Mali-based financial startup OKO offers affordable crop insurance products

Mali-based financial startup OKO offers affordable crop insurance products

(Ecofin Agency) – OKO says it has already helped more than 15,000 farmers in Uganda and Mali. The startup is now targeting the Ivorian market and wants to continue supporting small African farmers with its solutions.

OKO is a digital platform developed by a financial startup of the same name. It wants to help smallholder farmers by providing them with affordable crop insurance products. The startup, founded in 2018, by Rafael Haziza, Shehzad Lokhandwala and Simon Shoal, has completed several fundraising rounds totaling $2.1 million, among others, to support its growth and expansion in Côte d’Ivoire. .

By defining itself as a new species, the startup explains that it ” Provides effective and affordable insurance to farmers in emerging markets and offers prompt settlement of claims It is trying to take advantage of the growing influence of mobile technology to achieve this goal. All you need is a mobile phone to access OKO’s crop insurance.

The startup has already signed several partnerships, in this case with Orange Mali and German insurance giant Allianz, to improve the products it offers to farmers. Thanks to accurate meteorological information, it initially assesses risks in different agricultural areas and sets prices in the most optimal way. The solution, wanting to be useful for small operators who rarely have Internet access, has implemented the USSD code, as well as a mobile application and programming interface, allowing access to its services from any mobile phone.

The mobile application is a real alternative to the USSD code, as opposed to the programming interface that allows various startup partners to access some relevant information from its database. To better manage multiple insurance policies, the solution includes various tools such as performance monitoring, secure archiving and reporting for regulators.

Since its launch, the financial startup has received numerous awards and reports We are Tech Africa. Among others, we can mention the International Prize during the Climate Finance of Tomorrow Day in November 2019, the 2019 FinTech Showcase Award during the Global Policy Forum of the Alliance for Financial Inclusion (AFI) in Kigali (Rwanda), and the Job Creation Award at the Seedstars Summit 2019 in Johannesburg by the African Development Bank (AfDB).

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