As part of efforts to increase the insurance penetration in Nigeria, Insuretech start-up, Botsurance has announced partnership with payments service company, Kudi, to provide insurance service to Nigerians especially residents ofunderserved communities.
This is in line with current realities revealing that less than 2% of Nigerian adults have insurance cover even as over 30million Nigerian adults have expressed interest in microinsurance. This highlights the need for improved efforts and more innovative partnerships like the #BotsuranceKudi to drive insurance inclusion in Nigeria.
According to a statement released by the spokesperson of Botsurance, this partnership is in furtherance of the ambition to help Nigerians leverage insurance to secure their wealth, lives, and properties and also importantly, improve the insurance adoption rate in Nigeria from the meagre less than 1 percent it currently is, to becoming a viable contributor to the GDP.
Samuel Adekanmbi, CEO and co-founder of Botsurance explained that the partnership will leverage Kudi’s widespreadreach to provide insurance access to millions of users who already rely on Kudi’s payment service to withdraw cash, send cash and pay their bills through its fast-growing network of over 50,000 Mobile Money Agents across Nigeria. This means that people can visit any Kudi agent store across the country and get their insurance done with ease and verify the authenticity of their policies at the agent location.
In his words, “As an organisation, our vision is hinged largely on helping Nigerians live a better and sustainable life and we have found that one way to achieve this is insurance. Hence our commitment to helping as many Nigerians as possible,experience the beauty of insurance and the safety net it provides. We are delighted to have found a worthy partner who shares in our ambition of creating access and providing financial safety. Kudi has a rich history of reliability and a track record of excellence and we are confident in the success we will achieve with this partnership”.
Corroborating Adekanmbi, the co- founder and Chief Financial Officer, Oladoyin Anjorin, explained that the partnership will amongst other things, provide an easier alternative for Nigerians to access insurance and combat the booming trade of fake insurance in Nigeria. He stressed the need for Nigerian adults to have insurance as it helps improve quality of living and provides succour if the unexpected happens.
Speaking on behalf of Kudi, Damilola Kuteyi, Business Development Manager at Kudi said, “it is our pleasure to be in partnership with Botsurance. This partnership is line and pivotal to our mission to continue to provide basic financial access to all Nigerians”
Founded in 2021, Botsurance has become one of the leaders in the Nigerian insuretech space, leveraging its API-driven partnerships, which focused on working with organisations to embed and launch various genuine insurance products. The company though primarily in Nigeria, hopes to extend its services to other African countries in the nearest future.