Kenyan insurtech and digital insurance platform mTek has secured an additional investment commitment from African-focused fintech platform, Finclusion Group, to-date totaling $3 million (KSh 340 million) – through both debt and equity. The intensified cooperation seeks to accelerate mTek’s growth into the Kenyan marketplace through continual improvements to the platform and via the expansion of its customer base. mTek’s Chief Executive Officer, Ms. Bente Krogmann, stated that the investment is a milestone for the organization and an indication of Pan-African investors’ confidence in the insurtech’s purpose, business model and philosophy. “With this investment, we will be able to commence our expansion within Kenya through 25 Finclusion Group branches where we will offer agents trainings. The investment will help us to create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured. We hope to be able to further expand into six African countries over the next two years,” said Ms. Krogmann. Finclusion Group is an African-focused fintech platform building out a complete neobank offering for its users. Today, Finclusion Group provides among its myriad services, earned-wage access, BNPL and a direct credit offering, hosting a presence in South Africa, Eswatini and Namibia in Southern Africa, and Kenya and Tanzania in East Africa. Finclusion Group Chief Executive Officer, Mr. Timothy Nuy, added that mTek’s capability to offer paperless insurance addressed a critical market pain-point, while noting that mTek’s continued growth and customer value-addition aligns perfectly with the fintech platform’s vision and expansion model. “As a Group, we remain committed to driving financial inclusion on the African continent through innovative technology and also significant investments that can broker lasting change, identifying and addressing market needs, both present and future. mTek’s platform has allowed for greater transparency in both the insurance and telehealth industries and we are pleased to partner with such technology that delivers – for the first time – paperless insurance in Africa,” said Mr. Nuy. “As health financing reforms in Kenya have peaked stakeholder interests from the both the public and private sector, we take a long-game approach to this investment. The ‘one stop shop’, the holistic plug and play insurance tech offering pioneered by mTek is replicable nation on nation, the continent over. We look forward to playing a lead role in that process,” Nuy added. Since launching its platform in 2020, mTek has seen consistent and compelling growth, doubling its customer base and gross written premium every quarter to date through its revolutionary 100% paperless insurance. The insurtech has also partnered with over 35 Kenyan underwriters to consistently provide its clients with a better and transparent experience while purchasing and renewing their insurance policies. mTek expects to reach one (1) million users through its innovative insurance offering by 2024 as it achieves its mission to provide insurance to the uninsured. Read: Digital Insurance Solutions; Key in Increasing Uptake
Author: Brand Spot
Brand Spot by Techarena allows companies to share their stories directly with TechArena's audience. To promote your brand and get featured, email [email protected]
In honor of father’s day this year Samsung Electronics East Africa has announced amazing offers to honor and celebrate fathers in Kenya. The offers will include 50% off on the Samsung Galaxy watch 4 for any purchase of the Samsung Galaxy S22 Series as well as the Galaxy Fold3 and Galaxy Flip3. Samsung will also be offering a Free Galaxy Fit2 for any purchase of the Galaxy S21 FE and the Galaxy A73 the superior device in the A-Series category. The offers are available at all flagship Samsung Experience stores, Safaricom stores, Phonelink stores and all Retail stores nationwide. “Fathers…
For those looking for smartphones between Ksh 35,000 and 40,000, the Infinix Note 12 VIP and the Xiaomi Redmi Note 11 Pro are some of the two devices on your list. The Infinix Note 12 VIP is the most recent one to launch in Kenya and is available in stores for Ksh 41,000 for the 8GB variant with 256GB of storage. The Redmi Note 1 Pro was launched a few months back and is available starting from Ksh 35,000 for the 8GB variant with 128GB of storage. https://www.youtube.com/watch?v=XxshpZjhYkI&t=28s I have been using the Infinix Note 12 Play for a few…
Netflix has announced that its first Kenyan licensed Branded Series, Country Queen will begin streaming on the service from the 15th of July, 2022. Set in contemporary Kenya, Country Queen is a family drama series that tells the story of ordinary Kenyans fighting against a corporate power that threatens to destroy their homes and lives. The series focuses on the issues of land grabbing and exploitation, and how these factors impact the lives and relationships of the main characters, their families and communities. Filmed in Nairobi, Machakos County and Murang’a County, Country Queen stars Melissa Kiplagat as Akisa, a woman…
Over the weekend, a couple of friends and I decided to tour the Ololosokuan Nature trail. With most of us working from home, all we needed was a break away from the indoor ambience and for once embrace the beauty that nature has to offer. The atmosphere was welcoming, birds chirped and it was all fun climbing the rocks and seeing the different types of tree species. To spice our trip, we carried along the LG XBoom Go PL5 portable Bluetooth Speaker with us. Trust me, you need some music to psyche you up when climbing a rock 15 meters tall. The…
Mozilla, has today unveiled a course for SMEs and startups in Kenya to increase their awareness and capabilities on the use and management of data collected in their day-to-day business operations. The online course, Lean Data Practices (LDP), will be hosted on Udemy, an open-source online courses provider, and is designed for startups and SMEs who lack adequate knowledge about data privacy and security when handling personal information for customers/clients. Many of these startups also need to be better informed about Kenya Data Protection laws in order to protect their ideas and enterprises and to also operate within set regulations.…
KCB Bank triumphed in this year’s annual celebration of Kenya’s insurance sector winning a total of 6 awards in an event organized by Think Business Limited. The bank was recognized as the most customer-centric Bancassurance Intermediary- Winner, Best Bancassurance Intermediary in non-life and non-embedded products-Winner, Best Bancassurance Intermediary in Technology Application-Winner, Best Bancassurance Intermediary in Life products-Winner, The risk management award-Bancassurance Intermediary- 1st Runners Up and Best Bancassurance Intermediary-2nd Runners Up Speaking on the awards, KCB CEO and MD Paul Russo welcomed the recognition adding that the group has been at the forefront in providing an enabling environment for economic recovery. “In…
Microsoft has reaffirmed its commitment to working with both the private and public sectors to accelerate digital transformation in African agriculture in order to increase food security for the continent. Speaking during a virtual roundtable panel discussion on the topic, Microsoft Kenya Acting Country Manager Kunle Awosika said the organisation is committed to continue investing in agritech on the continent, with the goal of developing agritech that enables data-driven, precise and connected farming that optimises yields, boosts farm productivity and increases profitability. “We understand that these important issues will not be solved by one company, but through partnerships with the…
Africa Data Centres, part of the Cassava Technologies Group, a pan-African technology group, is pleased to announce building a second data centre in Cape Town, South Africa. The new 20MW facility will cover 15,000 square meters in eight data halls and is situated on the northern periphery of Cape Town city centre. According to Tesh Durvasula, Chief Executive Officer of Africa Data Centres, there is a clear pipeline of demand for colocation space that cannot be served from the existing Diep River data centre. “The new Cape Town facility is a critical part of Africa Data Centres expansion drive in the area”. The site is located in a secure business park that is well served by two major national roads, the N7 and M12, and is in close proximity to Cape Town’s city centre, the V&A Waterfront harbour, Cape Town International Airport, and is within easy reach of Africa Data Centres’ existing Africa Data Centres’ facility in Diep River. As volumes of data in South Africa grow, so does the demand for the capacity to store and process it. “This is why Africa Data Centres has such ambitious expansion plans in the region. As Africa’s largest and leading network of interconnected, carrier- and cloud-neutral data centre facilities, we are continually working to provide the infrastructure to help companies achieve their digital goals.” There are several regions experiencing high data centre demand in Africa, and data centre capacity has more than doubled in the past few years. South Africa is leading the charge and is now brimming with new projects. Moreover, Durvasula says, “Hyper-scaler cloud providers have been eyeing the region for some time, with Amazon opening its first African cloud data centre in South Africa in April 2020. In addition, Google Cloud recently selected Africa Data Centres as the first location for Google Cloud Interconnect in Africa”. Cape Town is the number two data centre market in South Africa and currently has a connectivity ecosystem made up of several colocation data centres and a wide range of cloud service providers and networks. Research estimates that the market for data centres in Africa is expected to reach between US$3 billion and US$5 billion in the next four years, growing at a compound annual growth rate of between 12 and 15%, depending on the report. South Africa remains is the largest data centre market on the continent, with a thriving data centre industry, and has been ranked number 25 globally by Cloudscene based on data centre density. Over and above bringing digital services to Capetonians, the facility will create a wide range of job opportunities through the provision of digital services and hiring local contractors and workers for the builds, from entry to high-tech level. The Cape Town build is currently in the initial design phase, with work set to start on site in the last quarter of 2022. Completion is scheduled for the end of 2023. Read: Interview with Dan Kwach of Africa Data Centres on the current state and future of Data centres in Africa
Jambojet has partnered with Cellulant to award customers with over 600 discount vouchers, each worth Kes 3,000. The vouchers will be available to all customers that sign up to Jambojet Rewards, the Jambojet loyalty program. Jambojet has flown over 5 million passengers since its inception in 2014, and in April launched Jambojet Rewards, a loyalty program, where customers earn points each time they fly Jambojet. “Over 70% of our customers book their tickets online, and pay for their tickets using mobile money. This partnership with Cellulant is another way to offer value to our loyal customers, some of whom fly…