In Côte d'Ivoire, only 3 out of 100 people are insured. And late payment of claims is one of the main reasons for this low penetration rate.

This trend could soon change with the technological offer of CinetPay. This Ivorian fintech offers insurance companies to quickly collect premiums and settle claims by mobile money and bank cards.

“An insurance house that collects the funds that are housed in our merchant backoffice, we make the commitment to pay them back within 24 hours. If you belong to a CinetPay partner bank, you have the same day your funds which are available directly in your bank accounts. And afterwards, we launch the recovery process with the telephone operators”, informs Jean Rodolphe Amani Sales and Marketing Director of the CinetPay Group.

The solution is also a response to the risks associated with the conveyance of funds due to the method of payment. And will put an end to the long procedures faced by policyholders and late payments, in connection with forgetting to renew their subscription and especially on time.

“This innovation saves time and makes our work easier by simplifying the many transactions, thanks to digital. Information on claims is gathered very quickly and if we have the possibility of cashing in regularly and quickly, disbursements for the payment of claims should also accelerate” testifies Toh Ouattara, Assistant Treasurer at Sidam.

CinetPay is now represented in 8 French-speaking African countries, notably in Côte d'Ivoire, Senegal, Cameroon, Burkina Faso, Mali and Togo, Guinea and the Democratic Republic of Congo. It claims more than 4.5 billion FCFA of exchange through its digital platform and 600 thousand secure transactions on average per month.

LAWANI Babatunde