GreenTec backs first Pan-African blockchain insure-tech startup

Germany’s GreenTec Capital has invested an undisclosed sum in Bismart Insurance Kenya – a company which provides a digital interface to offer insurance products and services across Africa. The start-up has already benefited from an earlier investment commitment to develop its platform and it expects to launch a small range of services and products by Q42018.

The company seeks to improve the insurance adoption rates in sub-Saharan Africa, which are currently in the low single digits (South Africa is the only country which has a rate above 10%) caused by:

  • the inability of insurance companies to rely on traditional payment channels provided by banks
  • the high number of customers in Africa who have unsteady cash flows and low incomes
  • low financial literacy