NAIROBI, Kenya, Feb 26 – Rafiki Microfinance Bank has partnered with Turaco Microinsurance Kenya to enhance access to affordable insurance for underserved communities across Kenya.
The partnership integrates microinsurance into Rafiki Microfinance Bank’s loan offerings, providing financial protection against life-altering events such as death, disability, or job loss.
Through Rafiki Microfinance Bancassurance Intermediary, borrowers will have their outstanding loan balances covered, reducing financial distress for both customers and their families.
The insurance package includes Hospital Cash Cover, which offers financial support for daily expenses during hospitalization and Last Expense Cover that assists families with funeral costs, ensuring dignified arrangements.
By bundling these covers with loan products, Rafiki and Turaco eliminate the need for customers to purchase separate policies, enhancing convenience and accessibility.
With premiums starting at Sh20, the initiative ensures affordability while promoting financial security for low-income borrowers.
“At Rafiki Microfinance Bank, we are committed to empowering customers with financial solutions that go beyond banking. This partnership protects our clients from financial shocks and ensures peace of mind by making insurance more accessible and affordable,” said Joseph Njuguna, Managing Director, Rafiki Microfinance Bank.
Microfinance institutions play a critical role in Kenya’s financial ecosystem by serving traditionally underserved individuals and small businesses.
With thousands relying on MFIs for credit, integrating microinsurance strengthens financial resilience at the grassroots level.
“Rafiki Microfinance Bank is an ideal partner due to its deep commitment to financial inclusion. By working together, we can scale our impact and ensure more Kenyans access affordable insurance solutions for real financial security,” said Ted Pantone, CEO of Turaco.
