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Microinsurance is The Key to Sustainability and Resilience in Africa and Beyond

Africa is the largest unserved market that has dropped out of sight of the global financial system. Some estimations suggest that there are ~330 million adult Africans, approximately 80% of the continent’s population, who lack access to formal financial services, which signifies tremendous opportunities for financial technology companies that are ready to embrace them.

However, financial health is not the only liberator and foundation for growth and exit from poverty and misfortune. The healthcare industry plays a far more important role in the developing world as it can significantly boost the quality of life and serve a firm ground for people to get pushed out of the loop of poor health to look for employment, inclusion and development.

Like every other continent in the world, healthcare in Africa has its aspects. The ‘one size fits all’ approach in ensuring appropriate health insurance doesn't work. African countries forged their own path in the insurance industry understanding the hallmarks of the region and the opportunities of the population.

Microinsurance can become the ...

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