MicroInsurance worked with Opportunity International Bank to deliver a savings-linked insurance dubbed Edusave. Edusave aimed to address the challenges that people have in bringing their savings to the formal financial sector. It was observed that people don’t save at a bank because it is easier to save in informal ways. If there is an urgent need for cash, the mattress will normally pay out immediately; However if a customer can take care of these emergencies by saving money in a savings account, and if customers can even receive more money than what’s under the mattress then saving money at a bank becomes interesting.
Over 200,000 depositors were covered with an innovative insurance product that aimed at paying school fees for the children in an event of the depositor’s death.