U.K.-funded Financial Sector Deepening (FSD) Africa is set to launch insurtech accelerator programs in Ghana and Nigeria next year to promote innovations that will drive the uptake of insurance.
The UK Based organisation stated that the insurance industry has been slow to innovate compared to the rest of the financial sector and yet Africa is experiencing a huge protection gap.
“We are planning to launch the BimaLab Insurtech Accelerator Program in Ghana and Nigeria”, the organisation stated.
FSD Africa is also planning to provide access to capital through venture funds and grants to early-stage insurtech startups, in addition to setting up an online platform where founders can brainstorm, share experiences, create partnerships, and gain technical support from different industry professionals.
The organization is working with eight insurance regulators including those of Ghana, Malawi, Nigeria, Rwanda and Tanzania to build an environment that bolsters insurtech innovation across the continent.
Original Story: TechCrunch
