This archive report was first published on 24 July 2019.
On July 24, 2019, AJ Capital and Investment LLC (AJCI), a Dubai-based private equity firm, acquired a 51 percent stake in Insurance For All (IFA) Ltd, a Kenyan start-up micro-insurer.
The investment arm of the Al Jallaf family, one of Dubai's most influential business families, will inject undisclosed funds to support IFA's expansion and marketing initiatives.
Founded in 2014, IFA targets low-income workers in the informal sector through associations and small-sized firms. The micro-insurer operates primarily in Nairobi's Eastlands, offering medical covers at an annual premium of Sh6,750, paid in installments.
According to AJCI CEO Danny Ochieng, the investment was attractive due to the strong growth prospects for affordable medical insurance in Kenya.
IFA CEO John Paul Otieno emphasized the company's commitment to paying claims within 24 hours, aiming to change the mindset of Kenyans and promote a culture of taking medical covers.
