Opportunity International, a global coalition of organisations that offer transformational microfinance services, has extended an invitation to new investors for its subsidiary MicroEnsure, which operates as a mobile insurance provider in Africa and Asia.
The Omidyar Network and International Finance Corporation (IFC) have since confirmed they will invest in MicroEnsure to extend their product to low income families in the two continents after Opportunity International decreased its shareholding to allow other investors to come in.
“While we are proud to have launched such an impactful organization, we are more proud to further infuse MicroEnsure with valuable resources and then step aside so the company can grow fast and serve exponentially more families in need,” said Vicki Escarra, CEO of Opportunity International US.
MicroEnsure currently reaches over 4 million people in Africa and Asia and provides other insurance products, including mobile payment for insurance.
Richard Leftley CEO of MicroEnsure said: “MicroEnsure is excited to have Omidyar Network and IFC join us as shareholders and the Telenor Group as a joint venture partner. With access to the right capital and customer base that these partners bring, we are looking forward to serving many millions of low and middle income clients globally.”
“This welcome evolution will enable millions of consumers throughout Asia and sub-Saharan Africa to access quality, affordable insurance products, including life and health insurance, thereby providing them and their families a critical safety net over the long-term,” Arjuna Costa, director of investments at Omidyar Network said.
The company has been nominated for the Mobile Money Expo Awards to be held on February 6 in Lagos, Nigeria.
