Bboxx and Turaco Partnership: Driving Financial Resilience in Nigeria

In a great step forward for improving financial resilience in Nigeria, Bboxx, a data-driven super platform and champion of economic empowerment in Africa, has partnered with Turaco (registered in Nigeria as Turaco Inclusive Limited), Africa’s insurtech, to offer insurance products to Bboxx’s customers.

This collaboration aims to provide Bboxx pay-as-you-go solar home system customers access to a safety net against financial shocks that can undermine the financial resiliency of rural borrowers.

Bboxx and Turaco have joined forces to provide Bboxx’s customers the opportunity to purchase insurance that protects them against hospitalization, permanent total disability, and death underwritten by Leadway Assurance Company Limited. The insurance not only provides a financial cushion to Bboxx customers in the face of unexpected events, it also protects them and their families from becoming indebted, with the outstanding loan being repaid when catastrophic events do occur.

An image representing the integration of digital financial services with solar energy products, symbolizing inclusive economic growth and financial resilience in Nigeria.

The addition of insurance to Bboxx’s product offering is an important step towards achieving its goal of championing the economic empowerment of Africa, accelerating the transition to the digital economy. Only three per cent of Nigerians have health insurance, with the number of rural individuals and informal workers being even less likely to be insured. As a result, over 40 per cent of Nigerian households face catastrophic levels of out of pocket health expenses each year. Rural, low-income households in Nigeria often do not have access to affordable and simple insurance.

Speaking on the partnership, Ernest Akinlola, MD for Bboxx Nigeria, said: “Bboxx Nigeria aims to provide clean energy to 20 million people over 10 years. “However, we know that, to be true to our vision of driving inclusive and sustainable economic growth, the bundling of financial services with our core solar home system is critical. We are excited to be partnering with Turaco to provide additional value to our customers.”

Bboxx’s partnership with Turaco will provide low-cost, valuable health insurance to those often excluded from access to insurance. Targeted at underserved customers and low-income earners, the products Turaco is distributing are priced at at less than N2,000/month, with straightforward terms & conditions and a fully digitized claims process that allows Bboxx claimants to file via WhatsApp or phone call, paying out in less than three days via mobile money.

Toba Obaniyi, MD of Turaco Nigeria said: “We are always excited to find value-aligned partners such as Bboxx who understand the importance of expanding access to digital financial services. With Turaco’s innovative digital customer journey and easy claims process, we know we can provide Bboxx’s rural customer base a seamless user experience and valuable product.”

This partnership benefits from the facilitation and mentoring of FSD Africa and Bimalab, backed by NAICOM. BimaLab is a key partner for Turaco in Nigeria. Nigeria is leading the way in creating an innovation friendly regulatory environment, enabling initiatives like this to radically increase the number of people insured.

Our Perspective

As digital consulting company ‘Pinnacle Digital Advisors’, we see the partnership between Bboxx and Turaco as an innovative and consumer-friendly solution that addresses the critical need for financial resilience and access to insurance among rural, low-income households in Nigeria. This collaboration not only provides a safety net against financial shocks but also aligns with our vision of driving inclusive and sustainable economic growth through the integration of financial services with core products, ultimately accelerating the transition to the digital economy.

Pinnacle Digital Advisors

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