Quick reads for this week
MIWAY LIFE has announced that it launched its online platform for funeral cover, offering an unparalleled level of convenience and flexibility.
According to MiWay, with the launch of the app, clients can now obtain coverage at their own pace, without the need for agent interaction, through a seamless and user-friendly online experience. Here are some of the app’s features:
- Repatriation of Mortal Remains: Respectful transportation of remains to the desired burial site.
- Funeral Arrangements Service: Support with burial or cremation, including legal assistance.
- Final Expenses Cover: Up to R100 000 for outstanding debts and medical bills.
- Income Support: R8 000 per month for beneficiaries, ensuring financial stability.
- Family Funeral Cover: Extends coverage to immediate family members.
Craig Baker, CEO of MiWayLife, highlights the strategic importance of this digital shift: “By going digital, we empower our clients to take control of their insurance needs, backed by the reassuring support of our dedicated team of agents when required.”
Absa launches Credit Coach to boost customer credit scores
Absa has announced the launch of its financial inclusion Credit Coach solution to help customers in South Africa monitor and improve their credit scores.
Absa Credit Coach, available for free on the Absa banking app, offers a suite of tools to help customers monitor and improve their credit scores:
- Check credit score: Access and monitor credit scores directly within the app.
- Receive personalised tips: Get tailored advice to improve credit scores.
- Stay informed: Receive notifications on credit-related activities in your name recorded on the bureau.
- Dispute records: Log disputes against suspicious or incorrect credit records by contacting TransUnion customer support directly through the Absa banking app.
- Make payments: Make missed payments directly within the app. However, customers will only see this capability if they have the latest version of the banking App.
- Get help: Access consumer credit educational content and receive in-context guidance to help you improve your credit. For further assistance, contact the Absa Collections Contact Centre to discuss applicable payment arrangements and debt review options designed to provide the relief you need.
Tshipi Alexander, Executive for Card and Rewards at Absa, says, “While we are still in the early phases, we have seen significant customer interest and usage. We have also observed interesting popular features that customers frequently visit on credit coach. For instance, our internal research shows that customers appreciate features like credit score comparisons and the ability to dispute records directly from the app.”
FSCA and NCR launch a money and debt counselling consumer campaign nationwide
The Financial Sector Conduct Authority (FSCA) and the National Credit Regulator (NCR) have launched a nationwide money management and debt counselling consumer campaign.
According to the FSCA, the campaign seeks to empower consumers to make informed decisions about their finances, in particular around credit/financial rights and obligations and managing their money and debt more prudently.
“Since the Covid-19 pandemic, there has been a rise in unemployment and retrenchments in South Africa, resulting in a negative knock-on effect on consumers. This financial strain has left many South Africans unable to meet their debt obligations and heavily reliant on credit for financial relief.
“The FSCA and the NCR have identified the need to educate consumers on debt counselling and loan scams; misleading financial advertising; and managing personal finances, amongst other topics. The campaign will include radio interviews, webinars, social media posts, roadshows, and face-to-face workshops by the FSCA and NCR,” it said.
PERSONAL FINANCE