B2B e-commerce platform Twiga has partnered with Britam to develop a business interruption insurance cover for small businesses. The product dubbed “Soko Afya” seeks to protect retailers against loss of income due to hospitalization through compensations in the form of daily payouts.
A news release from Twiga says that the Soko Afya will also cover other risks apart from hospitalization, including health events, fire, and riots.
“Small retailers that include neighborhood dukas and mama mbogas are not only the cornerstones of food supply chain in Kenya but also create self-employment for millions. However, they are quite vulnerable to many risks that affect their businesses including shutdowns due to health events, fire and riots etc,” reads the release.
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Soko Afya will be available on Twiga’s mobile platform, allow customers to pay premiums in flexible installments.
Speaking on the Partnership for Soko Afya, Twiga Foods CEO Peter Njonjo said the product was necessary for improving the resilience of the retail sector and protect retailers, a key component of its marketplace.
“Our goal is to bridge the gap in food security in Africa by building an efficient, transparent & formal marketplace using technology. To achieve this goal, we work with small retailers who have joined our marketplace. We have also come to understand the many risks affecting their businesses. Therefore, we reached out to Britam to collaborate on developing safety nets that will protect retailers and will make this sector more resilient,” Njonjo said.
Britam Managing Director Dr. Benson Wairegi says protecting small businesses against unforeseen financial risks will improve small businesses’ financial stability.
“We are committed to protect vulnerable Kenyans against unforeseen risks through innovative products. This partnership with Twiga Foods will ensure that thousands of retailers can have financial stability in their businesses,” said Wairegi.
