The Bimalab Africa Insurtech Accelerator Program, a key initiative by FSD Africa, has received a significant $600,000 investment from the Swiss Re Foundation. This funding will enable the program to expand its operations across five new African countries: Tanzania, Tunisia, Senegal, Zambia, Malawi, and Somalia, increasing its reach to a total of 15 countries.
Launched in 2020, Bimalab Africa provides crucial support to early-stage insurtech startups, fostering an ecosystem where innovation can thrive. By connecting startups with insurance companies, investors, and regulators, the program facilitates access to capital, talent, and valuable industry expertise.
This initiative aims to address critical challenges facing African communities, including the significant impact of climate change, limited access to healthcare, and persistent gender disparities. With Africa experiencing a substantial protection gap, innovative insurance solutions are urgently needed to safeguard individuals and businesses from the devastating consequences of natural disasters and other unforeseen events.
The Bimalab Africa program has already demonstrated significant impact, supporting 63 startups and facilitating the development of three regulatory sandboxes. Notably, 10 ventures have secured over $10 million in funding, and 40 innovative products have reached over 3 million new customers across the continent.
This expansion marks a crucial step in Bimalab Africa’s mission to empower African insurtechs and enhance financial inclusion across the continent. By fostering a vibrant and sustainable insurtech ecosystem, the program will play a vital role in building a more resilient and prosperous future for Africa.
