This archive report was first published on 5 November 2021.
Nairobi, Kenya. November 4, 2021 - In a move to increase insurance penetration in Kenya, digital banking fintech startup Kwara has partnered with insurance technology firm Lami Technologies.
The partnership aims to provide Savings and Credit Co-operative Society (SACCO) members with innovative insurance products, including health, general, life, business, and property coverage, through Kwara's digital platform.
According to Cynthia Wandia, co-founder and CEO of Kwara, the partnership is designed to empower SACCOs and other credit unions to transform into modern digital financial institutions.
“We believe that providing access to insurance products through the Kwara app will fast-track members into a path of financial independence and strengthen their ability to withstand financial shocks,” Wandia said.
Under the partnership, Kwara will offer customized and affordable insurance products to SACCO members through its neobank app, integrated with Lami's insurance technology infrastructure.
Kenya's insurance penetration rate is less than 3 percent, with the low adoption blamed on lack of awareness of available insurance products and offerings that are inflexible and unaffordable to most citizens.
