Rafiki Microfinance Bank and Turaco Microinsurance Kenya (T/A Turaco) have announced a strategic partnership aimed at increasing access to affordable and innovative insurance solutions for underserved customers across Kenya.
This collaboration marks a significant step in embedding microinsurance into Rafiki Microfinance Bank’s loan offerings, providing customers with financial protection against unforeseen circumstances.
Through Rafiki Microfinance Bancassurance Intermediary, the new initiative ensures that borrowers are covered in case of life-altering events such as death, disability, or job loss.
This guarantees that outstanding loan balances are settled, reducing financial distress for both customers and their families.
The insurance offering is further enhanced with two critical riders: Hospital Cash Cover – which Provides financial support for daily expenses during hospitalization and Last Expense Cover – which offers financial assistance to families during bereavement.
By bundling these covers with loan products, Rafiki Microfinance Bank and Turaco eliminate the need for customers to seek separate insurance policies, enhancing convenience and accessibility.
With premiums starting as low as Ksh20, this initiative ensures affordability, extending essential financial security to low-income borrowers and contributing to increased insurance penetration in Kenya.
“At Rafiki Microfinance Bank, we are committed to empowering our customers with financial solutions that go beyond banking. Through this partnership, we are not only protecting our clients from financial shocks but also ensuring their peace of mind.
“By embedding microinsurance into our loan products, we are making insurance more accessible and affordable for underserved communities,” said Joseph Njuguna, Managing Director, Rafiki Microfinance Bank.
Microfinance institutions play a pivotal role in Kenya’s financial ecosystem, serving as a primary financial services touchpoint for traditionally underserved individuals and small businesses.
With hundreds of thousands of Kenyans relying on MFIs for credit and financial support, integrating microinsurance into these services strengthens financial resilience at the grassroots level.
“Rafiki Microfinance Bank is an ideal partner for Turaco because of its deep commitment to financial inclusion and its strong relationship with underserved communities. By working together, we can scale our impact and ensure that more Kenyans have access to affordable insurance solutions that provide real financial security when they need it most,” said Ted Pantone, CEO of Turaco.
This partnership reinforces Rafiki Microfinance Bank’s dedication to customer-centric innovation while furthering Turaco’s vision of driving insurance inclusion across Africa.
Together, the two organizations are making significant strides toward a financially secure and resilient future for underserved communities in Kenya.
