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Forget about Mobile Money, Invest in Insurtech Instead: The Untapped Triple Bottom Line Opportunity in Nigeria
Nigeria has one of the lowest insurance penetration rates in the world, at just 0.5%. But as Brian Yu at Shecluded explains, this low uptake means the industry is poised for disruption and growth. He explores how insurtech innovators are addressing the key problems plaguing the sector — namely, a lack of accessibility, affordability and customer trust — and calls for funders to look past their traditional focus on mobile money and invest in the insurtech businesses that are transforming the way the industry serves low-income customers.
- Categories
- Finance, Investing, Technology
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Faulu Microfinance Bank Targets Farmers with Sh1.5 Billion Loan in Kenya
Rising input prices, climate change and limited market access have left farmers struggling to meet planting expenses.
- Categories
- Agriculture, Environment, Finance
- Region
- Sub-Saharan Africa
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South Africa’s Guardrisk Has $2.8 Million to Invest in Innovative Insurtech Solutions
South African cell captive insurance provider Guardrisk is looking for innovative insurtech startups to back via its ZAR50 million (US$2.8 million) LAUNCHPAD initiative.
- Categories
- Uncategorized
- Region
- Sub-Saharan Africa
- Tags
- innovation, insurance, partnerships, startups
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South African InsurTech Naked Secures $17 Million
Naked, a South African AI-driven InsurTech company offering car and home insurance, has raised $17m in Series B funding.
- Categories
- Technology
- Region
- Sub-Saharan Africa
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Egyptian Health Tech Yodawy Raises $16 Million, Backed by Delivery Hero Ventures
Yodawy’s platform allows insurance companies and hospitals to automate approvals, save costs and improve customer experience.
- Categories
- Health Care
- Region
- North Africa & Near East
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Delivering on Mass Market Insurance in Africa: Debunking the Myth of Low Demand
Africa’s insurance penetration rate in 2019 was only 2.78%, significantly lower than the global average — and insurance usage is concentrated among the urban elite, with minimal adoption among the people with the most risk of financial shocks. According to Ted Pantone at Turaco, there's a widespread belief in the industry that this lack of uptake means African customers don't see value in the benefits of insurance. But he argues that Turaco’s rapid growth in Africa is debunking that myth. He explores three aspects of the company's model that have enabled it to unlock African customers' latent demand for insurance.
- Categories
- Finance, Telecommunications
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Pan-African Early-Stage Firm Ventures Platform Closes Fund, Hits $46 Million
Ventures Platform, a Pan-African early-stage venture capital firm, has closed its fund at $46 million as it looks to double down on “category-leading” companies across the continent.
- Categories
- Investing, Technology
- Region
- Sub-Saharan Africa
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Kenyan Insurtech Firm Turaco Secures $10 Million Series A Round Fundraise
Turaco, the leading insurtech driving mass market insurance adoption, has announced the close of a $10 million Series A equity round led by AfricInvest.
- Categories
- Finance, Health Care, Technology
- Region
- Sub-Saharan Africa