Banglalink deploys Comviva's financial services platform

Banglalink has launched mobile insurance premium collection service over Comviva's mobiquity mobile financial services platform.

The service by the name 'Mobile Cash Insurance Pay' has been launched in partnership with Jiban Bima corporation, the largest life insurance company of Bangladesh.

Comviva's mobiquity MFS platform leverages the mobile channel to create a flexible, far-reaching financial services delivery network cost effectively. It embraces the mobile phone as a convenient, cash-free and card-free payment and transaction medium, enabling storage and transfer of money to and from a secure, stored wallet account, resident on the phone or the server.

Banglalink customers can now pay their insurance premium by dialing a USSD service code *777#. Non-Banglalink customers and non-mobile users can also pay their JBC insurance premium at the company operated mobile cash points. The service offers convenience to existing customers, who no longer have to stand in queues to make a payment.

Banglalink and Jiban Bima corporation have plans to launch new insurance products specifically designed for the lower-income demographic.

''Our partnership with Comviva to provide m- insurance payment services would drive higher uptake of insurance services among previously low-income underserved segments. The service represents another step ahead in broad-basing access to financial services in Bangladesh,'' said Solaiman Alam, Head mCommerce, PR and Communication, Banglalink.

''We are delighted to be supporting Banglalink as they pioneer the first insurance payment service in South Asia and move into the provision of asset-based financial services. We are pleased that mobiquity will now empower citizens of Bangladesh with simple, affordable access to insurance services,'' said Milind Pathak, Vice President, South Asia, Comviva.

The insurance service represents a series of innovations to broaden uptake of mobile financial services and promote financial inclusion in a country where 87 percent of the population is unbanked.