Singapore-headquartered InsurTech EFGH (Embed Financial Group Holdings) has made significant strides in expanding its presence in Africa over the past two months, establishing legal entities in the Democratic Republic of the Congo (DRC), Zambia, and Ghana.
Africa boasts a population of 1.5bn individuals, with a median age of 19 years and a high level of digital and mobile device adoption.
In a statement, EFGH says it has leveraged its distribution expertise and proven smart technology, particularly its AI capabilities, to provide microinsurance, micro lending, and micro investments to the informal economy, which accounts for 82% of employment. This strategic approach has been facilitated through collaborative partnerships across the continent.
In addition to its growth initiatives, EFGH has welcomed key investors and partners who share its vision and have contributed to its continued expansion.
Mr Wilf Blackburn, chairman of the global advisory board, said, "EFGH is rapidly expanding its presence in Africa, a continent characterised by exciting demographics. With EFGH's strategic distribution approach, I am eagerly participating in this journey and am pleased to now become a strategic investor."
Mr Dennis Ng, executive chairman and co-founder of EFGH, said, “This collaboration instills confidence in our trajectory for accelerated expansion."
EFGH's primary focus is on safeguarding the informal economy, enhancing insurance penetration rates across the African continent, and providing employment opportunities in the appropriate sectors. Aside from Africa, the group operates in Asia as well.