A business accelerator programme for African entrepreneurs working in the low-cost insurance space is expanding across the continent.
The BimaLab Africa Acceleration Programme, which was launched last year in Kenya, Nigeria and Ghana, is now expanding to include Egypt, Ethiopia, Morocco, Rwanda, Uganda and Zimbabwe, according to Africa Business Communities.
A partnership between development agency FSD Africa and global reinsurer Swiss Re, the incubator is geared to support innovators developing insurance solutions for the low-income sector. The incubator also involves various regional financial regulators such as the National Bank of Rwanda.
In its initial phase, the initiative helped 40 start-ups in Kenya, Ghana, and Nigeria to scale their products. The five-month programme uses global best practices and in-depth local knowledge to help applicants reach scalability and prepare for the market.
The expansion of the programme is backed by a US$500 000 investment from Swiss Re.
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