Financial Sector Deepening (FSD) Africa, a non-profit company funded by the UK’s Department for International Development, plans to launch insurtech accelerator programs in Ghana and Nigeria by 2021. This move designation moves towards promoting innovations in the insurance industry in the two markets and beyond. The launch follows the introduction of the same in Kenya earlier this year. It is a collaboration with the Insurance Regulatory Authority, Kenya’s regulator, and Tellistic Technology Services, a provider of cloud solutions.
“At FSD Africa, we are committed to the growth of the insurance sector and are excited to be involved in grooming the next generation of insurance innovators. The insurance industry has been slow to innovate compared to the rest of the financial sector. Yet Africa is experiencing a huge protection gap. “We are planning to launch the BimaLab Insurtech Accelerator Program in Ghana and Nigeria.”, said FSD Africa’s director of risk, Kelvin Massingham.
In addition to the above plans, FSD Africa is also planning to provide access to capital through venture funds and grants to early-stage insurtech startups. While also establishing an online platform where founders can brainstorm, share experiences, create partnerships, and gain technical support from different industry professionals.
Meanwhile,
The organization is working with eight insurance regulators. This includes Ghana, Malawi, Nigeria, Rwanda and Tanzania. It requires building an enabling environment that supports insurtech innovation across the continent.

“It is really a peer learning and engagement platform for regulators primarily around regulating for innovation and things like creating insurtech and startup ecosystems, but also on wider issues like ESG (environmental, social and governance). And we’re excited to support the development of similar programs like this across the region,” Massingham also said.
FSD Africa sees itself as a catalyst for change; working with partners to build financial markets that are robust, efficient and, above all, inclusive. It uses funding, research and technical expertise to identify market failures and strengthen the capacity of its partners; improve access to financial services and drive economic growth.
FSD Africa is also a regional platform. It fosters collaboration, best practice transfer, economies of scale and coherence. This occurs between development agencies, financial institutions, practitioners and government entities; with a role in financial market development in sub-Saharan Africa.
In particular, FSD Africa provides strategic and operational support to the FSD Network. FSD Africa believes sturdy and responsive financial markets will be central to Africa’s emerging growth story; also the prosperity of its people.