Over 100 million people work as domestic help in Asia, Africa and Latin America (40 million in India alone). The are excluded from formal pension and insurance programs and self-finance most insurable lifecycle risks.
Many of them have reasonable, regular incomes and capacity to save. But this disaggregated, “invisible workforce” is difficult to locate, reach, educate and enrol for pension and insurance products using traditional finance sales models at an affordable transaction cost.
As a result, they face the grim prospect of living in extreme poverty for over 25 years after they are too old to work.
Gift-a-Pension™ is an innovative global campaign and a unique P2P pension inclusion platform developed by pinBox Solutions and the non-profit microPension Foundation.
This model was first field-tested in India and has now been launched in Kenya with Zamara and Prudential. It will be launched in 4 more countries across Africa and Asia in 2020.
Helps instantly reach millions of individual home-help in any country through their employers.
Educated employers inform and educate their domestic help using digital calculators, films and tools. The financial literacy delivery process is neither time bound nor “transaction” linked.ial literacy delivery by educated employers using digital calculators, films and tools. The financial literacy delivery process is neither time bound nor “transaction” linked.
Domestic help have secure, simple and low-cost single window access to ongoing information and services. They are free to contribute in line with their income flows using any regulated payment instrument. Employers are encouraged to, and often co-contribute.