Econet Life, a subsidiary of EcoCash Holdings Zimbabwe Limited (formerly Cassava Smartech Zimbabwe), has partnered the Zimbabwe Christian Ministers Association (ZCMA) to provide an assortment of insurance services to Christians across the country.
Some Christian communities around the world often have a low uptake of insurance products due to a lack of appropriate information and awareness, putting them at risk of loss and of poverty in the event of unforeseen circumstances such as deaths, storms, droughts and accidents.
Econet Life general manager Godwin Mashiri said the partnership with over 7 000 local pastors under ZCMA will not only increase insurance penetration in Zimbabwe, but also empower the Christian community through employment creation for the association’s members.
“We are committed to ensuring that every person has access to insurance cover. It is a big dream that we will be able to achieve through such partnerships like the one we are having with ZCMA, who look after our spiritual well-being,” said Mr Mashiri at the launch of the partnership in Harare on Wednesday.
ZCMA is a grassroot organisation with a mandate to uplift the welfare of church pastors from 48 000 congregations across the country, most of whom do not have pensions or any type insurance cover.
Under the new partnership, Econet Life will provide ZCMA members and their congregants with group life assurance and pension investment services.
Mr Mashiri said life assurance will see dependents of principal members getting a lump sum upon death, while Econet Life will manage the members’ funds by pooling them together into an investment scheme to provide retirement income under the Pension Investment Services.
“ZCMA members will also be appointed as touch points to help distribute Econet Life products, and they will earn a partnership fee based on the amount of business they bring,” he added.
The organisation’s leaders have already started on-boarding the various Econet Life products ranging from funeral, hospital cash-back and personal accident cover, among others, which they will be extending to their congregants.
Speaking at the same occasion, ZCMA president Bishop Christopher Choto said the partnership with Econet Life was a welcome gesture that would help Christians cushion themselves against life’s unexpected situations.
“We are so excited to partner with Econet Life in addressing the welfare situation of most of our Church ministers. The partnership will help us address areas that are often ignored by the Christian community, such pension investments, income after the death of a loved one and estate planning. It will also open employment creation for our members who will be appointed agents and they will earn some income from the partnership to look after their families and ministries,” he said.
Econet Life will also extend other financial wellness related services, such as retirement counselling, retirement planning and personal risk management services, to complement the partnership and help raise awareness on financial literacy.
Econet Life offers affordable group products for corporates, universities, churches and other large institutions.