BVTA introduces Insurance scheme for informal sector.
Informal Sector
The Bulawayo Vendors and Traders Association (BVTA) partnered with Champions Insurance to introduce an insurance scheme for informal sector workers on 9 May 2023.
BVTA Information officer, Kwanele Moyo said that the insurance scheme aims to provide support for members who may face risks in their personal and business lives. Moyo stated, “The insurance scheme is designed to safeguard members (informal traders) against potential risk factors, such as fire outbreaks.”
The New Scheme
The new scheme includes three packages – bronze, silver, and gold – and offers benefits such as a medical aid, and fire policy. The bronze package is priced at $5, while the silver and gold packages are going for $10 and $15, respectively.
“The insurance scheme caters for all informal sector workers, it does not need documentation or paperwork,” said Moyo. She added, “The process is very easy and quick as members only need to choose their packages they can afford.”
Committed to Providing Licensing
Moyo also indicated that BVTA is committed to providing licensing plans for its members to mitigate the risks associated with running a business. The introduction of the insurance scheme is a timely initiative that will provide members with access to crucial services and support in their time of need and when they retire.
Additionally, she further urged other organizations to consider providing such essential facilities for their members. Such services are critical in times of disaster and can help individuals and businesses cope with unexpected financial losses.
Met with Enthusiasm
Moreover, the introduction of the BVTA insurance scheme is a welcome move and has been met with enthusiasm by members. It is a testament to the organization’s commitment to empowering its members and supporting them in all aspects of their business ventures. With this scheme in place, BVTA members can rest assured that they are protected against unforeseen risks and uncertainties.
SMEs Protection Plans
This came after BVTA executive director, Michael Ndiweni urged Zimbabwe’s insurance providers to provide small- and medium-sized business (SMEs) protection plans. According to Ndiweni, the majority of their members are vulnerable when they retire and must be protected.
Lastly, in January this year an inferno razed down the Mpopoma Outspan Association-operated informal traders complex affectionately known as ‘Esimprapekini’ along Nketa Drive in Mpopoma, destroying property worth thousands of dollars belonging to over 300 informal traders.
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