Turaco, Africa’s leading tech-enabled affordable insurance company, on Tuesday announced the acquisition of MicroEnsure Ghana, a pioneering microinsurance company from MIC Global. Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership. The acquisition is part of Turaco’s long-term vision to provide simple and accessible insurance to one billion people.
The expansion increases Turaco’s operational markets to four—Kenya, Uganda, Nigeria, and Ghana—and active policies by 25%. New and existing customers will benefit from improved tech-driven processes, which will reduce the turnaround time of claims paid out and optimise service offerings. The acquisition will also provide an opportunity for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC Global, one of the leading micro-reinsurance businesses in the world.
Ted Pantone, co-founder and CEO of Turaco, said: “This deal marks a significant milestone for our growth and expansion strategy for Africa and a strategic move to drive innovation into a market that has one of the continent’s highest insurance coverage rates. We are excited about the opportunity to build on the 15-year legacy of MicroEnsure and leverage our customer-centric tech solution to provide affordable and accessible coverage.
“Turaco Ghana is a fantastic team with lots of enthusiasm and, most importantly, expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers.”
According to the 2021 census data, Ghana has one of Africa’s widest insurance coverage levels, with more than 60 per cent of its population holding either the National Health Insurance Scheme (NHIS) or a private health insurance scheme. Yet millions of Ghanaians still lack access to healthcare, with more than 10 per cent experiencing catastrophic financial shocks due to yearly health expenditures. Those who do have insurance find it hard to use, with complex exclusions and slow turnaround times for claim payment.
Leona Abban, General Manager of Turaco Ghana, said: “As a pioneer of microinsurance in Africa, we focused on making an impact while providing affordable insurance to low-income customers. Over our 15-year history, our inclusive approach has benefited three million Ghanaians with the safety net of being insured. As we move into this next growth phase as Turaco Ghana, we look forward to leveraging our in-market experiences to improve our approach further and capture additional segments of the market that have historically been excluded.”
Turaco Ghana (formerly MicroEnsure) was the pioneer microinsurance intermediary in Ghana, providing insurance for low-income earners and the first to launch mobile insurance through Tigo in 2012 and Airtel in 2013, serving three million customers. In 2020, the company provided insurance protection to 4,000 micro, small, and medium enterprises in Ghana with free comprehensive life and business protection in partnership with the United Nations Capital Development Fund. In 2020, it launched a health protection plan for customers of Vodafone Ghana.
Harry Croydon, co-founder and COO of MIC Global, commented: “I am delighted to partner with Turaco as they take over management and operations of MicroEnsure Ghana (now Turaco Ghana). We are confident that our micro-insurance products and the unique Turaco model will drive continued success in providing millions of customers with the insurance safety net they need.
Launched in 2019, Turaco uses technology to increase access to affordable insurance with a seamless and customer-centric approach. Turaco’s B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintechs to provide easy distribution and insurance management. Turaco embeds its service as a white-labelled offering that is bundled with a partner’s core product or service, integrating with their existing payment processes to collect premiums. Leveraging its proprietary algorithms, Turaco ensures claims are processed within three days. Through its active partnerships, Turaco has designed and delivered a suite of bespoke insurance packages, including medical, life, asset, and vehicle insurance, that have already covered over 1,300,000 lives across Nigeria, Kenya, Uganda, and now Ghana
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ANKA secures US$5 million in pre-Series A Extension to Export Africa
ANKA, the “all-in-one SaaS for global African businesses”, has announced the closure of a US$5 million pre-Series A extension round led by the International Finance Corporation (IFC) with participation from Proparco and the French Public Investment Bank. The new round of funding brings the company’s total investment to date to US$13.5 million since being founded in 2016 as ANKA fuels its efforts in product building as well as expanding its services to encourage and further develop African entrepreneurship on a global scale. The company is set to strengthen its presence in key countries where it has already recorded unparalleled growth, including Nigeria and Kenya for the number of sellers and the US for its buyers and subscribers. Furthermore, ANKA also plans to use the investment to actively recruit sales, technical, and product talent to catalyse its growth.
Since its last injection of capital in 2022, ANKA has almost doubled its margins and its community of African SMEs in 47 out of 54 countries on the continent. The company processed over US$50 million in transactions in over 175 countries around the world. Since its first round of fundraising in 2022, ANKA’s turnover has increased over 18 times, from €200k to €3.6m. The platform now aims to onboard 100,000 African sellers by 2030, championing the cross-border trade of “all things made of Africa” to a global audience. These achievements underline ANKA’s influential presence in the African e-commerce ecosystem. As well as its ambition to reach the same level as ‘Paypal’ for all the entrepreneurs on the continent.
ANKA provides a subscription-model platform for African entrepreneurs to
sell goods via a customised storefront, Instagram, or WhatsApp, be paid for goods and services via international payment methods, and withdraw money instantly via local payment methods (e.g., mobile money or bank transfers) or ANKA’s dedicated VISA cards. It will also provide access to an aggregation of the best shipping solutions to ship goods, such as with DHL service for less than $20 up to 2kg in under 72 hours.
Speaking about the fundraiser, ANKA co-founder and CEO Moulaye Taboure said, “We are beyond thrilled to see our vision for our sellers and clients coming to fruition at an unprecedented scale. This new round of investment from our partners is crucial in pushing forward the creativity and innovation that we know is being spearheaded by the continent, and that is speaking louder than ever on the global stage. The IFC in particular has had a long-term conviction in our leadership of these industries, and we’re delighted that they, as well as our other investors, could be a part of extending our mission of “unleashing the growth of African entrepreneurship”.
COO and co-founder of ANKA, Abdoul Kadry Diallo, added, “We have always believed in the untapped cultural wealth of the continent. Our continent has amazing people, products, and services that can contribute significantly to the global economy. This additional round of funding will allow us to continue improving our operational efficiencies, supporting us to achieve the next level of profitable growth, not only for us but for our sellers”
Globally, the world has a vast distribution of African diaspora, with close to 45 million people of African descent living in North America and 10 million living in Europe. Both regions are already home to ANKA’s biggest exports and represent a significant growth opportunity for the company as it pursues its goal to boost the investment in and sale of Africa’s creative economy globally.
Makhtar Diop, IFC Managing Director, said: “Empowering African artisans, particularly women, and helping them access wider markets is crucial to raising the bar of economic inclusion and spurring sustainable growth. ANKA’s strategy of connecting artisanal fashion designers and merchants to global markets aligns with our vision of supporting Africa’s creative industry to unlock new opportunities for inclusive growth.”
Fabrice Perez, Head of Proparco VC Division, shared: “We are delighted to see the growing impact of ANKA on the development of SMEs in Africa, as well as on employment for women, who account for 80% of the 20,000 merchants using the platform. Following a loan bridge by Digital Africa (fully repaid now), this equity investment reaffirms Proparco’s support for ANKA.”
Currently, ANKA is recruiting for a number of roles throughout the business.
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