ASHA Microfinance Bank (MFB), in collaboration with Turaco and Leadway Assurance, has introduced a client protection scheme designed to provide low-cost insurance cover for its customers.
The initiative, branded the “ASHA LifeCare Package,” was unveiled on Thursday at Ile Epo Market, Abule-Egba, Lagos. It offers micro-insurance benefits such as hospitalisation cover, life insurance, fire protection, and loan protection at an affordable premium.
Speaking at the launch, the Managing Director and Chief Executive Officer of ASHA MFB, Funmilola Oladoyinbo, said the product was created to help clients safeguard their financial future.
“Credit can open doors, but protection keeps those doors open,” Oladoyinbo said. “With ASHA LifeCare, we are helping our clients not only to dream and build, but also to safeguard those dreams for the future. This product is about more than loans; it is about protecting families and giving them peace of mind.”
According to her, the scheme is expected to reach at least 500,000 clients within the next year, with particular focus on empowering women to manage unforeseen challenges.
The package provides cover for hospital admissions of up to 15 days annually, compensation of up to N1 million in the event of the breadwinner’s death, protection against fire and other risks, and loan protection for as low as N280 per month.
The event also featured free medical check-ups for over 200 people and the donation of refuse bins and umbrella stands to the market community.
Dignitaries present included the Head of Business Development at ASA International, Machiel Brouwer; Business Development Director at Turaco Insurance, Cedrick Todwell; Managing Director of Women Radio 91.7 FM, Toun Sonaiya; and Director of Sales, Retail and Partnerships at Leadway Assurance, Mrs. Kikelomo Fischer.
