Inspiring Leadership & Sustainable Business Transformation in Africa
AFRICA – Buy now, pay later (BNPL) company Lipa Later has announced a partnership with Lami Technologies insurtech to offer its consumers access to reliable and affordable insurance against all products purchased using the Lipa Later platform. Founded in 2017, Lipa Later is a trusted BNPL company operating in Kenya, Rwanda, Uganda and Nigeria, with the sole purpose of providing…
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KENYA – Jubilee Holdings, a financial service holding company, is set to receive KSh270 million (U$2.27m) from the sale of a 54.15 percent stake in its Mauritian subsidiary to insurance giant Allianz SE, with the transaction expected to be completed in September this year. Allianz will acquire a total stake of 66 percent in Jubilee Insurance Company of Mauritius Limited,…
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KENYA – Britam, an insurance group, has appointed Tom Gitogo as the new managing director, marking a return to the firm he once served as finance director. Mr Gitogo takes over from acting MD Charles Njuguna on September 1. Mr Njuguna, the finance director, took over from Tavaziva Madzinga in April, following his exit after just 10 months in office.…
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AFRICA – Non-banking financial services company, Sanlam, and leading insurers and asset managers Allianz, have signed a deal to combine their current and future operations across Africa to create a Pan-African non-banking financial services entity operating in 29 countries in the continent. The partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in…
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NIGERIA – Nigerian insurtech startup that makes it easy to buy and claim insurance, ETAP has secured US$1.5 million in pre-seed round to grow its team and drive the adoption of much-needed car insurance across Africa. The pre-seed funding round was led by Mobility 54 with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), and Newmont. The new funding…
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KENYA – Jubilee Holdings, a financial service holding company, has bought Coca-Cola East Africa’s former head office in Nairobi’s Upper Hill at a cost of KSh1.1 billion (US$9.55m), with the insurer planning to move its headquarters to the property in September. Jubilee will lease out part of its current address –Jubilee Insurance House on Wabera Street— which will also continue…
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NIGERIA – Curacel, the African insurance infrastructure startup, has launched Curacel Grow, its API platform to allow technology companies to seamlessly offer insurance across Africa. Curacel helps insurers and partners in Africa and other emerging markets increase the reach and functionality of insurance through cloud-based tools and APIs. The Winter 2022 Y Combinator portfolio startup says Grow will bolster the…
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KENYA – Insurance group Jubilee Holdings has purchased an additional 10 percent stake in submarine fibre optic cable project SEACOM for an undisclosed sum. This raises The Nairobi Securities Exchange-listed firm’s shareholding in SEACOM from 18.8 per cent after an initial 8.8 per cent stake purchase. SEACOM Holding was valued at US$196 million (KSh22.3 billion) in 2020, meaning the 18.8…
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ZIMBABWE – The International Finance Corporation (IFC), a member of the World Bank, and Zimbabwe’s insurance regulator, the Insurance and Pensions Commission (IPEC), have announced a partnership to create a market for agricultural insurance products in Zimbabwe. The insurance project is to protect smallholder farmers from weather-related crop damage and other shocks. Through the partnership, IFC will assess the risks…
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NIGERIA – FSD Africa, a specialist development agency, in collaboration with Nigeria’s National Insurance Commission (NAICOM) have launched BimaLab, an accelerator programme created to boost the development and adoption of digital solutions for the insurance sector. BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing, and promoting innovators and Insurtech start-ups. The initiative will support the…
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