South African Fintech company, Mukuru has rendered help to the funeral policy as it launched a loyalty-based Funeral Benefit. This benefit is made available to all South African residents and customers for a calenders month with no extra charges.
Mukuru is one of the largest money transfer operators on the continent and a leading next-generation financial services platform that understands how having a funeral plan can help a family when they need it most.
After a series of research, the organization acknowledged that times are tough and that a loss only makes things tougher. Therefore, Mukuru decided to remove the added burden of paying for a funeral by offering a loyalty benefit each month upon remittance at no cost to their loyal customers.
Mike Cook, head of wallet and VAS at Mukuru says “We conducted third-party qualitative research and found that funeral cover is one of the top products identified by our customers,”
Customers who responded to the research indicated that funeral costs were a major concern for them. “Funeral cover ensures that the responsibility of paying for funeral expenses does not rest on the shoulders of family members who may not have the financial means to provide for a funeral proceeding.”
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How To Activate Mukuru Funeral Benefit
To qualify for the zero-cost funeral benefit, users must send one international money transfer of R700 or more. Cover will be available for each calendar month following a remittance of R700 (or more).
The loyalty benefit is worth up to R15 000 in the event of a death, depending on the circumstances surrounding the death.
After Mukuru customers make an international transfer of R700 (US$39) or more, the customer must fill in the details of their chosen beneficiary. The sender will then receive cover for the following month.
This means if the sender completes a transaction of over R700 (US$39) on August 25, the benefit will start on September 1, and the beneficiary will be paid out should the sender pass on in September.
What makes this offer unique is that customers do not need to commit to paying a monthly premium, as is the case with a traditional funeral policy. To maintain coverage, the sender simply has to send R700 or more each month.
“The idea was to remove friction and lessen the financial burden on customers as opposed to looking for ways to sell them more products. This is why the Mukuru Funeral Benefit is provided at no cost to customers who are already sending money home,” Cook said.
“At Mukuru, it is pivotal that we place the customer at the centre of our decision-making. The days of creating a product or service first and then trying to sell that product or service to the customer are long gone. By listening to customers, we answer their needs directly, developing products and services suited to their unique circumstances,” concludes Cook.
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About Mukuru
Mukuru is a Fintech business that gives emerging consumer access to affordable and reliable financial services. According to the organization, its foundation is built on international money transfers, helping customers to move money into, out of, and around Africa.
Mukuru makes it easier whether you are sending cash for instant collection or topping up a bank account or mobile wallet.
From this base, they’ve grown to provide a broad range of services to answer all the financial needs of our customers. Mukuru helps the emerging African market and migrant workers to transfer money internationally at affordable costs.
The funeral benefit, underwritten by Guardrisk Life, shows how different industry players can come together to provide innovative products that address real customer needs and deliver better value for them.
“We understand that our loyal Mukuru customers put caring for their families first, so we developed a loyalty product that complements a service they are already using and caters to these customers without imposing additional financial responsibility on them,”
“The idea was to remove friction and lessen the financial burden on customers rather than looking for ways to sell them more products.”
The Standard Bank of South Africa Limited (“Standard Bank”) remains the owner of the Mukuru Card at all times. Mukuru Financial Services (Pty) Ltd, Reg. No. 2008/025860/07, an approved Financial Services Provider (FSP), registered under FSP license number 45517 (“Mukuru”) manages the operation of the Mukuru Card.