Botsurance Partners Kudi to Boost Insurance Penetration in Nigeria

As part of efforts to boost the insurance penetration in Nigeria, Insuretech start-up, Botsurance has declared a partnership with payments service company, Kudi, to provide insurance service to Nigerians especially residents of underserved communities.

This development is in line with current realities revealing that less than two per cent of Nigerian adults have insurance cover, while over 30million Nigerian adults have expressed interest in microinsurance.

This points to the need for improved efforts and more innovative partnerships like the #BotsuranceKudi to drive insurance inclusion in Nigeria.

A statement issued by the spokesperson of Botsurance, explained that this partnership is in furtherance of the ambition to help Nigerians leverage insurance to secure their wealth, lives, and properties and also importantly, improve the insurance adoption rate in Nigeria from the meagre less than one percent it currently is, to becoming a viable contributor to the Gross Domestic Product (GDP).

Samuel Adekanmbi, CEO and co-founder of Botsurance highlighted that the partnership will leverage Kudi’s wide spread reach to provide insurance access to millions of users who already rely on Kudi’s payment service to withdraw cash, send cash and pay their bills through its fast-growing network of over 50,000 Mobile Money Agents across Nigeria.

This implies that people can visit any Kudi agent store across the country and get their insurance done with ease and verify the authenticity of their policies at the agent location.

Adekanmbi said “As an organisation, our vision is hinged largely on helping Nigerians live a better and sustainable life and we have found that one way to achieve this is insurance. Hence our commitment to helping as many Nigerians as possible, experience the beauty of insurance and the safety net it provides.

“We are delighted to have found a worthy partner who shares in our ambition of creating access and providing financial safety. Kudi has a rich history of reliability and a track record of excellence and we are confident in the success we will achieve with this partnership”.

Oladoyin Anjorin, the co- founder and Chief Financial Officer, while corroborating Adekanmbi remark, also posited that the partnership will amongst other things provide an easier alternative for Nigerians to access insurance and combat the booming trade of fake insurance in Nigeria.

He harped on the need for Nigerian adults to have insurance as it helps improve quality of living and provides succour if the unexpected happens.

Responding on behalf of Kudi, Damilola Kuteyi, Business Development Manager at Kudi said, “it is our pleasure to be in partnership with Botsurance. This partnership is line and pivotal to our mission to continue to provide basic financial access to all Nigerians”

Botsurance which was founded in 2021 has become one of the leaders in the Nigerian insuretech space, leveraging its API-driven partnerships, which focused on working with organisations to embed and launch various genuine insurance products.

The company, which is primarily in Nigeria, hopes to extend its services to other African countries in the nearest future.