This archive report was first published on 15 June 2020.
On June 15, 2020, Minet Kenya unveiled an insurance premium financing service, designed to make it easier for individuals and entities to pay insurance premiums in installments.
The service, launched in partnership with Momentum Credit Limited, allows clients to pay a deposit equivalent to 20% of the value of their insurance premium to activate the cover.
Minet Kenya Chief Executive Officer Sammy Muthui explained that the premium financing solution was introduced in response to the challenges faced by clients due to the COVID-19 pandemic.
"In these rapidly changing times, we have been thinking about our clients and the challenges they are facing as a result of the Coronavirus disease (Covid-19) pandemic," he said.
Mr. Muthui noted that the pandemic had forced many Kenyans to cut down on their household expenditures, including insurance premiums. The unveiling of the insurance premium financing solution reflected Minet's commitment to providing financial relief to customers during this difficult time.
The premium financing solution allows clients to spread their payments over an agreed period of between one and 11 months, with Minet acting as the billing and collecting agent.
"This insurance solution is available to both individuals and organisations and covers annual premium range of KSh5, 000 and KSh2, 000, 000," Mr Muthui noted.
Momentum Credit Chief Executive Officer Mr. Job Muriuki welcomed the partnership with Minet, stating that it aligned with Momentum Credit's vision of offering transformative solutions.
"The stress of paying premiums in lump-sum is a thing of the past and one can pay in affordable installments over 11 months. This is a revolutionary product which makes even comprehensive insurance an affordable reality for all motor vehicle owners," Mr Muriuki said.
