KENYA – Equitel, a subsidiary of Equity Group, announced the release of a new telephony bundle that offers customers both talk-time and insurance cover.

Equitel, in its press statement, admits that the new offering is meant to attract more subscribers. The telco currently has 1.8 million subscribers, which represents 3.6% of the entire market in Kenya.

For as little as Ksh 1,249 (US$12.4) per month, customers will now enjoy 500 minutes across all networks plus a free Riziki cover of up to Ksh 2,500 (US$25) per night in case of hospitalisation, under the new bundle.

Customers can also receive 1,000 minutes and a free Riziki cover for the subscriber and their family once they purchase a bundle valued at Ksh 2499 (US$24.9).

In addition, the customer and any family member will receive up to Ksh 2,500 (US$25) per day as compensation for any lost income when hospitalised.

Both include the Riziki insurance cover, which is a mobile-based insurance product that covers daily earnings through a daily compensation program to customers who get hospitalized for three days or more.

Riziki is a mobile-based insurance product provided through Equitel that was officially launched in March 2018.

The insurance cover keeps daily earnings secure through a daily compensation to the customer, in the event of admission in hospital for 3 days or more.

The insurance cover is a product of a partnership between Equitel (Finserve), Equity Insurance Agency, Britam and Inclusivity Solutions.

So far, there are over 280,126 Equitel subscribers on Riziki Cover and Equitel intends to use this offer to increase its value offering and attract more subscribers.

While the bundle may not be enticing enough to everyone, especially those formally employed, those in the informal sector, as well as those who are self-employed, may find the offer attractive enough to go with it.

Finserve Africa Limited which trades as Equitel, is a mobile virtual network operator (MVNO) in Kenya. It is a wholly owned subsidiary of Equity Group Holdings Limited and is using the Airtel Kenya network as its carrier.

The Equitel brand was hailed to give Equity Bank the opportunity to continue its mission of furthering financial inclusion and innovative service offerings for all Kenyans.

This was by presenting their financial services offering on to a single platform which will make banking services more accessible, flexible convenient and more affordable.

Airtel Kenya on their part stated that the partnership would increase their revenue by up to 10%.