When<a href="http://accion.org">blahblah</a> a family member falls ill, especially a breadwinner, the unexpected costs can tip the family finances from coping to crisis. Insurance can help families manage and recover from shocks — a key indicator of <a href="https://www.centerforfinancialinclusion.org/beyond-financial-inclusion-financial-health-as-a-global-framework">financial health</a>. However, according to the <a href="https://www.fsdzambia.org/publication/finscope-2015/">2015 Finscope</a>, only 2.8 percent of adults in Zambia are insured.

To combat this problem, we’re supporting a Zambian insurtech startup to develop and pilot a new digitally delivered microinsurance product. This work is part of a multi-year project focused on <a href="https://www.opml.co.uk/projects/deepening-financial-inclusion-in-sub-saharan-africa">Data Management and Analytical Capability</a> (DMAC). One of the primary goals of the DMAC project is to develop financial service providers’ capacity to leverage data strategically so they can develop innovative and inclusive products that respond to the needs of unserved and underserved adults. One such product is a mobile-based hospital cash plan in Zambia.

When this product launches, mobile money subscribers will be able to pick a plan and pay the premiums straight from their mobile money account. If they or a family member falls ill and is admitted to the hospital, they can initiate a claim. They’ll receive a mobile money payout directly to their wallet for each day spent in the hospital. This fast, flexible cash benefit can be used to pay for whatever the family needs to make ends meet. It also saves the family from falling prey to exorbitant rates for small short-term loans from moneylenders or others.

To develop this product, the insurtech startup partnered with a national Mobile Network Operator (MNO) as part of their data strategy to use alternative data — such as mobile KYC and mobile money transaction data — for customer acquisition and underwriting. Following a <a href="https://www.accion.org/are-you-unleashing-the-full-potential-of-your-data">data-driven product development methodology</a>, we helped the insurtech map out the data inflows and outflows that the new hospital cash plan will generate. This exercise informed the operational processes and technical requirements needed to support product delivery. For example, the insurtech pinpointed the minimum set of data fields required in the mobile phone menu that the MNO database would need sent to their backend system through their Application Programming Interface (API) for underwriting. They also identified the critical success metrics to measure and track customer usage and satisfaction with the product experience through <a href="https://www.accion.org/preparing-financial-service-providers-for-digital-transformation-2">customized analytics dashboards</a>. This evaluation process will enable a data-driven feedback loop for continuous product improvements.

This experience has underscored that an organization’s ability to <a href="https://www.accion.org/implementing-big-data-10-tips-fsps">strategically leverage big data</a> and build data-driven products depends on identifying and implementing the appropriate mix of staff skills, tech, and operational systems. Strategic partnerships make it possible to meet these business objectives. In Zambia, for example, the insurtech would not be able to digitally acquire and underwrite new customers without the backend insurance administration and reporting systems they’ve developed, an in-house data analyst supported by a local firm specializing in data collection and management, and a strong partnership with the MNO.

Today, there are very few microinsurance plans available to low-income segments in Zambia.  As we prepare for the pilot launch of this new product, we’re hopeful that it can help make insurance more inclusive. Once the tool is live, the dashboards built will be used to track customer usage and experience and enable refinements. This data-driven product has the potential to insure people in Zambia who’ve never had quality insurance, helping them find new resilience in the face of a health crisis. As the <a href="https://www.economist.com/international/2019/08/22/the-poor-who-most-need-insurance-are-least-likely-to-have-it">Economist</a> recently reported, the poor, who most need insurance, are least likely to have it. But mobile phones and innovative fintech, like the projects we’re working on with DMAC, can make a difference.

___________________________________

Data Management and Analytics Capabilities (DMAC) is a two-year program that uses data-driven evidence to help Financial Service Providers (FSPs) in sub-Saharan Africa to designing inclusive and affordable financial products and services that respond to the needs of unserved and underserved adults, with a particular focus on women and youth. 

Initiated by <a href="https://www.fsdafrica.org/">Financial Sector Deepening Africa</a> (FSD Africa) and <a href="https://www.idrc.ca/">International Development Research Centre</a> (IDRC) in partnership with <a href="http://www.fsdt.or.tz/">FSDT</a> and <a href="https://www.fsdzambia.org/">FSDZ</a>, it’s being implemented by <a href="https://www.opml.co.uk/">Oxford Policy Management</a> (OPM), in collaboration with Accion’s <a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions">Global Advisory Solutions</a> and <a href="https://www.masterdata.co.za/">Master Data Management</a> (MDM).

The program is operating across three different markets of varying digital maturity — Sierra Leone, Zambia, and Tanzania — and with three different types of FSPs: insurers, fintechs, and commercial banks.

Helping families in Zambia cope with a health crisis

Small business owners are busy people. From serving customers and supervising employees to buying supplies and managing invoices, most entrepreneurs have endless to-do lists and not enough time in the day to get things done.

Knowing this, <a href="https://www.accionmfb.com/">Accion Microfinance Bank (Accion MfB)</a>, an <a href="https://www.accion.org/accion-microfinance-bank-adopts-risk-management-systems-in-nigeria">Accion partner in Nigeria</a>, has invested in systems that make applying for and managing loans easier for its small business clients. And those clients are noticing the difference.

[caption id="attachment_19545" align="alignleft" width="500"]<img class=" wp-image-19545" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/08/Nigeria_AccionClient_NoEdit_005-1-1-1024x683.jpg" alt="Small business owner Promise leans against rolls of leather and fabric" width="500" height="333" /> Promise, who has a business importing leather for shoes and bags, has been an Accion Microfinance Bank client for 11 years.[/caption]

Promise, who has a business importing leather for making shoes and bags, has been an Accion MfB client for 11 years. He appreciates the new digital banking services it offers. For example, he says, the time it takes to apply for a loan has decreased dramatically. “Before, you waited for more than a week, and it would make you angry. But now I get it in three days,” he says. The process has been simplified as well, he adds, saying, “I don’t have a lot of paperwork anymore, because it’s all done digitally.”

Dr. Akinpelu, <a href="https://www.accion.org/his-business-success-lets-this-doctor-give-back-to-his-community">who operates a private hospital</a>, also sees the changes Accion MfB has made. “Before if I wanted to get a loan, I had to go to the bank and then wait for a long time. Now I can stay at home and they can just transfer the money into my account, and message me to remind me to pay my loans,” he says.

Ezeh, who sells car batteries and parts, uses other digital features in running his business. “I can make payments on my phone now, and transfer to different people,” he says, which has saved him a huge amount of time not having to go around to deliver and collect on invoices.

Osholabi sells mattresses and furniture, and her time savings come from Accion MfB agents who come to her with mobile devices to help manage her loans. “Before I would sit for the whole day to try to apply for a loan, but I can get my loan on the same day now,” she says, adding, “I can sign on the tablet, so I don’t have to deal with paperwork anymore.”

As the saying goes, “time is money.” Accion MfB takes pride in providing its small business clients with both money and time. Says Osholabi, “The more money you have, the more you can do. Accion is really helpful.”

Technology makes banking more convenient for entrepreneurs in Nigeria

As I walked through Alaba International and Idumota markets on a recent trip to Lagos, I was in awe of the bustling scene. Not even the rainy season’s torrential downpours could silence the Afrobeat music thumping in the background as buyers and sellers jockeyed for a better deal. Alaba International and Idumota markets reign supreme in Lagos, offering all the goods one can imagine. Alaba International, on the southeastern edge of the city, bursts at the seams with satellite dishes imported from China, secondhand PlayStations shipped in from the UK, and other electronics. Idumota buzzes on Lagos Island, just south of the city center, and is a shopper’s delight replete with wax print hauled over from Ghana, locally produced Nollywood movies, and so much more.

Amidst the action in the markets, I interviewed 22 small business owners who are clients of <a href="https://www.accionmfb.com/">Accion Microfinance Bank (AMfB)</a> to learn more about their financial health and capability. This research will guide us as we develop a framework to help micro, small, and medium enterprises (MSMEs) better understand and achieve financial health. The framework is part of a project we’re undertaking with the support of the <a href="https://www.mastercardcenter.org/">Mastercard Center for Inclusive Growth</a> to increase the <a href="https://www.centerforfinancialinclusion.org/what-financial-health-means-for-small-business-owners">financial health and resilience of individuals and businesses</a> around the globe.

Through my conversations with business owners, I learned about what owners viewed as determinants of their success. We hypothesized that MSME financial health rests on three pillars — earning a profit, having access to capital to seize opportunities, and being resilient to economic shocks. The interviews suggest that our framework is on the right track. For instance, limited and slow access to working capital was commonly cited as a barrier to taking advantage of fleeting business opportunities. We also learned that resilience is not as much about cash-on-hand as it is about being able to quickly shift to other income-generating activities to fill an immediate need.

But arguably, the most eye-opening thing I learned from these interviews had to do with financial capability and the path to entrepreneurship, specifically how owners were able to get the know-how and capital to start their businesses. I had assumed that a commercial bank or <a href="http://www.iosrjournals.org/iosr-jbm/papers/Vol17-issue6/Version-2/J017626267.pdf">esusu</a> — a rotating savings and credit association common in Nigeria — were the first two places that a budding entrepreneur would turn to raise seed funding. However, nearly all the merchants and traders I spoke with started their business with a lump sum they earned after spending several years as apprentices in their trade. This practice is part of the centuries-old Igbo apprenticeship model, <a href="https://pdfs.semanticscholar.org/c77a/7e79ec3fb7ce5c9eccdc72d181205251dfb2.pdf">Imu-Ahia</a>.

The roots of Imu-Ahia date back to the European colonial era when the Igbo ethnic group native to southeastern Nigeria started to gain a reputation as highly skilled traders and merchants. Today, the apprenticeship model has been widely adopted across the country. Most apprentices-to-be meet their “boss” — someone who is already well-established in a trade — through a family member or close contact. Reasons abound for why one might become an apprentice. Several entrepreneurs I spoke with decided at a young age that they wanted to be masters of a trade, so becoming an apprentice was always part of their plan. Others became an apprentice as a last resort, often after financial constraints forced them to put off academic or other pursuits.

During their tenure, which can range anywhere between three and seven years, apprentices observe and take notes on the tricks of the trade. They are assigned a variety of responsibilities, and eventually, they’re charged with promoting sales and store management. Although most apprentices aren’t paid, they are afforded accommodation, transportation costs, food, and clothing. Once the agreement — which can be either informal or formal — has been fulfilled, the newly anointed entrepreneurs are provided a lump sum to help them start their shop. One interviewee — a vendor of computer and phone accessories — was compensated with N800,000, the equivalent of approximately US$2,200, after spending five years as an apprentice. This is a decent payout considering he currently spends N350,000 (US $970) a year to rent his shop.

So what exactly does Imu-Ahia tell us about how these entrepreneurs perceive the determinants of their success? Many interviewees captured it perfectly when they shared advice for aspiring entrepreneurs: one must meticulously study and practice the skills needed to run a business before diving into it.

This advice resonates with our team at CFI because it positions financial capability — the knowledge, skills, attitudes, and behaviors necessary to make sound financial decisions — as <a href="https://www.centerforfinancialinclusion.org/four-reasons-focusing-on-financial-capability-is-good-business">an essential contributor to business success</a>. The apprenticeship <a href="https://guardian.ng/technology/apprenticeship-and-mentorship-the-key-to-technology-talent-development/">model serves as a learning and testing ground</a> for those who are set on eventually running their own shop, much in the same way that the modern-day business incubator serves as a testing ground for startups. By the time individuals “graduate” from the apprenticeship model, they will have developed the knowledge and skills to manage business revenues and expenses. They also have plans to take advantage of investment opportunities and experience observing how businesses respond to the ups and downs of the market.

I only interviewed former apprentices who found success in the business world, so there’s still more to learn. We need to do more to understand the relationship between financial capability and business outcomes, especially business failures. Nevertheless, these qualitative findings echo the findings of other research. The <a href="https://www.nber.org/chapters/c8222.pdf">National Bureau of Economic Research</a> conducted a fascinating study that showed the differences in the psychological profile of wage workers, own-account workers, and small and medium enterprise (SME) owners. It found that “ability, motivation, and a competitive attitude are very important in differentiating SME and microenterprise owners.” The <a href="http://documents.worldbank.org/curated/en/884291527663849364/pdf/126687-18-6-2018-9-32-12-InvestigatingSMEFinancialCapabilitiesFINALWEB.pdf">World Bank</a> launched a project to measure financial capability of SMEs. Their analysis showed a positive correlation between financial capability and a firm’s size and level of sales.

The striking thing about what we learned in Lagos is not so much that financial capability contributes to business success, it is how, in the Nigerian system such capability is learned: over a period of years, through experience, and under the watchful eye of a knowledgeable mentor.

Keep reading the <a href="https://www.centerforfinancialinclusion.org/blog">CFI Blog</a>, where we’ll share future findings as we conduct surveys around the world on MSME financial health!

A version of this post originally appeared on the <a href="https://www.centerforfinancialinclusion.org/what-an-apprenticeship-system-may-reveal-about-the-financial-health-of-small-business-owners-in-nigeria">Center for Financial Inclusion at Accion blog</a>.

In Nigeria, apprentices can learn more than a new trade

<a href="https://apolloagriculture.com/">Apollo Agriculture</a>, based in Kenya, delivers customized packages of seed, fertilizer, and insurance on credit for smallholder farmers. The farmer customers also receive valuable guidance in farming techniques and information on weather conditions that may affect results. Accion Venture Lab was an early investor in the company and continues to work with Apollo in an advisory capacity.

Technology is at the center of Apollo’s model. Its founders, Eli Pollak and Earl St. Sauver, built on their experience at The Climate Corporation using data to help farmers make better-informed decisions. Apollo’s systems rely on remote sensing technology, data science, mobile money, and voice-based trainings to make them cost-effective and scalable.

<img class="alignleft wp-image-17740" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/02/Kenya_Nakuru_0034-1-1-1024x684.jpg" alt="Apollo agents using mobile phone in Nakuru, Kenya" width="500" height="334" />At the same time, Apollo’s results-driven, customer-focused approach means it must stay in close contact with farmers and gather feedback on what works and what doesn’t. Some of its staff’s work is almost entirely out in the field. For example, Rebecca, a field associate, works with both farmers and with the Apollo agents that visit their farms and set them up with their accounts. She finds the opportunity to speak directly with customers very rewarding. She says, “I’m most satisfied when the farmers come to me and tell me how the quality of their harvest has gotten better. When you help that farmer come from nowhere, to know something, and he appreciates you, it gets you excited that you got to help. This inspires me to keep doing this.”

Other Apollo staffers focus more on the technical systems, like Nairobi-based operations designer Javin, who collaborates with the tech team to identify and address issues in various processes. Even so, keeping up with customers is a central part of his work, as he explains, “ We have a call center team that gets feedback from the field. I also deal with farmer communication, making sure that we are in touch with our farmers as often as we can, reminding them to check payments.” He also goes out into the field himself to see how processes are working and solve problems as they arise.

Says Javin, “The small farmers grow food that the country depends on, both for the community and their own family. I like work that impacts communities. It feels great.”

Out in the field with the farmers

Palomisa, who lives in Mozambique, produces and sells maheu, a traditional beverage made from grain that’s cooked in huge cauldrons over an open fire. “My mother used to make it, and when I drank it, I liked it. Not a lot of people make it, so I decided to make it as a business,” she explains. She first launched her business in 2002, and since then she has found a thirsty clientele. She’s even heard that people are trying to copy her, putting their own product into her bottles. 

<img class="wp-image-19502 alignleft" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/08/Socremo_Clients_0025-1-1024x683.jpg" alt="Small business owner Palomisa bottling her home-brewed maheu" width="500" height="334" />

To help modernize her business, protect her product, and bring it into new markets, Palomisa plans to get a bigger loan from her bank, Accion portfolio company Socremo. “The business must grow and move to other areas. I would like to seal the bottles with a machine,” she says. “People from outside the country want maheu, but I can’t get it to them,” she adds.

So far, Palomisa feels Socremo has been a valuable supporter of her growing business. “I used to be scared to get a loan with a bank, but since I started with Socremo, I never regretted it. They are like a family. They’re like a mother and father, they help you. Everything I have, the house, the business, is because of Socremo,” she says.

Beverage maker shares her secret ingredient for success

“Change is the only permanent thing. We see a lot happening, like climate change, and for us to solve the issues of the smallholder farmers — we can’t use the normal way to solve issues,” says Jacobeth Barno, who works for Accion Venture Lab portfolio company Pula. In Kenya, where Jacobeth works, the past decade of change has led to a booming digital economy with <a href="https://globalfindex.worldbank.org/">91 percent of the population</a> using mobile money. 

But smallholder farmers haven’t always gotten to enjoy the fruits of the digital revolution, particularly when it comes to insurance. “Insurance has not been available to them,” says Jacobeth. “The reason is not that insurance companies don’t like them, but because the approach does not suit the smallholder farmers — it’s too expensive for them. I realized there is an opportunity to be able to reach these people with innovations to help improve their years and change their lives.”

Fintech innovation is crucial for Pula as it seeks to serve rural communities. “Technology has helped us reach most people. Through technology, we have been able to advise farmers on methods to use that can improve production and their farming. We use our phones for farmers to pay with and to do research,” says Pula employee Cleopas Busienei. 

But technology is only part of the story for Pula’s business model. Team members regularly visit communities to talk and share advice with smallholder farmers. Data-driven insights inform farmers about when and how to plant their crops to produce higher yields. Jacobeth sums up the company’s vision with, “I see a great future for Pula because we put out clients first and deliver on what we promise. We always come up with solutions. I want to see Pula help those who are in a struggle to scale up due to low-income, and I want us to help them.” 

With 1.5 billion smallholder farmers worldwide, who are largely uninsured, Pula has a massive opportunity to help people.  With its formula of mixing cutting-edge insurtech products with a personal connection with clients, Pula is making strides in empowering a vital, yet underserved, segment of the population with knowledge and confidence.

Driving resilience for farmers through tech and human interaction

Running a business is hard work, which makes the fruits of the labor all the sweeter. Most entrepreneurs do what they do not only for the challenge of it, or because they enjoy what they do, but also because they want to be able to support their families, boost their own standard of living, and perhaps even give back to the community around them. Accion partner Accion Microfinance Bank (Accion MfB) is one of the leading providers of financial services to micro, small, and medium enterprises (MSMEs) in Nigeria, with nearly 40,000 borrowers in 2017.

[caption id="attachment_19290" align="alignnone" width="700"]<img class="wp-image-19290" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/07/Accion_Clients_0006-1-1024x683.jpg" alt="Emmanual with stacks of tires to sale" width="700" height="467" /> Accion Microfinance Bank client Emmanual, a tire salesman, has seen his overall quality of life improve since he began working with the bank.[/caption]

Accion MfB client Emmanual, a tire salesman, has seen his overall quality of life improve since he began working with the bank. As he puts it, “When I started with Accion, I was living in a room. But today, I live in a two-bedroom flat. When I started with Accion I was single, but now I’m getting married.” He’s also been able to help support members of his family with the money he’s earned. He says, “From this business, I finance my brother’s schooling, and sponsor my other brother. I also take care of my aged parents, who are proud of me. I’ve done a lot through this business.”

[caption id="attachment_16288" align="alignnone" width="700"]<img class="wp-image-16288" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2018/11/Nigeria_Accion_Clients_0013-1024x683.jpg" alt="An Accion Microfinance Bank agent uses a tablet to support client Chief Akintunde" width="700" height="467" /> Restaurateur Chief Akintunde talking with an employee of Accion Microfinance Bank.[/caption]

Chief Akintunde, another client who’s a restaurateur, has begun to see a third-generation benefit from his business. “All of my children have settled down and now live in their own homes. I thank the Lord because now I have grandchildren who are attending private school,” he says. He’s also tried to help children in his community whose parents can’t afford tuition, explaining, “On one or two occasions, when I’ve seen a child roaming around instead of at school, I will pay for them to go to school, buy their uniform, bag, and books.”

[caption id="attachment_18234" align="alignnone" width="700"]<img class="wp-image-18234" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/04/Accion_Clients_0010-1-1024x683.jpg" alt="Dr. Akinpelu smiles in the halls of his clinic" width="700" height="467" /> Accion Microfinance Bank client Dr. Akinpelu gives back to his community.[/caption]

Dr. Akinpelu, who operates a private hospital, describes himself as “a community man.” He says that sometimes he will provide free services to those who can’t pay. He’s thankful to Accion MfB for helping to make it all possible. As he says, “When Accion helps me improve my business, they improve my life.”

Three entrepreneurs on growing their businesses and helping others

With eight children, Mr. Ononyia already has his hands full at home. He needs his small mattress-selling business to run smoothly to provide the time and money to support his family.

<img class="alignleft wp-image-18059" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/03/Nigeria_Lidya_16-683x1024.jpg" alt="Mr. Ononyia with a mattress" width="400" height="600" />Since Mr. Ononyia started his mattress business in Lagos, Nigeria, in 2000, he’s seen how technology has changed the game. “Now instead of cash, customers transfer money [digitally]. You don’t have to go to the banks anymore,” he says. Like his customers, Mr. Ononyia increasingly relies on digital financial services. He looks to Accion Venture Lab’s portfolio company Lidya for the efficient financing he needs to run his business. Lidya’s proprietary fintech platform provides an easy online application process for small and medium enterprises to apply for funding. The technology uses alternative data sources to make intelligent loan decisions and disperse credit within 24 hours. “It’s very hard to get a loan in this country these days; I’m thankful to Lidya,” says Mr. Ononyia.

Lidya’s loans have helped Mr. Ononyia obtain funds quickly, allowing him to swiftly grow his business so he can support his family: “It affects my family positively — the profits are increased, which helps me put my kids in school.”

As Mr. Ononyia’s business grows and his children grow up, he sees how the success of his endeavor contributes to the future success of his family. He has used his own enterprise to teach his children about business and spark their interest in entrepreneurship. “My son is studying business and is my chairman,” he says with pride in his voice. Leading by example, he hopes to give his children the opportunities and skills to build bright futures for themselves. “I want them to have a better standard of life and see them better our country,” he says.

Nigerian fintech company enables this entrepreneur to run a business and support his family

Andrew Murithi Karanja studied mechanical engineering but didn’t pursue it as a career. Instead, he found himself back on the land in central Kenya his father bought over 50 years ago. “Farming is deep in me because my parents were farmers. I just found myself in farming,” he says. However, even though he loved the land and his work, he found it hard to get ahead using the same skills his parents did. “Life was difficult,” he recalls. “I used inferior seeds, used less fertilizer. The yields were poor.”

That all changed when he signed up with <a href="https://apolloagriculture.com/">Apollo Agriculture</a>, a Kenya-based fintech startup and Accion Venture Lab portfolio company that works with smallholder farmers like Andrew. Apollo helps farmers obtain the high-quality seeds and fertilizer they couldn’t afford before and also advises them on how to plant and tend the crops to maximize their yield. For Andrew, the results have been very positive. “They have taught me so much about farming,” he says. “We learned how to apply fertilizer, how to space maize, it has helped us.” He used to farm only an acre and a half of land, but with Apollo’s help, he is up to three acres and is confident he’ll soon be able to manage five. 

<img class="wp-image-19105 alignleft" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/07/Nakuru_0012-1024x684.jpg" alt="Andrew smiling outside of a home" width="500" height="334" />Andrew is so happy with his Apollo experience, he’s urged friends and neighbors to become customers as well. “People have learned about Apollo through me, especially my neighbors. They have seen how my farm is looking good, so I tell them about Apollo.” Now 58 years old, he plans to retire from farming in about a decade but thinks he might still want to keep working with Apollo. “I would like to retire. Then I can teach others about farming with Apollo. I cannot leave Apollo. I will continue to work with them,” he says. 

Again, reflecting on his past struggles, Andrew says, “You would have pitied us if you saw us then. The futile labor of the past is gone. Apollo boosted me and helped me to see a ray of hope. Now I am proud to be with Apollo.”

Learning new skills helped this longtime farmer thrive

"I’ve been here in this informal settlement for 14 years,” Fundiswa explains as we visit the makeshift home she shares with her sister and their children outside of Cape Town, South Africa. Such neighborhoods, which are home to more than 1 billion of the world’s poorest people, are especially vulnerable to fire, as residents live in crowded conditions and building codes are not enforced. And when a fire does break out, residents lack the resources to rebuild. “If I had to buy everything again after a fire, it would be very hard because I don’t have a lot of money,” says Fundiswa.

<img class="alignleft wp-image-16829" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/01/Lumkani_0007-1024x683.jpg" alt="Lumkani IoT heat detection device" width="500" height="333" />Lumkani, a South African insurtech startup and Accion portfolio company, is offering people like Fundiswa both protection and peace of mind with its innovative fire insurance product. Clients receive a heat sensing device, which sounds an alarm if it detects fire nearby. And the insurance policy helps pay for repairs or replacements if a home does burn.

Fundiswa became a Lumkani client because she wanted to know her family and possessions would be safe in a fire. Lumkani makes the process simple for customers, says Fundiswa: “I pay and then they send me an SMS to say I’m covered for the month with the insurance.”

But even more important than the straightforward process is the sense of safety Lumkani gives its customers. “If the house next door burns, I don’t stress. I just lock my door and run, because I know I’m covered by the insurance,” says Fundiswa. “People even steal from people’s homes when there are fires, but I don’t worry about any of that because I know I’m covered, and I know I will get back what is due to me after I send my claim.”

While Fundiswa hasn’t had to worry about a fire yet, she has already seen the impact of Lumkani in her community: “I know someone who lost everything in the fires and got a voucher, and he got everything back.”

Fire insurance provides peace of mind in South Africa

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When I arrived in Lagos last week to judge for <a href="https://techcrunch.com/events/startup-battlefield-africa-2018/">TechCrunch Startup Battlefield Africa</a>, I had a sense of déjà vu. It had been only a few months since I was reviewing <a href="https://www.accion.org/what-goes-into-launching-an-inclusive-fintech-startup">startups in Nigeria as part of Company Builder</a>, Accion Venture Lab’s inclusive fintech incubator, in partnership with the<a href="https://www.accion.org/mastercard-foundation-and-accion-building-prosperity-through-financial-inclusion-and-education"> Mastercard Foundation</a>. My mission this time was a bit different. I’d be judging 15 diverse technology startups from all across Africa, and from a variety of industries — health care, agriculture, financial inclusion, and more.

[caption id="attachment_16539" align="alignleft" width="500"]<img class="wp-image-16539" src="https://accion-staging.flywheelsites.com/wp-content/uploads/2018/12/IMG_20181211_100526-e1545240806212-1024x753.jpg" alt="Apollo Agriculture co-founders Eli Pollak and Benjamin Njenga onstage at Startup Battlefield Africa" width="500" height="368" /> Apollo Agriculture's Benjamin Njenga and Eli Pollak onstage at Startup Battlefield Africa[/caption]

These 15 startups had been selected from hundreds of applicants — a whole continent’s worth of innovation. I was pleased to see that a third of the startups that made it to the final 15 were fintech — this industry is truly innovating in an incomparable way. And I felt even more pride knowing that two of the startups were ones that we at Accion Venture Lab are connected with — our portfolio company <a href="https://www.accion.org/fintech-startup-revolutionizing-kenyan-agriculture">Apollo Agriculture</a>, which uses satellite data and machine learning to support farmers with agricultural inputs in Kenya, and Bankly, a startup that grew out of our <a href="https://www.accion.org/nigerian-entrepreneurs-to-build-groundbreaking-fintech-company">inaugural Company Builder cycle</a> and uses vouchers to bridge the divide between cash and digital payments in Nigeria. Don’t worry — I served as a judge in a round that didn’t include any of the companies we work with, and I didn’t let my biases get in the way of judging among Africa’s best and brightest early-stage innovators.

As each startup presented their case on stage, we judged their business based on potential for impact or potential for scale and growth. I was glad to see that TechCrunch looked at both of these pieces; when we evaluate startups in our Company Builder program, we want to see both of these elements converge. One of our core tenants in Venture Lab is that <a href="https://www.accion.org/many-shades-impact-returns">social impact and business returns</a> can go hand-in-hand.

The company that took top prize for the day was M-SCAN, an affordable ultrasound startup from Uganda with remarkable potential to improve maternal health, but there’s more to Startup Battlefield Africa than what you see on the stage and more for startups to gain than just the grand prize. TechCrunch provided each of the 15 finalists with coaching to help entrepreneurs pitch their concepts and networking opportunities. They made sure to invite relevant people to Startup Battlefield Africa. From large corporations, like Facebook and IBM, to other entrepreneurs and investors, the whole social startup ecosystem on the continent gathered together in Lagos. Making the right connections is crucial for any startup to succeed, something we’ve seen firsthand as we support our portfolio companies and help our Company Builder alumni build strong networks.

It was an honor to serve as a judge for Startup Battlefield Africa and see how TechCrunch lays the ground for these startups to live up to their potential. Getting to know so many entrepreneurs that are disrupting broken systems and building a better future made me excited to kick off our next round of <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab/company-builder">Company Builder</a> early next year. If you were inspired by Startup Battlefield Africa and you want to try your hand at creating a social enterprise that uses technology to make the world more inclusive, watch this space — we’ll be <a href="https://goo.gl/forms/3WvHhNRjqGufTRA82">recruiting entrepreneurs in Nigeria</a> for our second Company Builder cohort soon.

What happened when 15 disruptive startups came together in Lagos

Company Builder

Mastercard Foundation

Entrepreneur

Impact Investor

Accion Venture Lab

Finovate's newest event will support the network of financial institutions, telecoms, and fintechs building a new infrastructure. See the newest technologies demoed live on stage and hear insights from market leaders and disruptors.

Finovate Africa

The ninth annual Responsible Finance Forum: Investing in Responsible Finance and Innovation for Africa’s Digital Economies will take place on October 2, 2018.

This year’s Forum is a continuation of prior Annual RFF Events and will focus on Africa’s evolving digital landscape. The Forum will bring together leading investors, industry, policymakers, practitioners, and innovators to assess critical challenges facing Africa today as well as its potential to accelerate investments in responsible digital financial services.

<a href="/bio/Alex-Taylor">Alex Taylor</a> is speaking.

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Responsible Finance Forum Africa 2018

Financial Health

Underserved Groups

“I have never been so proud because, that season, insurance made that harvest possible,” recalls Rose Goslinga, CEO and co-founder of Pula. She saw how insurance enabled 10,000 farmers in East Africa to reap a harvest against all odds in 2009. Rains fell early that year — well before farmers were ready — and the seeds they had already planted didn’t germinate. In most places across Africa and around the world, those farmers would have been out of luck. However, because their seeds were covered by insurance, the farmers were able to pick up new bags and enjoy a successful harvest in the latter part of the season. On <a href="https://soundcloud.com/accioninternational/pula-and-protecting-smallholder-farmers-through-insurance">our latest episode of VentureKast</a>, the podcast about the most innovative and impactful financial inclusion startups in the world, I sat down with Rose to discuss <a class="markup--anchor markup--p-anchor" href="https://medium.com/accion/in-a-changing-climate-technology-provides-a-lifeline-for-farmers-c2eb5133d79f" target="_blank" rel="noopener noreferrer">Pula, Accion’s first ever investment in insurance</a> for farmers.
Pula develops insurance products and distributes them to farmers, while simultaneously offering farm advisory services so that, in Rose’s words, their customers “can be the best farmers they can be.” Pula bundles their insurance products with farm inputs, such as fertilizer, seeds, or credit. This substantially lowers risk for farmers who want to be able to invest in more expensive, higher-yielding seeds and fertilizers. The insurance provides income stability for farmers who are at the mercy of droughts, floods, and pests. Pula uses satellite data and imagery to be able to underwrite these policies more efficiently and provide timely agronomic advice.
Across Pula’s eight African markets, insurance penetration rates are typically less than 5 percent. Pula innovates to improve this. The farmers realize that insurance is useful, but they are not willing to pay its upfront cost.

<blockquote class="graf graf--pullquote graf--startsWithDoubleQuote">“They don’t wake up in the morning thinking, ‘I want to buy new insurance.’ They think, ‘I have school fees to pay’ or when it starts raining, ‘I need to buy fertilizer now; where is my money for fertilizer?’”</blockquote>
So, Pula figured out another way; they partner with input distributors to insure all bags of seeds and fertilizers — the costs are simply included in each bag. If the rain doesn’t arrive on time, the farmers can receive a voucher for another bag and plant again for a second chance at the harvest. The key is that the distributor pays for the insurance, not the farmer.
Technology underpins Pula’s business model. Satellite imagery monitors weather conditions to facilitate underwriting and expedite claims processes. QR codes allow farmers to register for insurance policies by pushing a few buttons. SMS messages relay immediate advice on when to apply fertilizer or top-dressing to maximize yields. This use of technology allows Pula to scale much faster than most insurance companies and to reach previously inaccessible communities.
“What do farmers really want? They don’t necessarily want insurance, but they do want fertilizer, they do want seeds,” says Rose. Pula’s short-term insurance products are revolutionary for many of its customers, especially considering how few of the world’s 500 million smallholder farmers have insurance. For Rose, the future means expanding Pula’s work to provide seeds, fertilizer, and insurance around the world.

Pula and protecting smallholder farmers through insurance

Pula

India is a global leader in financial inclusion. For over a decade, Accion has worked with and learned from India’s innovators, investors, and policymakers to expand economic opportunity for its people and businesses.

South Asia

[embed]https://www.youtube.com/watch?v=yhdTyqjUMEI[/embed]

Iain Brougham, from the Accion Global Advisory Solutions team, leads a discussion with panelists Gift Mahubo and Mona Kapoor on issues of digital identity in Africa and India. This webinar identifies the key challenges faced by financial institutions looking to leverage identity technologies and analyze the privacy and commercial implications of promising solutions.

Digital identity for financial inclusion webinar

Accion Global Advisory Solutions

Smallholder farmers are the bedrock of sub-Saharan Africa’s and Asia’s agricultural markets, providing <a class="markup--anchor markup--p-anchor" href="http://www.fao.org/3/a-i4036e.pdf" target="_blank" rel="nofollow noopener noreferrer">over 80 percent of the food supply</a>, but they are growing increasingly vulnerable. Climate scientists estimate that over the next few decades, droughts will <a class="markup--anchor markup--p-anchor" href="https://www2.ucar.edu/atmosnews/news/2904/climate-change-drought-may-threaten-much-globe-within-decades" target="_blank" rel="nofollow noopener noreferrer">frequently affect Africa and Asia</a> as a result of climate change. As weather conditions cause decreased stability for family farms, there is an increased need for risk mitigation solutions that can add security to the lives of those most affected.
Pula, <a class="markup--anchor markup--p-anchor" href="http://www.accion.org/pula-secures-funding-from-global-investors-to-support-smallholder-farmers-in-africa-and-south-asia/" target="_blank" rel="nofollow noopener noreferrer">one of Accion Venture Lab’s latest investments</a>, provides insurance to smallholder farmers across Africa and India, enabling income security for a population whose livelihoods depend on climate patterns. Pula uses cutting-edge technology coupled with expansive distribution partners to make large-scale agricultural insurance feasible for rural farmers.
Across their product portfolio, Pula uses various technologies, including automated voice calls to register customers, satellite imagery to monitor cloud cover, and SMS messages to provide agronomic advice. In the event of a drought or poor season, Pula uses weather data and yield samples to offer compensation to farmers for their losses. By coupling technology with large-scale distribution, Pula can make insurance practical for smallholder farmers at scale.
At Venture Lab, we’re most excited about a few core areas of the typical microinsurance value chain that Pula disrupts:
Eliminating the purchase barrier: Pula’s distribution model circumvents the challenges of customer adoption and education that we’ve seen insurers struggle with in the past. Customers read about Pula’s coverage on a sticker on the bag of seed or fertilizer they’re purchasing, and then they register their unique policy via their mobile phone. Pula’s partners put stickers on every bag sold in a region, and there’s no visible added cost to the products, simplifying the farmer’s decision-making process. To that farmer, Pula’s coverage is easy to activate and presents pure upside.
Increasing yields for customers with massive need: Pula focuses on some of the most vulnerable populations on Earth, and the insurance coverage is only the beginning of the benefit they receive from the product. By de-risking the purchase of farm inputs, such as seed, fertilizer, or credit, Pula is also able to incentivize farmers to purchase higher-quality products than they otherwise might — without the risk of failure. As a result, they can attain higher yields and incomes. Further, Pula provides the farmer with direct agronomic advice via SMS, leveraging the farmer’s GPS coordinates and their climate science team, and boosting the farmer’s yields.
Lowering the cost to serve: With its innovative distribution, Pula has the potential to reach a customer that has previously been prohibitively expensive to serve. Formerly, insuring smallholder farmers required multiple field visits to determine if conditions were right for crops to grow and to educate the farmer about the benefits of insurance, ultimately convincing them to pay for coverage. Pula can automate and significantly cut costs by assessing the farm’s weather remotely using satellite and regional yield data. Working through distributors also enables Pula to offer free and straightforward insurance coverage that is fully integrated with the input.
Venture Lab is thrilled to be working with the Pula team on their mission to provide insurance to smallholder farmers across Africa and Asia. Co-founder Rose Goslinga is a pioneer in the space, with a decade of experience and a <a class="markup--anchor markup--p-anchor" href="https://www.ted.com/talks/rose_goslinga_crop_insurance_an_idea_worth_seeding" target="_blank" rel="nofollow noopener noreferrer">TED talk</a> on her resume. She is working alongside Thomas Njeru, who provides actuarial experience and financial expertise as the company’s CFO.
As <a class="markup--anchor markup--p-anchor" href="https://www.microinsurancenetwork.org/sites/default/files/Microinsurance%20Network_Africa%20landscape%20full%20report-WEB_0.pdf" target="_blank" rel="nofollow noopener noreferrer">microinsurance in most African markets hovers at or below 5 percent,</a> there is a massive market opportunity to support the world’s most vulnerable as they grow food to provide for their communities. Pula tackles the arduous task of customer awareness by partnering with known brands and uses cutting-edge technology to make the product scalable. <a class="markup--anchor markup--p-anchor" href="http://www.thp.org/knowledge-center/know-your-world-facts-about-hunger-poverty/" target="_blank" rel="nofollow noopener noreferrer">Half of the world’s hungry</a> are farming families, and Pula strives to reach those most in need with security and stability.
Venture Lab is excited to be supporting Pula as they take on one of the world’s most significant challenges.

In a changing climate, technology provides a lifeline for farmers

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Seed round, led by Accion Venture Lab, supports Pula’s innovative model providing agricultural insurance to help farmers mitigate risks and achieve higher incomes
Mollis, Switzerland – April 17, 2018– Insurtech startup Pula announced today that it has closed a seed funding round to advance its efforts to provide insurance to smallholder farmers in Africa and South Asia. The round was led by Accion Venture Lab, the seed-stage investment initiative of financial inclusion leader Accion, with participation from Omidyar Network, Mulago Foundation, Choiseul Africa Capital, Mercy Corps’ Social Venture Fund, and several angel investors. This injection of funds will enable Pula to invest further in its technology platform and service offerings.

Pula partners with Fortune 500 companies, global NGOs, microfinance institutions, research institutions, and governments to bundle insurance with seed, fertilizer, credit, and other farm inputs purchased by smallholder farmers, providing them with income stability. The partnership model enables Pula to reach large populations of farmers across several countries, and the bundling allows farmers to purchase and access quality high-yielding inputs and credit.

“We are thrilled to welcome our new partners to the Pula team. Their collective support, global expertise, and diverse industry knowledge will strengthen our approach as we target to insure the 1.5 billion previously unbanked and uninsured smallholder farmers worldwide,” said Rose Goslinga, CEO and Co-founder of Pula.

Pula uses satellite data and farm yield measurements to understand how weather patterns affect a smallholder farmer’s yield, and uses this information to automate compensation in case of loss. The company also provides farmers with targeted agronomic advice via SMS messaging, helping them grow more from their existing landholdings.

“Two-thirds of the world’s working poor make their living in agriculture, but reaching them can be a challenging and expensive task for insurers. Pula offers farmers a safety net that reduces risk and makes higher-yielding inputs and insurance affordable,” said Michael Schlein, President and CEO of Accion.

“Pula’s experienced management team, unique distribution model, and strategic partnerships position it well to have a wide-reaching, scalable impact across geographies,” said Amee Parbhoo, Director of Investments at Accion Venture Lab.

Started in 2015, Pula has scaled its insurance offering across nine countries in Africa and South Asia. In 2017, Pula facilitated insurance coverage to more than 600,000 farmers in Ethiopia, Kenya, Malawi, Nigeria, Rwanda, Tanzania, Uganda, and Zambia, and is currently piloting a new program in India.
###
About Pula
At Pula, we are radically restructuring agricultural insurance, using technology to insure the previously unbanked, uninsured, untapped market of 1.5 billion smallholders worldwide. We work in nine countries across Africa and Asia, and in 2017 alone, we facilitated crop and livestock insurance cover to 611,000 farmers in Kenya, Rwanda, Uganda, Nigeria, Ethiopia and Malawi. Our Founders work in agriculture insurance has been recognized by several international awards including the Financial Times/IFC Award for Sustainable Finance. We work with Fortune 500 Companies, Global NGO’s, Microfinance Instructions, Research Institutions, and Governments to help provide smallholders the protection they need in an increasingly unpredictable climate.

About Accion Venture Lab
Accion Venture Lab is the world’s leading seed-stage investor in fintech for the underserved. Venture Lab invests capital in, and provides support to, innovative fintech startups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Since launching in 2012, Venture Lab has deployed over US$10 million across more than 30 startups that work in over 20 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. For further information, visit<a href="https://www.accion.org/venturelab">https://www.accion.org/venturelab</a>.

About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. Omidyar Network has committed more than $1 billion to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance &amp;amp; Citizen Engagement, and Property Rights. To learn more, visit<a href="http://www.omidyar.com">www.omidyar.com</a>, and follow on Twitter<a href="https://twitter.com/omidyarnetwork?lang=en">@omidyarnetwork</a><a href="https://twitter.com/search?q=%23positivereturns&amp;amp;src=typd&amp;amp;lang=en">#PositiveReturns</a>

About Mulago
Mulago is a San Francisco-based private foundation designed and built to carry on the life work of Rainer Arnhold. Rainer's passion was the prospect of a better life for children in poverty, and so the Foundation's work is focused on solutions that meet the basic needs of the poorest families. After Rainer's untimely death in 1993, his brother Henry Arnhold established the Foundation in its current form. We invest (grants, debt &amp;amp; equity) in organizations with a high impact scalable model to address basic needs of the poor. In our fellows program, we find and fund high-potential early stage organizations and equip them with the tools to design for impact at scale. Through our portfolio, we continue to invest as organizations deliver on the much-coveted "hockey stick" slope of impact. We fund on the basis of impact and the potential for scale. We do it with unrestricted funds and minimal hassle. For more information, visit:<a href="http://mulagofoundation.org/">http://mulagofoundation.org/</a>.

About Choiseul Africa Capital
Choiseul Africa Capital is a new Private Equity Fund Manager, which is majority owned by successful African entrepreneurs with deep interests and networks across the continent. Choiseul Africa Capital is currently targeting highly scalable small companies promoting robust, tech-enabled solutions that enhance carbon neutral economic growth and positively impact the lives of African citizens by addressing two challenges, green energy adoption and food security. Headquartered in Mauritius, it has offices in Paris, London and Lagos.

About Mercy Corps’ Social Venture Fund
Mercy Corps' Social Venture Fund is a seed and early-stage impact fund that invest in and provides a platform to accelerate the growth of disruptive startup businesses that have the potential to positively impact millions. In partnership with social entrepreneurs, we see complex global challenges as an invitation: to pioneer paths out of poverty, to forge innovative business models, to create solutions that break through entrenched challenges. Mercy Corps is a leading global organization powered by the belief that a better world is possible. In disaster
, in hardship, in more than 40 countries around the world, Mercy Corps partners to put bold solutions into action—helping people triumph over adversity and build stronger communities from within. Find out more about Social Ventures at Mercy Corps:<a href="https://www.mercycorps.org/innovations/social-venture-fund">https://www.mercycorps.org/innovations/social-venture-fund</a>

MEDIA CONTACT:

Katie Mounts (Accion)

<a href="mailto:kmounts@accion.org">kmounts@accion.org</a>

+1 202.280.5859

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Pula Secures Funding from Global Investors to Support Smallholder Farmers in Africa and South Asia

Accion Global Investments

China’s economy has experienced tremendous growth in recent years, with a booming micro, small, and medium enterprise (MSME) market. There are over 50 million MSMEs in China that collectively account for over 60% of China’s GDP and over 50% of the government’s tax income. These businesses create 80% of total employment in China’s urban areas.

Despite China’s overall economic growth, the need to foster full financial inclusion is still imperative. In 2010, 38 million MSMEs lacked access to formal financial services, forcing them to borrow informally from friends, family, and moneylenders.

East Asia and Pacific

As many know too painfully well, climate change-related disasters can cause financial stress long after they have occurred. In fact, less than 30 percent of losses from catastrophic events are covered by insurance, which means the remaining 70 percent of the burden is carried by individuals, firms, and the “insurer of last resort,” governments. According to the Insurance Development Forum, a 1 percent increase in insurance penetration could reduce the disaster-recovery burden on taxpayers by 22 percent.
The United Nations member states, in the Sendai Framework for Disaster Risk Reduction, declared that governments have the primary role in reducing disaster risk. Governments can be well-positioned to support the introduction of insurance products to those in rural areas, which are particularly vulnerable to the effects of climate change. Additionally, many observers believe that agricultural insurance requires government subsidies. Governments have a crucial role to play here, but they shouldn’t have to go it alone. The responsibility of buffering against the effects of disasters should be shared with other stakeholders, including local government and the private sector.
New forms of public-private partnerships can help countries absorb the financial consequences of catastrophic events. Swiss Re partners with governments and multilateral institutions through public-private partnerships that mitigate the effects of natural catastrophes. Paula Pagniez of Swiss Re points out that the key is long-term investment. Some innovative projects have folded — not because they are unsuccessful, but because donors are not thinking long-term.
In China, the government persuaded hundreds of millions of farmers to use insurance to hedge against the risks of climate change. The government subsidizes the insurance, but at least 20 percent of the premiums come from farmers.
The government of India, after mounting losses due to extreme weather — 80 percent of which were uninsured — is mandating insurance to address its highly vulnerable agriculture sector. Its recent scheme, Pradhan Mantri Fasal Bima Yojana, launched in 2016, sets premiums for farmers growing specific crops. The government has also required private insurers to set aside 20 percent of policies to cover people in rural areas.
Insurance companies manage their own risk in part by protecting farmers from adverse changes in the climate through activities such as training on how to cope with erratic weather patterns and paying for artificial hail-suppression services.
It is also worth mentioning multi-country risk-pooling initiatives such as the African Risk Capacity partnership, which works with member states of the African Union while drawing on expertise, underwriting, and reinsurance from private companies such as AXA and Willis to help governments respond to extreme weather events and natural disasters.
Often, these complex partnerships benefit from external brokering. Cenfri, as an independent policy think tank, has the patience for negotiating longer-term relationships and models. The MicroInsurance Centre likewise has extensive experience working with commercial insurers, foundations, bi- and multilateral development agencies, regulators, NGOs, and others. The International Finance Corporation has promoted insurance as an element of public-private partnerships to address climate risk and other challenges.
We cannot insure our way out of all the effects of climate change and natural disasters, but we can improve disaster resilience. Governments and insurers are recognizing the risks and working creatively with a range of partners to mitigate them.
For more on inclusive insurance, read “<a class="markup--anchor markup--p-anchor" href="http://www.centerforfinancialinclusion.org/storage/Inclusive_Insurance_Final_2018.01.06.pdf">Inclusive Insurance: Closing the Protection Gap for Emerging Customers</a>.”
A version of this post originally appeared on the <a class="markup--anchor markup--p-anchor" href="https://cfi-blog.org/2018/02/15/the-role-of-public-private-partnerships-in-reducing-disaster-risk/">Center for Financial Inclusion blog</a>. It is adapted from the recently released publication “<a class="markup--anchor markup--p-anchor" href="http://www.centerforfinancialinclusion.org/storage/Inclusive_Insurance_Final_2018.01.06.pdf">Inclusive Insurance: Closing the Protection Gap for Emerging Customers</a>,” a joint report from the Center for Financial Inclusion at Accion and the Institute of International Finance, in partnership with MetLife Foundation.