NAIROBI, Kenya, July 28 – Musoni Microfinance has extended loan compensation of Sh1.2 million to 12 borrowers who were affected by the recent fire incident at Toi Market in Nairobi.
The loan compensations are claim payouts from the embedded credit-linked insurance that Musoni includes in all its loans.
Powered by Africa’s insurtech, Turaco, and underwritten by APA Insurance, the insurance provides a vital safety net for all Musoni borrowers.
Musoni’s CEO, Barbara Asumadu, highlighted the value of extending embedded insurance to all the microfinance institution’s borrowers.
“By extending embedded insurance, we reinforce our commitment to safeguarding their financial well-being and resilience, ensuring that they have the necessary tools to rebuild and thrive in the face of adversity. We are honored to fulfill that commitment today,” Asumadu said.
The credit-linked insurance cover is a value-add included in all Musoni loans.
It protects borrowers by covering loan repayments in case they are hospitalized, lose property due to fire or other perils, or in the unfortunate event they pass on.
“Kenya’s economic backbone relies significantly on small-scale businesses, with over 80% of Kenyans actively engaged in this sector,” Ashok Shah, Group CEO of APA Apollo Group.
“Ensuring the safeguarding of these businesses from unexpected circumstances holds immense importance in enhancing the livelihoods of business owners and fostering the nation’s prosperity,” Shah said.
“To fulfill this commitment, APA is dedicated to offering affordable insurance products tailored specifically to SMEs. Today we take pride in supporting the Toi market traders.”
