FSD Africa has disclosed the launch of insurtech accelerator programmes in Ghana and Nigeria next year.
The goal is to drive the promotion of innovations targeted at accelerating insurance in the new markets and across the African continent.
Earlier this year, FSD Africa launched a similar programme in Kenya. This was done in partnership with Insurance Regulatory Authority, the country’s regulator, and cloud solution provider Tellistic Technology Services.
FSD Africa has a mission to ensure the growth of the insurance sector and the current move is one of its means to achieve this, grooming the next generation of insurance innovators.
FSD Africa plans to enable capital access by providing venture funds and grants to early-stage insurtech startups. Included in its plans is an online platform where founders can come together to analyse related matters, share experiences, create partnerships, and gain technical support from industry professionals.
Currently operating with eight insurance regulators from across Ghana, Malawi, Nigeria, Rwanda and Tanzania, the company seeks to build an environment where insurtech innovation will be strengthened across Africa.
The innovative learning and engagement platform will enable the creation of insurance and startup ecosystems, as well as address issues around the environment, social and governance aspects.
The second cohort of the programme in Kenya recently graduated after over 10 weeks of accumulating knowledge and receiving resources to develop and get their solutions ready for the market.
FSD Africa was established in 2012 and is supported by UK aid. The company is a specialist development agency working to build and strengthen financial markets across sub-Saharan Africa.
Incorporated as a non-profit company limited by guarantee in Kenya, FSD Africa works to reduce poverty through a ‘market systems development’ approach, aimed at addressing the structural, underlying causes of poverty by improving how financial market systems function.