Buy phone credit and get free life insurance
"Trustco, the microfinance and microinsurance provider has signed an agreement with Zimbabwe’s Econet Wireless for the roll-out of a product, which would see the operator’s subscribers get free life insurance when they buy airtime for their cell phones. No contracts would have to be signed
beforehand and Trustco would not have to collect payment from individuals each month. As long as subscribers buy airtime, they will be covered by the
life insurance. The amount of airtime bought would determine the amount of life cover. Trustco Mobile had already been trialled and rolled out in Namibia through Cell One and Trustco is planning to further introduce the concept to mobile operators in Lesotho, Botswana, Zambia, Burundi and Kenya."
The use of mobile phones continues to be innovated and built upon to "offer millions of poor people access to a facility that generally eludes them."
Mobile phones will continue to be a game changer for poor and marginalized communities for a long time to come.
Sources:South Africa Node, September 2010: