Microcred Tunisia and CARTE (Compagnie d'Assurance et de Reassurance Tuniso-Europeenne), a major insurance company in Tunisia, have signed an agreement which gives customers of the microfinance company access to microinsurance services, including loan insurance, offered by CARTE.
The wider goal is to widen financial inclusion by allowing micro entrepreneurs, particularly in disadvantaged areas, who are excluded from or poorly served by the traditional financial system, access to financial services.
The agreement will allow Microcred Tunisia's customers to have insurance cover over their outstanding loan balances, that will protect their families and ensure the continuity of their projects in the event of the death of the policyholder, reported L'Economiste.
Both Microcred Tunisia and CARTE reported having "worked closely to offer a simple, clear and attractive product that will allow thousands of people to benefit for the first time from insurance which suits their needs".
Other microinsurance products, such as education, savings and health, will be launched too in order to diversify offerings to better meet the needs and expectations of the poorest people.