Ethiopia, September 28, 2023 — Driving towards financial inclusion for communities across Ethiopia, Renew Capital Angels has partnered with Jamii.one, a trailblazer micro-insurance platform for the African landscape.
The company has begun services in Ethiopia, where there are few insurance options for rural communities and only 42% of mobile phone owners own smartphones.
Jamii.one’s growth has come from self-organized Ethiopian community groups called "Iddirs" that bring on average around 50 people together making monthly contributions for informal cooperative-like insurance for funerals and other significant life events.
More than 30% of Ethiopians participate in Iddir groups, which often face operational difficulties due to manual data tracking and management, preventing them from fully meeting their members' financial needs. Jamii.one provides an app-based data registration tool for Iddirs and connects them to affordable, reliable insurance options. “When we entered the market it didn't take us long to introduce the Iddir community to Jamii.one. After we tailored our product for Iddir and enabled access to affordable group micro life insurance it was amazing to see the power of technology with the power of community,” says Tigist Bezu, co-founder.
Importantly, the app is designed to accommodate low literacy levels, offline functionality and limited smartphone usage, making it accessible to a wider segment of the population. This initiative aims to enhance financial inclusions across Ethiopia and beyond.
About Renew Capital
Renew Capital is a pan-African early-stage investment firm that works with development partners to activate the entrepreneurial ecosystems in Africa and invests in early-stage African businesses via the Renew Capital Angels, a global angel investor network. Renew Capital recently launched Renew Venture Lab which allows startups to tap into an experienced investment team across Africa, experienced startup executives, and partners and investors from around the world. For more information on Renew Capital visit www.renewcapital.com.