February 7

Cassava, Nigeria’s Insurtech, Raises $4 Million for Affordable Insurance to Nigerians, Africans

By Charles Abuede

Nigeria’s first full-fledged digital insurance company, Casava, has secured $4 million in pre-seed funding to provide affordable and accessible insurance products for millions of Nigerians. It plans to leverage artificial intelligence and behavioural science to deliver game-changing claims and benefits products.

The fund, the largest pre-seed round for an African insurtech, will support the firm in customer acquisition and growth, as well as further development of the product and the technology stack.

Digital insurance in Nigeria is gaining momentum in its development using technology and acceptance, while attention from investors has continued to see more funds being pumped into the space to ensure increased insurance penetration in the country, as well as transform the insurance market in Africa.
Photo courtesy of Olumide Bamgbelu.

Source: Business AM (link opens in a new window)

artificial intelligence, digital inclusion, financial inclusion