KWFT and Liberty Life Assurance Partner To Offer Last Respect Benefit Cover.
Tuesday 21st March 2017, Nairobi: Kenya Women Micro Finance Bank (KWFT) has partnered with Liberty Life Assurance, to roll out
a Last Respect Benefit Cover dubbed, KWFT Maisha Plus to it’s over 800,000 KWFT clients. The cover will be offered by KWFT at a premium of Ksh.
75, will seek to give the KWFT customer’s beneficiaries peace of mind in the unfortunate event they pass on and ensure they are given a proper send off.
Speaking at the signing ceremony, Mwangi Githaiga, Managing Director KWFT, noted that many Kenyans face financial challenges when it comes to the
final sendoff of relatives, with many resulting to fundraising in social networks to meet the costs of the burial.
“Life is full of unpredictable events and one of them is death. It's always a hard time for the family and friends of the deceased.
The financial burden accompanied with the loss is even more strenuous leaving the family emotionally and financially drained. Thus leading
to numerous harambees to raise funds to cover the funeral expenses,” said Mwangi Githaiga, Managing Director KWFT.
Mwangi further added that, at KWFT we are family oriented, we believe by serving the woman we serve the entire family,
hence we endeavor to maintain strong relationships with our clients. By offering Maisha Plus to our clients,
we aim at the cover providing peace of mind to the family members during and after the bereavement as it eases the financial burden
associated with funeral expenses. This thus enhances one of our greatest core values of upholding the dignity of women in life and after.
Mwangi further added that the beneficiaries who have existing loans with KWFT will receive a cheque of Kshs 100,000 in the event of
a member demise, to minimize financial strain to the family left behind through the Maisha Plus cover.
Liberty Life Managing Director Abel Munda, lay emphasis on the importance of a Life Assurance Company’s key role in providing relatable life cover to Kenyans.
“As Life Assurance companies in Kenya, it is our responsibility to play our part and provide vast assurance solutions for Kenyans.
Such partnerships will be key in driving life insurance uptake that remains very low at about 1 percent and ensure that Kenyans are well insured,”
said Abel Munda, Managing Director Liberty Life Assurance.
"Innovation will also be key to drive insurance penetration in Kenya. This is the only way Kenya will begin to close in the gap that exists compared to other African countries e.g.
South Africa whose penetration increased from 10.0% in 2010 to 11.4% in 2014."
Abel also indicated that it is through collaborative efforts, other than innovation, that some of the challenges facing the insurance
sector can be solved. Maisha Plus cover will be exclusive to over 800,000 KWFT bank customers in urban, peri-urban and rural areas.
Note to Editors:
About Kenya Women Micro-Finance Bank
Kenya Women Microfinance Bank Limited (formerly KWFT DTM Ltd) incorporated in 2008 as a subsidiary of Kenya Women Holding (KWH),
commenced operations in 2009 after taking over the Microfinance business from KWH. It received a license for deposit taking business
in March 2010 from Central Bank of Kenya (CBK).
Even as a regulated Institution, the focus remains on women as clients and change agents and it targets women and their families.
Its vision and mission is, “To be the Women Financial Solutions Provider with a Difference “and “To Partner with Women in their
Creation of Wealth” respectively.
The Institution has risen to be one of the most successful microfinance institutions in the country, with a decentralized structure with
extensive network of over 245 offices spread out in 45 out of the 47 counties of Kenya thus providing deep penetration into rural
and urban areas of Kenya.
KWFT has a social, environmental mission and a developmental focus. The Institution embraces social responsibility and social impact even as
it brings economic benefits to its clients and their families. This is reflected in its strategic framework, target market, outreach, operations
and product offerings. It has created a portfolio of products and services focused on meeting the needs of women and their families.
About Liberty Life Insurance
Liberty Life Assurance Kenya Limited is a life insurance provider that has been providing relevant products to Kenyans for the last half a century.
At Liberty Life Assurance Kenya Limited, we build extraordinary relationships that make a difference in people’s lives by making financial freedom
possible through provision of innovative products and solutions that mitigate unforeseen risks. We literally change people’s realities. We do this
by focusing on what really matters, and that is our customer ever changing needs and preferences, and rolling up our sleeves to put our knowledge
to work to provide solutions that address these needs.
The company has assets of over Kshs. 23 Billion and provides a wide range of insurance products including ordinary life, group life and pension.
Our wide range of products caters for the diverse needs of customers and provides flexible solutions including investment plans, education and retirement savings plans.
The company is a majority owned subsidiary of Liberty Kenya Holdings, which is also the holding company for Heritage Insurance Company, the short term
insurance provider for the group. Liberty Kenya Holdings is a subsidiary of Liberty Holdings, a leading South Africa based financial services group
present in 14 countries across the continent, providing investment, insurance and health offerings to individuals and businesses.
For more Information please contact:
Mr. Mwangi Githaiga
Kenya Women Microfinance Bank
Tel: +254 703 067 000 / 0730 167 000
Connie K. Kirika
Marketing & Communications
Liberty Life Assurance Kenya