INSCOR announced on Tuesday that it secured a contract to replace lost and stolen welfare cards through via Global Cash for members of Ghana’s National Mass Social Welfare Scheme.
The MSWS seeks to alleviate poverty by offering affordable housing, educational grants and business capital to the poor and vulnerable. Initially, the program will provide structured welfare needs to three million people.
“We believe that the synergy between MSWS-Ghana and INSCOR, Inc., will bring the best of mutual partnerships in executing a global insurance opportunity for the less privileged across Africa,” De-Ben Selassie Elikplim, the president of MSWS-Ghana, said. “The Company’s leadership is first-rate and we are pleased to select the Company as the sole provider of insuring our members’ cards against theft or loss, ahead of our launch in October of this year.”
The program will grow to nine million by the end of next October, and it is expected that cards will be issued to nearly 18 million in Ghana by the end of October 2015.
INSCOR will be paid $1 per card to insure each member’s card, representing approximately $3 million in gross monthly revenue beginning Nov. 30. Revenue is estimated to increase to $18 million within three years of the program’s launch.
“We are thrilled to have the opportunity to aid the poverty-stricken citizens of Ghana and other nations on the African Continent,” INSCOR CEO Kenny Andam said. “MSWS is a one-of-a-kind organization and we look forward to working closely with MSWS leadership in order to help implement the program effectively and efficiently. Our preliminary revenue forecast for the first 12 months of the initiative is $36 million, or $3 million per month, which could reach as much as $216M in annual revenue by the end of 2016.”