Author: Kang'ethe Njoroge

• Kenya’s  Treasury Cabinet Secretary Njuguna Ndung’u has warned insurers to pay up on delayed claims or simply close shop. 
• In his speech at the ongoing 8th Eastern and Southern Africa Regional conference on inclusive insurance, Prof Ndung’u said insurers, who consistently fail to meet the set standards for good business practice should exit the stage. 
• The minister said the unfortunate tag of delayed or non-payment of claims often weighs down the insurance companies that have a good reputation of timely payment of claims. 

Kenya’s Treasury Cabinet Secretary Prof Njuguna Ndung’u has fired a warning shot to insurance companies that for varied reasons delay the payment of customer claims, asking them to instead simply close shop.

Dr Ndung’u said the unfortunate reputation tag of delayed or non-payment of claims often overshadows the insurance companies that have a good reputation of timely payment of claims.

“I would like to reiterate that insurance…

• Swiss Capacity Building Facility (SCBF) and APA Insurance have partnered with a consortium of local insurance innovators to provide affordable and relevant primary healthcare insurance to under-served Kenyans.
• The consortium made up of three BimaLab participants, Paa Insurance Agency, Emerging Markets and Democrance, supported by Illara Health, will build cutting-edge solutions for a market that continues to be neglected by mainstream insurance providers.
• Paa Insurance Agency; an inclusive insurance distribution specialist, Emerging Markets; a research and design consultancy firm, Ilara Health; a network of primary healthcare facilities, Democrance; a SaaS plug-and-play insurance technology provider are part of BimaLab,  an insurtech accelerator  by FSD Africa for innovators working together to create the future of insurance in Africa.

Swiss Capacity Building Facility (SCBF) and APA Insurance have partnered with a consortium of Kenyan-based insurance innovators to provide affordable and relevant primary healthcare insurance services to under-served Kenyans, an innovative designed with a …

• Launch Africa has been the most active investor in African startups according to research firm Africa: The Big Deal. 
• Since its launch in mid-2020, the firm has invested over $31 million through 133 deals, at a rate of more than a deal a week on average. All but four of these deals (97 percent) were between $100,000 and $300,000, with a median cheque of $250,000.
• Launch Africa has been investing heavily in fintech with 42 deals (32 percent) totaling $11 million across 13 markets, including 13 fintech transactions in Nigeria alone. 

Launch Africa has been the most active investor in African startups according to research firm Africa: The Big Deal. 

Since their launch in mid-2020, the company has invested over $31 million through 133 deals, at a rate of more than a deal a week on average. All but four of these deals (97 percent) were between $100,000 and $300,000, …

• Three Africans have been named the Global Citizen Prize Award winners 2023, a yearly award that recognizes and celebrates the unsung activists who are fighting the good fight, going above and beyond to tick things off the world’s most important to-do list: the United Nations’ Global Goals.
• Kenya’s Wangari Kuria, Rwanda’s Ineza Umuhoza Grace and Zimbabwe’s Nkosana Butholenkosi Masuku were  recognized for  profoundly impacting their local communities across food security, climate change, civic space, and sexual and reproductive health, in the fight to end extreme poverty, demand equity, and protect the planet, in line with Global Citizen’s campaign to End Extreme Poverty NOW. 
• The award recipients will be honored at a ceremony taking place during the Global Citizen NOW summit at The Glasshouse in New York City on Thursday, April 27.

Three Africans have been named the Global Citizen Prize Award winners 2023, a yearly award that recognizes and …

• Technology will be a key driver of micro-insurance in Africa as insurers close the protection gap in driving the inclusive insurance agenda.
• IRA Commissioner of Insurance Godfrey Kiptum urged insurers to adopt innovative business models that will curb the damages that hinder access to insurance.
• Insurance companies that fail to adapt will weaken under the pressure exerted by those that use digital technology to slash costs and get better returns on their investments. And they will be left floundering once digital’s relentless force ultimately breaches both the industry’s business model and boundaries. 

Technology will be a key driver of micro insurance in Africa as underwriters close the protection gap in driving the inclusive insurance agenda.

Speaking at the ongoing Eastern and Southern Africa Regional Conference on Inclusive Insurance, the IRA Commissioner of Insurance Godfrey Kiptum urged insurers to adopt innovative business models that will curb the damages that hinder access …

• Kenya is set to host the second United Nations Habitat Assembly where policymakers will discuss and formulate strategies to drive sustainable urbanization of the world.
• The assembly will take place between June 5th and 9th and is expected to bring together representatives from member states, civil society organizations, as well as several Heads of States and ministers.
• Discussions will center on sustainable urban development, including affordable housing, urban climate action, urban crises response, local action to achieve SDGs, and financing for sustainable urban development.

The second edition of the United Nations Habitat Assembly is set to take place in Nairobi in June to discuss strategies for sustainable urbanisation as well as affordable housing, a key agenda of the Kenya Kwanza administration.

The Assembly,  which is a body of the UN comprising 193 member states, will take place in Nairobi from June 5th to 9th and is expected to bring together …

• The war between Russia and Ukraine and the impact it has on global grain exports—which feed billions each day—highlight the urgent need for mobilizing private funding to ensure food security. 
• Citi Research shows that Ukrainian grain harvests and exports this year could be down as much as 50 percent on pre-war levels. Africa is highly dependent on grains from Ukraine.
• Meanwhile, the April 2023 edition of the Agricultural Market Information System Market Monitor shows the gradual decline over the past 10 months of global grain and oilseed prices to levels prior to the war in Ukraine.

The devastating war pitting Russia against next door neighbour Ukraine and its stifling of global grain exports underscores the urgent need for mobilising private funding to provide food for the hungry in Africa, which has been depending on Kiev to feed her people.

This is the call-to-action from deVere Group’s CEO Nigel Green, and …

• Uganda’s Ministry for East African Community Affairs is seeking $900,000 for the coordination and promotion of Kiswahili as an official language.
• The plan is part of the recommendations of a report of the Committee on the East African Community Affairs on the sector Ministerial Policy Statement for Financial Year 2023/24.
• The report cites the lack of a uniting language [Kiswahili] as a huge stumbling block to communication, a key ingredient of EAC integration.

Uganda’s Ministry for East African Community Affairs (MEACA) is seeking $24 million for the coordination and promotion of Kiswahili as an official language.

This is part of the recommendations of a report of a Committee on the East African Community Affairs on the sector Ministerial Policy Statement for Financial Year 2023/24.

The report presented to the House on Wednesday, 19 April 2023, by the Chairperson, Kisembo Basemera cited the lack of a uniting language [Kiswahili] as a …

• African Development Bank Group (AfDB) has approved a trade finance guarantee to Banque Commerciale Du Burundi (Bancobu) to support Small and Medium Sized Enterprises (SMEs) and local corporates involved in import and export trade.
• The Bank will provide a guarantee to Confirming Banks for the non-payment risk arising from the confirmation of letters of credit and similar trade finance instruments issued by Bancobu.
• This facility will support the importation of critical inputs such as fertilizer, pharmaceuticals, solar energy panels, farm machinery and other intermediate goods that Burundi needs to revive its agriculture and manufacturing sectors.

Small and Medium Enterprises engaged in import and export businesses in Burundi can now look forward to enhancing their operations after the African Development Bank Group (AfDB) approved a trade finance guarantee deal for Banque Commerciale Du Burundi (Bancobu).

Following the agreement, Bancobu will provide a guarantee to confirming banks for the non-payment risk arising …

• Next month, the Annual Investment Meeting 2023 (AIM Global 2023) will be hosting the fifth edition of the Startup Pitch Competition, solidifying the forum’s commitments to support innovation and entrepreneurship by offering startups access to capital and mentorship.

• This annual competition targets technology startups within the areas: Edtech, Green Tech, Retail Tech and E-commerce, FinTech, Health Tech, Cybersecurity, Gov Tech, AR & VR, Metaverse, Food Tech & Agri Tech, Mobility, and Deep Technology.

• Participating startups also receive valuable insights through the panel discussions and specialized workshops during the event, enabling them to achieve rapid business growth.

Early next month, the Annual Investment Meeting 2023 (AIM Global 2023) will be hosting the fifth edition of its Startup Pitch Competition, further solidifying the platform’s commitment to support innovation and entrepreneurship by offering startups a chance to seek capital and mentorship.

The global forum offers a premier platform for startups from around the …