24 May 2021 – Inqaku, the company behind MYSAFA, introduces SA’s first insurance product that protects and supports local football communities.
Inqaku Funeral is competitively priced funeral insurance that pays 10% of the premium into the MYSAFA accounts of football clubs, and 3% of premium into the accounts of SAFA Regions and LFA structures — every month. Money that is usually paid in commission to insurance agents and brokers will now power football development in SA.
Clubs and structures can use these funds to purchase FIFA-accredited player registrations, PVC ID cards, balls and Bafana Bafana jerseys. Additional products, including club accreditation, online courses, and locally manufactured kit and equipment will be added to the Inqaku store in the coming months.
“As clubs and structures earn and spend credits from insurance sales, we will start bargaining for better prices and quality from suppliers. We want to harness the buying power of all SAFA’s clubs for their benefit”, said Jason Anderson, Inqaku COO.
“Inqaku’s partnership with SAFA to create MYSAFA has already been a game changer for amateur football,” explained Proud Shoko, President of Golden Drivers FC in Mogale City LFA. “They have listened to our needs, as players and clubs, and have now created a way for clubs to generate recurring monthly value. It means clubs can become financially sustainable over time and our communities can access quality and affordable insurance they can trust.”
“Inqaku Funeral insurance is available to everyone, not just players and coaches. It’s for parents, friends, supporters… anyone who needs funeral cover and wants to support their favourite club at the same time.” Added Romeo Ngxolo, head of club support at Inqaku.
Inqaku is SAFA’s partner for the development, operations and support of MYSAFA, Africa’s most successful football administration system. Every player registered on MYSAFA is issued with a FIFA ID that helps ensure that when a professional player is transferred, the clubs that invested in their development are financially rewarded.
“MYSAFA is currently ranked 1st in Africa and 15th in the world in terms of FIFA IDs issued, which will result in hundreds of millions of Rands in Training Compensation being paid to SA clubs in the coming years,” added Jason Anderson.
Inqaku is also in the progress of developing low-cost funeral, accidental death and injury cover for clubs to protect their players.
“We often hear of the young, up-and-coming football star, with their family and community behind them, getting injured and their clubs not having the cash to pay for the necessary medical care,” Romeo Ngxolo explained. “Existing injury insurance takes too long to pay out. Today, even small and correctable injuries often mean the end of a talented player’s career. By introducing injury cover that pays claims fast, we can help more kids become stars and help clubs insure their investment player development.”
Inqaku FC (Pty) Ltd. (“Inqaku”) is an authorized financial services provider. Inqaku Funeral Cover is underwritten by Old Mutual Alternative Risk Transfer Limited (OMART), a licensed life insurer under the Insurance Act. For more information go to www.inqakulife.com