The Second Wave Of Mobile Financial Services In Africa And Asia: LeapFrog Announces Investment In BIMA, Bringing Insurance To Millions
Insurance seems to matter more for people's life choices and for economic development than previously understood. A recent study by the ILO found that farmers in Ghana who were randomly assigned to receive insurance cover increased their agricultural investment significantly, in some cases up to 65%. By contrast, those assigned to receive credit demonstrated little change in their investment behavior.
The study indicates that often the problem is not the absence of capital, but the omnipresence of risks, preventing people from making worthwhile investments in the future. With severe and often catastrophic risks removed, low-income people can take leaps such as planting higher-yield crops or starting businesses. They can raise their incomes and permanently change their families' prospects.
About LeapFrog InvestmentsLeapFrog invests in high-growth financial services companies in Africa and Asia that serve the next billion emerging consumers. The fund pursues profit-with-purpose, targeting top-tier returns from its portfolio companies while reaching 8 million people, most of whom are low-income, with essential financial tools. Launched in 2008 with President Bill Clinton, LeapFrog recently won the Investor of the Year award from Business Insider and the Sustainable Investor of the Year special commendation award from the Financial Times and IFC.
Investors in LeapFrog's high impact investment fund include global banks such as JP Morgan, the European Investment Bank and Triodos; leading funds such as Soros EDF, Omidyar Network, and Calvert; global reinsurers and pension funds such as SCOR, Haverford, and TIAA-CREF; and leading development financiers including FMO, IFC, KfW, Proparco and Accion Frontier Investments Group. http://www.leapfroginvest.com/About BIMABIMA, meaning 'insurance' in Swahili, Bengali and Hindi, provides an end-to-end mobile insurance solution for mobile operators and insurance companies in emerging markets. This includes product design, a proprietary mobile insurance technical platform, distribution, marketing guidelines, claims administration and insurance underwriting. BIMA's objective is to increase the penetration of insurance in the emerging world by using specially designed mobile insurance products, which also help mobile operators with the improvement of their core metrics. The company was founded in 2010 and launched its first product with Tigo Ghana in Aug 2010. Currently, BIMA operates in Ghana, Senegal, Tanzania, Mauritius, Sri Lanka and Bangladesh. www.bimamobile.com SOURCE LeapFrog Investments
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