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Small and medium enterprises make up more than 95% of all businesses in Nigeria. But despite their sheer size and importance, a majority of them are underserved by financial institutions and lack the full suite of financial services needed to scale their operations. Aside from full-stack financial needs, including credit, small and medium businesses require […]
Lami Technologies secures Ksh. 192 million seed funding to enhance insurance products in Kenya Shares Lami Technologies, Kenyan insure-tech start-up, has received Ksh. 192,330,000 ($1.8 million) in seed money, to help provide tailored and affordable insurance products to the average African consumer. Lami also stated that it intends to use the seed investment to hire more people, improve its technology and grow its presence across Africa. The investment round was led by Accion Venture Lab, a seed-stage investment firm that supports financial services targeted at underserved markets. Other VCs...
Kenya’s Lami raises $1.8M to scale API insurance platform across Africa Africa’s insurance market stands at a 3% penetration rate, per a McKinsey study in 2018 comparing six insurance regions on the continent. If the South African market is excluded, this number drops to a measly 1.12%. Unlike other parts of the world, most African insurance providers neglect the importance of tailored and affordable insurance products to the average African consumer. Lami Technologies, a startup out of Kenya armed with $1.8 million in seed money, is looking to change that. The round was led by Accion Ven...