Britam in deal with Cellulant for digital savings

Britam chief executive Tavaziva Madzinga. PHOTO | COURTESY

By PATRICK ALUSHULA
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Summary

• Clients are allowed to save between Sh200 and Sh140,000 daily to earn returns of between eight and 12 percent annually.
• Cellulant country manager for Kenya Faith Gitonga, said the platform will enhance the opportunity of both low and high income earners to save.
• The Cellulant deal will allow Britam customers to view the three products, sign up and start making savings using mobile money wallet, debit or credit card, or direct bank transfers.

Britam clients will now be able to make digital savings for travel, business and development projects after the insurer signed a deal with financial technology firm Cellulant.

The agreement will see Britam’s mobile-based short-term digital saving solutions dubbed Imarika wallets made available on Tingg— Cellulant’s digital payments platform. The insurance firm runs three products under Imarika— Msafari, Mradi and Wezesha— which allow customers to save for travelling, projects and business respectively.

Clients are allowed to save between Sh200 and Sh140,000 daily to earn returns of between eight and 12 percent annually.

Cellulant country manager for Kenya Faith Gitonga, said the platform will enhance the opportunity of both low and high income earners to save. The Cellulant deal will allow Britam customers to view the three products, sign up and start making savings using mobile money wallet, debit or credit card, or direct bank transfers.

Tingg platform will also allow customers to withdraw their funds once they achieve their investment target.

“This partnership is part of Britam’s strategy to drive strong digital growth for the business and deliver customer-centric digital transformation through leveraging technology,” said Evah Kimani, Britam director for partnerships and digital.

Demand for digital savings wallets has been rising sharply driven by the growth in mobile money and greater access to internet-enabled mobile handsets. “With this partnership, anyone in Kenya can start on their saving journey and do so seamlessly,” said Ms Gitonga.

Britam’s Imarika wallets were introduced in 2019 and comes with a free life insurance cover of Sh50,000