Mutual Benefit Assurance Plc, a Nigeria-based provider of insurance and other financial services, recently announced that it has established a microfinance bank (MFB) to promote its microinsurance offerings, which carry premiums as low as NGN 50 (USD 0.30) per three day period covering up to NGN 100,000 (USD 600) in hospital expenses and in the event of loss of life. The MFB has sold 65,000 individual policies as of April. In addition, the firm organizes trade groups into cooperative units that can borrow up to NGN 10 million (USD 62,900). As of 2011, Mutual Benefit reported total assets of NGN 22.3 billion (USD 140.3 million).
By Jennifer Young, Research Associate
About Mutual Benefit Assurance Plc.:
Founded in 1995 in Nigeria, Mutual Benefit Assurance Plc. offers financial, insurance and risk management services. As of 2011, Mutual Benefit reported total assets of NGN 22.3 billion (USD 140.3 million).
Sources and Additional Resources
Business Day Nigeria Story: “Mutual Benefit Drives Microinsurance Through Microfinance Bank”
http://businessdaynigeria.com/mutual-benefit-drives-micro-insurance-through-microfinance-bank
Mutual Benefit Assurance Press Release: “How Mutual Created Microinsurance Platform”
http://mbaplc.com/global/client_news.php?user_log=&auto_id=11
MicroCapital Story: “MICROFINANCE PUBLICATION ROUND-UP: Microfinance Apexes; Confessions of a Microfinance Heretic; Selling Microinsurance,” August 22, 2012.
https://www.microcapital.org/microfinance-publication-round-up-microfinance-apexes-confessions-of-a-microfinance-heretic-selling-microinsurance/
MicroCapital Story: “MICROFINANCE PUBLICATION ROUND-UP: Willingness to Pay for Business Correspondents in India, Health Microinsurance Third Party Payment Mechanisms, Accenture Development Partners Report on Microinsurance,” January 29, 2012.
https://www.microcapital.org/microfinance-publication-round-up-willingness-to-pay-for-business-correspondents-in-india-health-microinsurance-third-party-payment-mechanisms-accenture-development-partners-report-on-microinsuranc/
MicroCapital Story: “MICROCAPITAL BRIEF: Nigeria’s Capital Express Assurance Purchases Majority Shareholding in Kenya’s Capex Life Insurance, Which Plans to Downsize to Focus on Microfinance,” June 7, 2011.
https://www.microcapital.org/microcapital-brief-nigeria%e2%80%99s-capital-express-assurance-purchases-majority-shareholding-in-kenya%e2%80%99s-capex-life-insurance-which-plans-to-downsize-to-focus-on-microfinance/
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