Malian Insurtech startup OKO raises $1.2 million
Malian Insurtech Startup OKO Raises $1.2 Million
OKO, a Mali-based insurtech startup, has raised $1.2 million in seed funding. The funding round was led by ResiliAnce and Newfund, with participation from Mercy Corps Venture, Techstars, ImpactAssets, and RaSa.
OKO uses satellite data to define risk and develop insurance products for emerging market farmers. Following that, these products are distributed via mobile technologies. Besides, these facilitate the collection of premiums and the payment of claims.
It operates in Mali and Uganda at the moment. OKO intends to use the new funding to expand its presence in Mali and Uganda and expand its offerings to other African markets, beginning with Ivory Coast.
Agriculture The Largest Source of Employment in Africa
“With an estimated 33 million farms, agriculture is by far the largest source of employment in Africa. Despite this, farmers are denied access to basic financial services such as insurance and loans. We're leveraging technology to address this issue and ensure the farmers' livelihoods," said Simon Schwall, founder of OKO.
OKO takes pride in the most inclusive crop insurance available, founded by Simon Schwall (a French national) and Shehzad Lokhandwall (an Indian national). To connect to OKO, farmers need a phone (no smartphone required): they can dial a short code for additional information and payment via mobile money services. The company partners with mobile operators to achieve this level of accessibility.
The company already has about 7,000 paying customers in Mali and compensated over 1,000 farmers affected by floods last year. Customers of OKO typically cultivate maize, cotton, sesame, or millet. Additionally, OKO works with agro-industries to assist them in achieving their sustainability goals and securing their supplier relationships. In Uganda, successful pilots with ABInBev and Touton were completed.
“We believe that recent advancements in the Internet of Things and data availability will result in the growth of parametric insurance in Africa, to the benefit of indigenous populations. Simon and his team have established strong foundations in Mali, allowing OKO to expand into new markets and offer new insurance products.” According to Augustin Sayer, a partner at Newfund.
This announcement demonstrates that InsurTech is a major force in bridging the financial inclusion divide in Sub-Saharan Africa.
IT Courses and Certification
E-Agriculture Course and Certificate
Mineral Processing Technology Course and Certificate
Environmental Science and Technology Course and Certificate
I.T Project Management Course and Certificate
Business Analytics Course and Certificate
Business Intelligence Course and Certificate
