Tech in Africa
Insurance adoption in Kenya remains low and is mainly affected by constrained distribution channels and poor product designs. This is responsible for the low level of insurance penetration in the country.
Fintech startup Imalipay and Micro Insurance Company (MIC) have partnered to deliver digital insurance products to Africa’s gig workers. The unique insurance products will give this underserved sector a safety net where people can swiftly bounce back. MIC provides end-to-end microinsurance products targeted at the mass market. On the other hand, ImaliPay is a fast-growing pan African financial services platform backed by leading VCs and offering savings credit, and insurance on a single channel or API to the continent’s gig economy platforms. ImaliPay can easily deploy short-term finance easily and quickly to enable its customers to generate more revenue from their gig work.
ImaliPay has been working closely with Micro Insurance Company to offer insurance products to the growing number of Kenyan gig workers. Through this partnership, gig workers benefit from insurance tailored to specific needs and levels of income.
The Country Manager of MicroEnsure East Africa, Ms. Wairimu Njoki, described the partnership with ImaliPay as a way of “providing social protection through innovative, need-based insurance.”
Tatenda Furusa, ImaliPay’s co-founder mentioned the concern with “re-defining our customer experience” by “providing a wider product basket.”
In February, we covered how ImaliPay partnered with Glovo, an on-demand courier service, to cater to its drivers and riders.
