JazzCash pioneers responsible nano-lending with free life insurance

JazzCash, in partnership with EFU Life Assurance Ltd., has marked a significant milestone by introducing free life and health insurance for nano-loan customers. This initiative redefines responsible lending practices and ensures that individuals and families have access to essential protection, safeguarding their financial future.

Nano-loans, like JazzCash’s ReadyCash loan, play a pivotal role in empowering communities. These small, short-term loans profoundly impact individuals, small-scale vendors, and micro-entrepreneurs, providing them access to formal credit in line with our financial inclusion goal. They provide instant access to financial resources, enabling people to meet emergency needs, seize business opportunities, and cope with unexpected expenses. This can mean the difference between financial stability and vulnerability for many households.

While speaking at the signing ceremony, Aamir Aftab, Chief Product Officer JazzCash, said, “At JazzCash, our commitment lies in safeguarding the best interests of our customers. Responsible nano-lending should offer immediate financial relief and provide a safety net for the unforeseen challenges life may bring. By introducing free life and health insurance to ReadyCash, we are not just redefining lending; we are protecting dreams, securing futures, and prioritizing our customers’ well-being above all.”

Nilofer Sohail, DGM & Head Channel Strategy from EFU Life Assurance Ltd., said, “We are excited to mark this significant milestone as we enter into a partnership with JazzCash to offer insurance in conjunction with nano-lending. This groundbreaking collaboration will empower us to extend our services to millions of customers. By harnessing the valuable insights we gather through this initiative, we will not only enhance our offerings but also continually optimize the customer journey. Together, we are poised to redefine the insurance experience for our customers, ushering in a new era of financial inclusion and security.”

ReadyCash, the go-to solution for instant, short-term loans via the JazzCash App or USSD, simplifies how people manage their financial needs. With complimentary life and health insurance, customers are covered for unforeseen macroeconomic shocks, emphasising JazzCash’s commitment to customer-centricity and well-being.

With ReadyCash, customers can avail short-term loans for a maximum period of eight weeks. The loan is easily manageable and comes with a low, non-compounding weekly fee, which remains unchanged throughout the 8-week period. Once the loan reaches the 8-week mark, the payable amount remains constant and unchanged. This means that customers must pay back the same amount regardless of how much time has passed. Through ReadyCash, customers can confidently enjoy the benefits of a short-term loan without worrying about escalating costs.

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