Mastercard today expanded its relationship with Kasha Global Incorporated through an investment in the purpose driven ecommerce platform. The companies will continue their shared efforts to ensure women across emerging markets have essential access to health and personal care products along with the information required to support everyday hygiene needs.
Combining online and offline capabilities, Kasha’s platform allows women across rural and urban locations to make confidential personal care orders. By utilizing the full product catalogue available online, or by placing orders using basic mobile handsets, women can search, order and pay for hygiene products that are discretely delivered to them by local micro-entrepreneurs, thus also helping local store owners grow their business.
Mastercard’s investment is the next step on a journey the organizations have been on since Kasha joined Mastercard StartPath in 2019. Since joining the award winning start-up engagement program, Mastercard has worked with Kasha to integrate digital payment acceptance across its ecommerce platform, and most recently the partners joined forces to deliver virus, hygiene and protection products to families across Kenya in efforts to help prevent the spread of COVID-19.
“Kasha’s goal is to ensure women in emerging markets get the products, information and services they need for their health, self-care and well-being” said, Joanna Bichsel, Kasha’s Founder and CEO “I am thrilled that we are continuing our collaboration with Mastercard and that we not only have a committed investor with shared values, but also an innovative partner as we continue to take Kasha’s development and growth to the next level.”
Mastercard’s activities with Kasha directly support the company’s pledge to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025, with a direct focus on providing 25 million women entrepreneurs with solutions to help them grow their business.
“Mastercard works with governments, businesses and entrepreneurs to help them achieve their ambitions and is committed to applying its resources to drive sustainable and inclusive growth.” said, Raghav Prasad, Division President, Sub Saharan Africa, Mastercard. “Through our activities with Kasha we are leveraging Mastercard’s innovations, expertise and partnerships to help drive the empowerment of women and small businesses. This partnership is a major step in our journey to support the fundamental needs of women and drive growth across African communities.”
Mastercard’s investment will help Kasha expand its current platform offering, reaching more women, communities and small businesses than before and build’s on Mastercard’s efforts to bolster support for micro-entrepreneur and women owned small business in Africa through the Mastercard Track Micro Credit Program, known in Kenya as “Jaza Duka” (fill up your store in Swahili). By leveraging Mastercard and Kasha’s combined capabilities, in collaboration with global consumer goods and banking partners, the partners aim to positively impact historically underserved communities across Africa and beyond.
Lami, Kenya-based Insurtech secures $1.8 million to accelerate digital insurance in Africa
Lami team and press release (Source: Eva Barasa/Lami Tech/medium)
Lami Technologies, a Kenyan insurance technology (insurtech) company that aims to democratize insurance products and services for low-income Kenyans, announced today it had raised $1.8 million in seed funding.
The round was led by Accion Venture Lab’s seed-stage investment initiative that provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved.
Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses — including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API. Lami can also be used by partner businesses to manage their own insurance needs. Lami connects partner organizations, such as the e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customize the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.
Lami’s services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies. Lami co-designs innovative products with its underwriting partners to enable businesses to offer unique insurance products to their underlying customer base, with flexible options that meet their needs and cash flows, such as monthly medical policies for startup employees.
Jihan Abass, CEO & Founder of Lami (Source: Eva Barasa/Lami Tech/medium)
Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers while enabling large volumes of users to access insurance, often for the first time.”
Africa’s insurance market currently stands at a 3 percent penetration rate, except for South Africa, and is facing modernization and innovation challenges. Most insurance providers on the continent fail to offer flexible, affordable and tailored insurance coverage to provide a safety net for the African consumer. Low insurance uptake is partly due to the traditional distribution and administration of policies, mainly relying on brick-and-mortar channels where policies are sold and processed manually. This results in a longer processing cycle, poor customer satisfaction, and higher distribution costs.
Lami’s digital insurance platform leverages cloud computing, automation, and third-party service providers such as emergency and valuation, or identity and asset verification databases, to offer a comprehensive ecosystem for the businesses they partner with to develop, distribute and manage highly streamlined and competitive insurance products that are designed to meet their customers’ needs.
Since its inception, the insurtech startup has sold more than 5,000 policies and has partnered with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance, distributing more than 30 products available including medical, motor, employee benefits, and device insurance. As an innovator in the digital insurance space, Lami aims to continue diversifying its business by looking for new partners and building on its core technology.
Michael Schlein, President and CEO, Accion Venture Lab, said: “Ninety-seven percent of Africans lack access to insurance — a financial safety net that can help them build resilience against economic shocks. Lami helps address this need for consumers across Africa through its innovative approach that leverages technology and partnerships to help any business develop and sell insurance.”
“At Accion Venture Lab, we’re excited by how Lami is using technology to create a pathway for customers to purchase insurance that is specific to their needs. By embedding customized insurance within businesses that customers know and trust, Lami is making insurance accessible for underserved populations in Africa and enabling them to build financial resilience. “said Ashley Lewis, Africa Director, Accion Venture Lab
This investment highlights the strong commitment of all organizations to ensuring that financial services are made accessible and affordable for the underserved.
InnoPower Partners with Business Africa Online to Host Going Global Summit 2021
INDIANAPOLIS, Ind. – InnoPower LLC (InnoPower) and Business Africa Online (BAO) will host the Going Global Summit during the 2021 Minority Business Week presented by Eleven Fifty Academy and JPMorgan Chase, to be held June 14 – 18, 2021.
Africa is a fascinating continent. The old narrative of Africa disconnected from the global economy is fading. A wave of transformation driven by business and modernization is thrusting the continent from the world’s margins to the worldwide mainstream. There is tremendous promise in the dynamism and ingenuity of Africa’s entrepreneurs. The region’s abundant world-class innovation and talent are increasingly being harnessed to improve lives and generate wealth.
InnoPower is working to develop a stronger pipeline of awareness and access to Africa’s talent and solutions, especially in Nigeria and the West Africa region.
InnoPower’s partnership with BAO aims to develop a more robust pipeline of awareness and access to Africa’s talent and solutions, focused in three areas:
- ENTREPRENEURSHIP: providing African entrepreneurs with access to resources, training, and finance.
- CONNECTIONS: by introducing US-based businesses and service providers to Africa innovators.
- ADVOCACY: increasing the viability of Africa as a region for economic development partnership.
InnoPower is an Indianapolis-based company deliberately designed to highlight the innovations in and for Black communities, create opportunities for capacity building, and provide a platform for creative thought and innovative entrepreneurialism. BAO supports and aligns with the movement. The two organizations have come together to be the change they want to see globally, especially in the entrepreneurial ecosystem and the development and growth of Africa.
“It has only been about 60 years since Blacks across the United States and Africa were provided with true independence. The U.S. with the Civil Rights Movement and Africa with the end of rule by British, French, and other European colonizers. Across the globe, Africans are now competing in the global innovation economy while still embracing the uniqueness of our culture, environment, and resources. But there is still a lot of work to be done to close the gaps created by centuries of oppression. We are excited that we can be a part of sparking and nurturing this movement. Our partnership with BAO gives a bigger voice to the work that still must be done,” said Emil Ekiyor, Founder and CEO of InnoPower.
“Our team is thrilled to be working with InnoPower on the Going Global Summit 2021. BAO is at the forefront of powering the entrepreneurial mindset and enabling businesses in Africa. We are inspired and motivated every day by the incredible African innovators within our community and their desire to impact the world positively. By partnering with InnoPower, we are now focused on connecting Africa’s entrepreneurs and businesses with US-based investors and businesses,” added Alaba Ayinuola, Founder & CEO of Business Africa Online (BAO).
InnoPower’s 2021 Minority Business Week presented by Eleven Fifty Academy and JPMorgan Chase will be held Monday, June 14 through Friday, June 18, 2021. The Going Global Summit will be held on Friday, June 18, 2021. Both events will be held virtually, and registration is free. For more information, please visit bit.ly/InnoPowerGoingGlobal2021
Guinness Nigeria Announces Board Changes, Appoints Omobola Johnson As First Female Board Chair
Guinness Nigeria outgoing Board Chair, Mr. Babatunde Savage and incoming Board Chair, Dr. Omobola Johnson (Source: Guinness Nigeria)
Guinness Nigeria announces the notice of retirement of its long-serving and indefatigable Board Chair, Mr. Babatunde Savage by June 30, 2021. The Company is also pleased to announce arrangements for pioneer Nigerian Minister of Communication & Technology and serving Guinness Nigeria Board member, Dr. Omobola Johnson to be appointed and assume the role of Board Chair with effect from 1st July 2021.
In his letter notifying the Board of his retirement in compliance with applicable Corporate Governance regulations, Mr. Savage expressed his pleasure at the opportunity to have been a part of the wonderful Guinness Nigeria story over the last four decades. He also thanked the Board of Guinness Nigeria and Diageo UK for the opportunity to have served in many capacities, first as an employee who held various strategic senior roles, then as an Executive Director and later the Chair of the Board, a role he has held for twelve eventful and progressive years. He also noted his unwavering support for Guinness Nigeria, Diageo, and its iconic brands. “After almost 40 amazing years, like every good thing, my journey with Guinness Nigeria is coming to an end and this is my time to exit this stage. I feel so proud of my association with this wonderful company with such rich heritage that constantly reminds you that you are standing on the shoulders of giants. Guinness Nigeria is and will always be family to me”, he said.
Babatunde Savage was appointed Chair of the Board in 2009 after working within the organization in a wide variety of executive roles including Company Treasurer, Director of Finance, Director of Corporate Planning, Company Secretary, Corporate Affairs Director, and Deputy Managing Director. With nearly 40 years of service to the organization, Savage’s journey in Guinness Nigeria has been remarkable, navigating so many challenges in different capacities and delivery many wins and successes for the organization.
The Vice-Chair of the Board and President, Diageo Africa, Mr. John O’Keeffe, thanked Mr. Savage profoundly on behalf of the Board of Diageo Plc., the parent company, for his invaluable contributions to the success of the Guinness Nigeria over the last forty years.
Also speaking on the retirement of Mr. Babatunde Savage, the Managing Director, Baker Magunda said “I must express my sincere thanks to Mr. Savage for his invaluable contribution to the Board since his appointment as Board Chair in 2009 particularly also in my own time as managing director, and his unwavering commitment to the success of the Company since he joined Guinness Nigeria in 1983. On behalf of the Board and Management, I wish Mr. Savage the very best.”
On the appointment of Dr. Omobola Johnson as Savage’s successor, Mr. O’Keeffe who is also the chair of the Nominations, Governance & Remunerations Committee of the Board said, “We are pleased to have Dr. Johnson as our in-coming Board Chair, especially because of the value and insight she has brought since her appointment as an Independent Non-Executive Director, and more recently as the chair of the Finance, Audit & Risk Committee of the Board and member of the Nomination, Governance and Remunerations Committee in the last three years. This is truly an exciting time, in Guinness Nigeria’s 71st year, as we continue to build deeper relationships with our stakeholders and fulfill our purpose of helping people celebrate life everyday, everywhere This, with a truly diverse and inclusive Board, Management and workforce, skills and capabilities to reflect our broad consumer base.”
The outgoing Board Chair, Mr. Savage added, “Dr. Omobola Johnson as incoming Board Chair perfectly complements the Board of Guinness Nigeria because of her unmatched skills and experience, and I am confident she will continue to provide the right leadership and valuable perspectives to enable the company sustain the execution of its unique strategy, drive profitability and enhance value for all stakeholders”, he added.
Dr. Johnson is currently a serving member of the Guinness Nigeria Board has over 30 years experience in both the private and public sectors of the Nigerian economy. Commenting on her appointment, the former Country Managing Director for Accenture and now senior partner at TLCom Capital, a technology venture capital firm focused on Africa, said “Guinness Nigeria is an excellent company with tremendous value creation opportunities, and I believe the refreshed Board and the Management Team will remain committed to carrying on the excellent tradition of the Company led by Mr. Savage in achieving outstanding performance and maximizing shareholder value.”
Dr. Johnson will resume as Guinness Nigeria Plc.’s Board Chair on 1st July 2021 and the appropriate notification of her appointment as well as Mr. Savage’s retirement will be filed with relevant regulatory authorities as required by extant regulations.