African Development Bank, via the Africa Digital Inclusion Facility has just approved two grants $1 million and $300,000 respectively, to support research that will increase African women’s access to a range of digital financial services including loans and micro-insurance.
Pula Advisors, one of the beneficiaries of the Africa Digital Inclusion Facility’s $1.3 million grant will focus on enhancing access to micro-insurance in Kenya, Nigeria and Zambia.
The grants will be disbursed through the Africa Digital Financial Inclusion Facility, The blended finance vehicle supported by the Bank, to two financial technology firms, Pula Advisors Kenya Ltd., and M-KOPA Kenya Ltd.
According to Sheila Okiro, the Bank’s Coordinator for ADFI:
“This grant funding will be used to leverage technology to develop innovative and responsive loan and insurance products that can spur productivity and inclusion, especially for our women smallholder farmers and traders.”
Pula Advisors will use the $1 million of the grant for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia, and its research findings will inform the design and implementation of gender-centric insurance products. The project will be undertaken over a 3-year time frame.