Douala, Cameroon, March 17, 2021 - Thanks to the advisory services of the International Finance Corporation (IFC), a member of the World Bank Group, Activa Assurances today launched two new insurance solutions in Cameroon with the aim of reach up to one million women in the country by 2022.
As part of its Activ'Lady program, Activa Cameroon is bringing two innovative solutions to the Cameroonian market to meet the specific needs of women. These include:
- A solution allowing women entrepreneurs to save and carry out their business creation projects. Activa will support them through training, via incubators, to help them structure their projects, and is committed to supporting them in the funding phase with its bancassurance partners;
- A health coverage for women with low incomes, including those grouped into cooperatives and traders commonly called "buyam-sellams". Because of their low income, these women are generally excluded from the traditional coverage system. This health coverage will allow them to cope with the vagaries of their activity, in particular in these times of the Covid-19 pandemic.
"IFC supports Activa Cameroon's commitment to empower Cameroonian women by helping them build their savings, develop their businesses, and protect their families," said Sylvain Kakou, IFC Country Manager for 'Central Africa. “Women represent a growing market in Cameroon. Strengthening their participation in the economy will stimulate growth and contribute to economic recovery. "
According to Richard Lowe, executive chairman of the Activa group: “Insurance promotes savings by reducing long-term expenses, enables effective risk management and is an excellent investment channel. Without access to insurance, women often resort to informal loans to cover health costs or other expenses, hampering their ability to recover from difficulties. "
" Activa is determined to improve the situation of Cameroonian women by providing them with solutions to reduce disparities in terms of protection . The development of inclusive insurance in Cameroon is an absolute emergency, ”he added.
In October 2019, IFC and Activa Assurance officially launched the Activ'Lady program with the objective of developing an insurance model for women - and businesswomen - in Cameroon. The program, which benefited from IFC's advisory services, was developed following the SheforShield study , conducted by IFC, which found that by targeting women, the insurance industry could generate up to $ 1.7 trillion. globally, half of which in emerging markets, by 2030.
Since the launch of this program, Activa has been protecting women's goods from the elements and theft, and providing them with access to training and to online toolkits to help them grow their businesses.
The work of IFC and Activa Assurance in Cameroon is supported by the Women Entrepreneurs Finance Initiative (We-Fi) which invests in programs and projects aimed at improving access to finance for women entrepreneurs.
Since 2016, IFC has collaborated with insurers operating in emerging markets to develop specific approaches aimed at meeting the needs of women at different stages of their lives, while creating income-generating opportunities for those working in the insurance industry.
The Activ'Lady program in Cameroon is an extension of similar partnerships with insurers in Nigeria, the Philippines and Ghana.
About IFC
The International Finance Corporation (IFC), a member of the World Bank Group, is the leading private sector-focused development institution in emerging countries. It operates in over 100 countries, dedicating its capital, skills and influence to creating markets and opportunities in developing countries. In FY2020, it invested $ 22 billion in private companies and financial institutions in developing countries, mobilizing the capacities of the private sector to end extreme poverty and promote shared prosperity. . For more information, visit www.ifc.org .
About Activa
Activa was created in 1998 by Cameroonian shareholders;
• Vision: To contribute to Africa's development through a leading insurance group that will operate across the region, leveraging its customer-centric approach, teams of skilled professionals and efficient use technology;
• Values: customer orientation, responsiveness, respect for commitments, innovation and flexibility;
• Products: non-life and life insurance;
• Present in eight African countries (Cameroon, Ghana, Guinea, Sierra Leone, Liberia, DRC, Ivory Coast and Mauritius (headquarters of the Group's holding company) and in France.
• Present in 49 African countries through the GLOBUS network, first African insurance network, of which Activa Group is a founding member;
• Companies among the leaders in their respective markets. ACTIVA Cameroon is the second largest insurance operator in the country and the leading corporate insurer on major projects (new bridge over the Wouri, major road works), as well as the leading insurance company for large international and national industrial groups. (Bolloré, Brasseries du Cameroun, Cinpharm, Sodecoton, etc.);
• Group Executive Chairman: Richard LOWE;
• Partners: in addition to the founding shareholders, the World Bank Group (via IFC) and the French Development Agency (AFD), via PROPARCO, have acquired a stake in Activa Group respectively since 2013 and 2016.
The funding initiative for women entrepreneurs(We-Fi) is a collaborative partnership between 14 governments (Australia, Canada, China, Denmark, Germany, Japan, Netherlands, Norway, Russian Federation, Saudi Arabia, Republic of Korea, United Arab Emirates, United Arab Emirates, United and the United States), as well as eight multilateral development banks and other public and private stakeholders. Installed within the World Bank Group and launched in October 2017, We-Fi seeks to unlock billions of dollars in funding to tackle all of the barriers facing women entrepreneurs - by improving access to financing, markets, technology and mentoring, while strengthening policies, legal and regulatory frameworks. For more information, visit www.we-fi.org
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