Kenyan fintech Kwara, which offers digital banking solutions to Saccos, has partnered with local insurtech start-up Lami Technologies. The partnership will provide members of the Cooperative Savings and Credit Society (Saccos) with affordable but transformative insurance products through its digital platform. Sacco members will have easy access to innovative insurance products in the life, general, health, business and property coverage sectors.
“This partnership is part of our broader strategic goal of helping existing credit unions and savings unions transform into modern digital financial institutions. We believe that providing access to insurance products through the Kwara app will accelerate members on the path to financial independence and enhance their ability to withstand financial shocks â, Cynthia Wandia, co-founder / CEO.
âWe are proud to partner with Kwara to bring affordable insurance products to SACCO members and provide Kenyans with a quick, easy and fast coverage option that contributes to a more inclusive ecosystem. By harnessing the power of technology and collaborating with market leaders to deploy equitable solutions, we are fulfilling our mission of providing coverage to millions of underserved Kenyans. This collaboration is a milestone for both organizations and will help shape a new digital era for the insurance ecosystem.. ” Jihan Abbas, co-founder / CEO, Lami.
Kwara was one of 5 startups to participate in the first cohort of the NINJA 2021 accelerator led by Japan and also trained one of the 2 startups representing Africa in the Mastercard Start Path program. This new partnership will allow the more than 60,000 members of Kwara to easily access products adapted to certain needs, offered through the neobank application which is in turn integrated into Lami’s technological insurance infrastructure.
We previously explained how Lami Technologies raised $ 1.8 million to scale up its insurance API platform, in addition to a recent strategic partnership with Sendy.