Airtel Money Mobile Commerce Malawi and Britam Insurance Malawi have formed a partnership, aimed at providing an affordable and tailor-made insurance product dubbed Limodzi Insurance Cover, targeting poor people at the bottom of the population pyramid.

The two firms and another partner, Inclusivity Solutions, launched the product on Wednesday in Lilongwe, amid performances and after conducting a parade through the capital.

The insurance cover has two parts: accidental and hospitalization. Customers, for instance, will be paying as low as MK150 every month and claim a minimum of MK300,000 whenever involved in an accident or hospitalized.

In the partnership, Airtel Money is the medium of payment while Britam Insurance is the provider of the insurance cover.

On the other hand, Inclusivity Solutions—a digital insurance firm—has provided a platform that enables all the processes to happen to the simplicity and delight of the customers.

In his remarks, Airtel Money Managing Director, Brighton Banda, said the firm always looks for ways to enhance what it offers to its customers.

“We realized that the costs for hospitalization when one gets involved in an accident are quite high. And not many of our customers always have that money to cover those eventualities.

“This initiative is, therefore, a big help to our customers in terms of giving them financial support in those difficult times. We hope they will find value in the product”.

Britam Insurance Chief Executive Officer, Wales Meja, said the partnership with Airtel Money—on premier mobile network service provider Airtel Malawi plc—will enable more people access the insurance cover.

“We will be able to reach out to them in every corner of the country, bringing them a service, which is an affordable solution to their challenges”.