Rafiki Microfinance Bank and Turaco Microinsurance Kenya (T/A Turaco) have announced a strategic partnership aimed at increasing access to affordable and innovative insurance solutions for underserved customers across Kenya.
The collaboration marks a significant step in embedding microinsurance into Rafiki Microfinance Bank’s loan offerings, providing customers with financial protection against unforeseen circumstances.
Through Rafiki Microfinance Bancassurance Intermediary, the new initiative ensures that borrowers are covered in case of life-altering events such as death, disability, or job loss.
This guarantees that outstanding loan balances are settled, reducing financial distress for both customers and their families.
Reacting to the partnership Rafiki Microfinance Bank Managing Director Joseph Njuguna said:
“Through this partnership, we are not only protecting our clients from financial shocks but also ensuring their peace of mind. By embedding microinsurance into our loan products, we are making insurance more accessible and affordable for underserved communities."
Microfinance institutions play a pivotal role in Kenya’s financial ecosystem, serving as a primary financial services touchpoint for traditionally underserved individuals and small businesses.
With hundreds of thousands of Kenyans relying on MFIs for credit and financial support, integrating microinsurance into these services strengthens financial resilience at the grassroots level.
“By working together, we can scale our impact and ensure that more Kenyans have access to affordable insurance solutions that provide real financial security when they need it most,” said Ted Pantone, CEO of Turaco.
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