management says the second milestone benefit of SIP is the provision of accommodation in comfortable apartments. The apartments have Wi-Fi and are fully-furnished to an upmarket standard.

This consideration for accommodation is also a solution for customers who live abroad and have properties in Zimbabwe but are renting them out.

The third innovative benefit is the provision of a double cab vehicle. Customers will be able to use the vehicle for the duration of their stay which is capped at 7 days.

In terms of the SIP, the policy covers the principal member, spouse and children under the age of 23 resident in foreign countries who wish to be repatriated to Zimbabwe.

It provides cover to other dependants and children above the age of 23 at an additional premium. One has an option to cover their relative/s of their choice who reside in Zimbabwe.

In terms of benefits within the country of residence, the SIP provides a coffin with a hermetic seal suitable for international transportation. It also provides removal from place of death to mortuary; international embalming and body preparation; repatriation to Zimbabwe and grocery allowance.

And in Zimbabwe the policy provides chapel services where chapel is available; hearse to place of burial within Zimbabwe; provision of a casket commensurate with the chosen plan; bus transport (depending on the plan type) for mourners from place of mourning to place of burial in Zimbabwe using the shortest possible route, subject to accessibility of the roads; graveside equipment; provision of a 200 seater tent; chairs and two portable toilets at one chosen location for two nights.

Nyaradzo Life Assurance Company is a member of an insurance and events management group which offers diverse products and services solutions through listening to and understanding the needs of its stakeholders.
The Herald

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BUSINESS

African leaders boycott WEF Africa over xenophobic attacks in SA

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World Economic Forum on Africa

The presidents of Rwanda, Democratic Republic of Congo and Malawi have decided not to attend the World Economic Forum on Africa hosted by South Africa in the face of ongoing looting and burning of small businesses in that country, owned largely by African immigrants, local media reported on Wednesday.

The chairman of the African Union Commission Moussa Faki Mahamat has condemned the attacks, which have seen scores of people arrested in Johannesburg and the capital Pretoria.

Reports said Zambia had also cancelled a friendly football match with South Africa’s national men’s team Bafana Bafana scheduled for March.

Nigerian President Muhammadu Buhari instructed his foreign affairs minister to summon South Africa’s high commissioner to Nigeria over the violence.

Some South Africans say they are retaliating against crime committed by foreigners and the sale of illicit goods by foreign shop owners, but political analysts say African immigrants have become scapegoats for rising anger over joblessness and general economic woes.

In a statement on Tuesday, the African Union Commission’s Faki called for “immediate steps to protect the lives of people and their property, ensure that all perpetrators are brought to account for their acts and that justice is done to those who suffered economic and other losses.”

“The chairperson reiterates the African Union’s Commission continued commitment to support the South African government in addressing the root causes that led to these despicable acts, in order to promote peace and stability, within the framework of the African Union’s longstanding principles of continental solidarity,” his spokeswoman Ebba Kalondo said. African News Agency

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BUSINESS

Econet goes into forex exchange. Launches bureau de change

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Ecocash Zimbabwe

ECOCASH has launched a digital mobile phone-based bureau de change in a move set to increase competition in the foreign currency exchange business.

The innovative facility, a first by a mobile money service provider, will likely revolutionise the business by providing the much-needed convenience to the platform’s 10 million registered customers.

According to the company, the new service will allow EcoCash customers to sell foreign currency in real-time and instantly have the local currency converted and credited to their wallets.

The move follows the granting of an operating licence to EcoCash by the Reserve Bank of Zimbabwe, which has an effect of increasing access to specialised digital financial services to millions of Zimbabweans.

Speaking at the launch of the service in Harare yesterday, EcoCash chief executive officer, Ms Natalie Jabangwe, explained how the service would work.

“Before performing a currency conversion transaction, one needs to fund their EcoCash wallet,” she said, adding that a wallet could be funded in a number of ways.

“You fund your wallet by doing a cash-in of physical US dollars (or forex) into the wallet. Or you fund your wallet over the counter, at any Econet Shop. You can also fund your wallet through a direct in-wallet receipt of remittances from the diaspora into your EcoCash wallet. This could be through existing EcoCash remittance partners, which include Cassava Remit, World Remit, Mukuru, Western Union, Money Gram, Orange Botswana and MTN.”
Ms Jabangwe said an EcoCash customer could also fund their wallet via a Nostro bank-to-wallet transfer on their phone, from their respective FCA bank account linked to the EcoCash FCA wallet. She said once the wallet was funded, a customer could then proceed to dial a dedicated EcoCash Bureau de Change menu on the access code *150# to carry out their transaction.

“Customers will be able to check the rate of the day, get a quote for the amount to be sold and receive instant ‘confirmation of sale’ of foreign currency and the ZW$ conversation amount – all this happening via their mobile phone,” Ms Jabangwe said.

Cassava Smartech CEO, Mr Eddie Chibi, the parent company of EcoCash, said: “We are excited to be the first and only mobile financial service provider in Africa to offer this innovative service to our customers, empowering them with a simple, convenient, fast and real-time Bureau de Change service that they can access and use to transact anywhere, anytime.”

He said the service will help customers access competitive exchange rates quickly, convert or change their money in real-time, and transact on a secure platform that they have come to trust.

Ms Jabangwe said EcoCash Zimbabwe continued to leverage on the dynamic innovation capabilities that technology gives by building new products and services that go beyond the early services of financial inclusion.

“The advantage of having a scaled transaction platform is that you can build new services in line with a changing market environment. Accessibility of these services on the mobile phone enables us to travel the journey with our customers towards more complex but necessary financial services in the future,” she said. The Chronicle

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BUSINESS

Eskom Begins 400MW Power Supply to Zimbabwe

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Fortune Chasi

ZESA Holdings has reportedly started receiving 400 Megawatts of electricity from South Africa power utility, ESKOM.

This comes after the latter accepted Zimbabwe’s payment plan which involves payment of US$890,000 per week to settle its long-standing debt with ESKOM.

Zimbabwe is currently generating about 692 megawatts against a daily peak demand of about 1 600MW to 2000MW in winter.
All sectors were projecting fewer revenues this year as a result of the crippling load-shedding which ZESA had implemented due to the power deficit in the country.

Some companies were contemplating closing some of their branches with OK Zimbabwe, one of the biggest retailers in the country, having already closed one of its shops in Rusape.

The main power generator in the country, Kariba South Hydropower plant, has reportedly been immensely affected by the shrinking water levels at the dam whilst Hwange thermal power is underperforming due to ageing equipment.

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