22 December 2023: In a great step forward for improving financial resiliency in Nigeria, Bboxx, a data-driven super platform and champion of economic empowerment in Africa, has partnered with Turaco (registered in Nigeria as Turaco Inclusive Limited), Africa’s leading insurtech, to offer insurance products to Bboxx’s customers. This collaboration aims to provide Bboxx pay-as-you-go solar home system customers access to a safety net against financial shocks that can undermine the financial resiliency of rural borrowers.
Bboxx and Turaco have joined forces to provide Bboxx’s customers the opportunity to purchase insurance that protects them against hospitalization, permanent total disability, and death underwritten by Leadway Assurance Company Limited. The insurance not only provides a financial cushion to Bboxx customers in the face of unexpected events, it also protects them and their families from becoming indebted, with the outstanding loan being repaid when catastrophic events do occur.
The addition of insurance to Bboxx’s product offering is an important step towards achieving its goal of championing the economic empowerment of Africa, accelerating the transition to the digital economy. Only 3% of Nigerians have health insurance, with the number of rural individuals and informal workers being even less likely to be insured. As a result, over 40% of Nigerian households face catastrophic levels of out of pocket health expenses each year. Rural, low-income households in Nigeria often do not have access to affordable and simple insurance.
Speaking on the partnership, Ernest Akinlola, MD for Bboxx Nigeria said, “Bboxx Nigeria aims to provide clean energy to 20 million people over 10 years. However, we know that, to be true to our vision of driving inclusive and sustainable economic growth, the bundling of financial services with our core solar home system is critical. We are excited to be partnering with Turaco to provide additional value to our customers.”
Bboxx’s partnership with Turaco will provide low-cost, valuable health insurance to those often excluded from access to insurance. Targeted at underserved customers and low-income earners, the products Turaco is distributing are priced at at less than ₦2,000/month, with straightforward terms & conditions and a fully digitized claims process that allows Bboxx claimants to file via WhatsApp or phone call, paying out in less than three days via mobile money.
Toba Obaniyi, MD of Turaco Nigeria said, “We are always excited to find value-aligned partners such as Bboxx who understand the importance of expanding access to digital financial services. With Turaco’s innovative digital customer journey and easy claims process, we know we can provide Bboxx’s rural customer base a seamless user experience and valuable product.”
This partnership benefits from the facilitation and mentoring of FSD Africa and Bimalab, backed by NAICOM. BimaLab is a key partner for Turaco in Nigeria. Nigeria is leading the way in creating an innovation friendly regulatory environment, enabling initiatives like this to radically increase the number of people insured.
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About Bboxx: Bboxx is a data-driven super platform, transforming lives and unlocking potential by connecting consumers and deploying innovative products across Africa.
Bboxx is championing the economic empowerment of Africa, accelerating the transition to the digital economy and creating new markets. We have built Bboxx Pulse®, a fully integrated operating system, and combined it with an extensive on-the-ground network to connect customers with clean energy, clean cooking, smartphones, e-mobility and selected financial products – many for the first time.
Following the successful acquisition of solar energy frontrunner PEG Africa in 2022, Bboxx is now positively impacting the lives of more than 3.6 million people in 10 operating markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals. Bboxx and its group of companies is one of the largest networks in Africa, with over 4,000 staff across Africa and offices in the UK and Asia. For more information, visit: bboxx.com.
About Turaco: Turaco is a Pan-African insurtech driving financial resilience in emerging markets with simple and affordable health and life insurance for the underserved mass market.
Founded in 2019, Turaco is present in Nigeria, Ghana, Kenya, and Uganda. Turaco partners with leading mobile network operators (MNOs), technology-enabled companies, and financial institutions to embed and distribute insurance products to their customers. With Turaco, individuals can secure insurance coverage with premiums starting as low as $1 per month. Turaco processes claims in less than three business days, ensuring customers receive their money when they need it the most. With a vision to insure 1 billion lives, Turaco has insured more than 1.5 million lives and has facilitated the payment of more than 20,000 claims to date. For more information, visit: https://www.turaco.insure/.
