Bonafide and VidaSEguros EG: insurance within everyone's reach

On 26 November 2023, BONAFIDE MICROBANK made history by becoming the first microfinance institution in Equatorial Guinea to sign a credit insurance agreement with VidaSEguros EG. This event opens a new chapter for the national insurance sector, extending financial protection to a segment of the population that had previously been excluded from the benefits of life insurance linked to loans.

Microfinance plays a vital role in Equatorial Guinea by giving access to credit to individuals and small business owners who cannot always provide the guarantees required by traditional banks. BONAFIDE MICROBANK has been instrumental in widening access to credit, and its partnership with VidaSEguros EG adds essential protection for its most vulnerable customers. When a small business owner or a low-income family takes on debt, the risk of being unable to repay it following death or disability can be devastating.

Under this agreement, if a BONAFIDE MICROBANK customer dies or becomes totally and permanently disabled, VidaSEguros EG will cover the outstanding loan balance. The person's family will not have to take on the debt, protecting family assets and preventing extreme financial vulnerability. The insurance is adapted to the terms and amounts typical of the microfinance sector, making the cover accessible and proportionate.

Signing this agreement with BONAFIDE MICROBANK is a decisive step in VidaSEguros EG's mission to broaden access to insurance. The company demonstrates that its commitment extends beyond large banks to every part of Equatoguinean society. This microcredit insurance model lays the groundwork for other microfinance institutions to join in future, expanding the financial protection network and contributing to Equatorial Guinea's sustainable development.

Abilio Balboa Street, Malabo (next to the Ministry of Health)

+240 333 090 444 · 222 854 950

info@vidaseguros-eg.com · www.vidaseguros-eg.com