Sub-Saharan Africa

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5
Mar
The Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) plays a critical role in developing the agricultural insurance market by providing an enabling environment for private-sector investment in Angola. IFC is supporting ARSEG in developing an enabling environment for agricultural insurance to promote the resilience of farmers in Angola against the impacts of climate change and increase their financial inclusion. ARSEG keen on a holistic regulatory framework conducive to index insurance innovation, consumer protection and allowing for more sustainable market growth. As first step...

Financing Climate Resilience for Malawi’s Smallholder Farmers

In the face of Cyclone Freddy's destructive aftermath, Jeya Nsinda, a resilient Malawian farmer and mother of three, triumphed over adversity with the invaluable support of climate insurance provided by One Acre Fund. The collaboration between IFC and One Acre Fund is a commendable effort aimed at extending this crucial financial safety net to 1.5 million smallholder farmers, mirroring Jeya's experience, across six African countries by 2025. This initiative is a pivotal component of IFC's Africa Inclusive Insurance Program, which delivers advisory services to various entities, including...
In the wake of Cyclone Freddy's devastating impact on Malawi's smallholder farmers, the story of Jeya Nsinda stands as a testament to resilience and hope. Cyclone Freddy swept away not just crops but also the livelihoods of countless farmers, leaving them grappling with food shortages and financial struggles. Amidst this adversity, One Acre Fund , in collaboration with IFC , is making a significant difference by providing climate insurance to smallholder farmers in sub-Saharan Africa, offering a lifeline to those who depend on the land for their income. This partnership is not just about...
24
Oct
Du 12 au 15 septembre , le GIIF de la Banque mondiale, a organisé un symposium à Dakar, sur le renforcement de la résilience financière contre les risques climatiques dans les pays francophones. Ce symposium a réuni une délégation diversifiée de plus de 120 représentants venant des pays suivants : Sénégal, Mali, Burkina Faso, Côte d'Ivoire, Togo, Djibouti, Bénin, Madagascar, la République Démocratique du Congo, Mauritanie, Burundi, Zambie, Kenya, Ouganda. Cette rencontre a été un creuset d'idées, d'expériences, et d'expertise. Les délégués provenaient de divers secteurs, englobant à la fois...
We invite you to delve into the insightful symposium on index insurance and disaster risk financing for French-speaking countries, which took place in Dakar, Senegal. This event brought together over 120 participants from 15+ African nations, including experts, representatives, and stakeholders, to discuss innovative financial solutions for enhancing farmers' resilience to climate-related risks. The symposium emphasized the development of accurate index designs, the importance of partnerships between governments and the private sector, and the role of financial institutions in distributing...
31
Jan
IFC recently concluded two regional insurtech mapping studies in Africa and South-East Asia. The studies provided useful insights on industry trends and investable opportunities. Insurtech is reimagining insurance for incumbent (re)insurers and customers. Key trends include data-driven process optimization, industry-agnostic product development and cloud-based platforms . Usage-based personalized products and personalized customer service platforms such as offered by Naked Insurance are industry-agnostic and provide a large value add applicable across various insurance sectors. Remote claims...
29
Jan
During December 5 – 8, 2022, a delegation of seven Nigerian industry experts were on a learning mission in Kenya. The study tour was organized as part of the GIIF South-South knowledge exchange effort for incumbent insurers transitioning to digital insurers. The delegates work towards transforming Nigeria’s insurance industry through the agile design, promotion and adoption of insurtech to increase the protection cover for millions of Nigerians. This was the second phase of the Neo Insurer Training Initiative (NITI). The study tour took the delegates to Safaricom, APA Insurance, ACRE Africa,...
27
Jan
What if there was a solution to help farmers take the guesswork out of what to plant in their fields and how to optimally nourish it based on the soil nutrient profile? This is precisely what Omishtu-Joy is providing to smallholders in Ethiopia. Omishtu-Joy, which means “Joy of the Farmer” in Afaan Oromo (a native Ethiopian dialect), has developed a soil testing device that uses artificial intelligence (AI)-powered sensors to measure different soil parameters. These soil fertility parameters include pH levels, nitrogen, potassium and phosphorous, humidity, radiation, temperature and soil...
Financial inclusion is critical to development in Africa. Yet, many smallholder farmers and micro, small & medium-sized Enterprises (MSMEs ) on the continent have limited access to financial products, including climate-resilient microinsurance and other insurance services. Past December 2022, IFC - International Finance Corporation convened representatives from Cameroon, Kenya, Nigeria, Mozambique, Zambia, and Zimbabwe to discuss building the capacity of companies and regulators to design agricultural insurance products and best practices for assessing the insurance value of smallholder...
Located in the heart of Africa, with a land surface area of 2.3 million km2, the Democratic Republic of Congo (DRC) is the largest country in Sub-Saharan Africa (SSA) with rich soil and subsoil; over 80 million ha of fertile and arable land and 52 percent of all freshwater resources in SSA. Agriculture accounts for about 20 percent of GDP and employs some 70-75 percent of the economically active population[1]. DRC could potentially feed the entire African continent, yet it is currently unable to adequately feed its own population. The immense potential of the agricultural sector as a vehicle...
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