Fincoop, Smile Life insurance partner to expand rural insurance access
Smile Life Insurance Deputy CEO Beatrice Mangwana said the agreement will "expand access to life insurance services in remote localities."
DOWA, Malawi - Microfinance institution Fincoop and Smile Life Insurance Services Limited have partnered to increase access to life insurance services in rural Malawi, writes Mphateo M'bang'ombe.
The two companies signed a memorandum of understanding Monday at Thope Lodge in Dowa district to offer Smile's insurance products through Fincoop's rural distribution network over the next two years.
"We understand the importance of insurance in providing financial protection and peace of mind and we are committed to ensuring everyone, regardless of location or income, has access to these essential services," said Fincoop General Manager MacMillan Nankhonya.
The partnership, called Insurance Kumudzi, is part of Fincoop's Finance Access to Rural Markets Smallholder Enterprises project currently operating in nine districts including Dowa, Dedza, Lilongwe, Thyolo, Nkhata Bay and Mulanje.
"In the power of inclusive finance to transform lives, this collaboration will allow us to extend our impact even further," Nankhonya said.
Smile Life Insurance Deputy CEO Beatrice Mangwana said the agreement will "expand access to life insurance services in remote localities."
"By making life insurance accessible to rural areas, we can provide a safety net for individuals and families, ensuring their financial security in times of need," Mangwana said.
As implementation begins, the companies aim to provide lasting financial protection and peace of mind to individuals in remote areas who deserve essential insurance services.
"Financial security within reach for rural Malawians," Nankhonya said.