Turaco Acquires MicroEnsure Ghana to Boost Affordable Insurance Coverage in Africa
Turaco, Africa’s tech-enabled affordable insurance company, has acquired MicroEnsure Ghana from MIC Global.
Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership.
The acquisition is part of Turaco’s plan to expand its reach and deepen the penetration of affordable insurance across Africa.
MicroEnsure Ghana is a leading microinsurance provider in Ghana with a strong track record of providing innovative and affordable insurance products to low-income earners and small businesses.
The acquisition is expected to benefit both Turaco and MicroEnsure Ghana’s customers. Turaco will leverage MicroEnsure Ghana’s expertise and distribution network to reach more customers and offer a more comprehensive range of products.
MicroEnsure Ghana’s customers will benefit from Turaco’s tech-driven platform, improving the efficiency and convenience of their insurance experience.
MicroEnsure Ghana is Turaco’s second acquisition in the past year, having acquired Kenyan microinsurance provider Maisha Microfinance Bank in 2022. The acquisi
Leading investors, including AfricInvest, Partech, and LeapFrog Investments, back Turaco. The company has raised over $50 million in funding to support its growth and expansion plans.
The acquisition of MicroEnsure Ghana is expected to have a positive impact on the insurance industry in Ghana and across Africa.
Turaco’s tech-driven platform and focus on innovation will help to make insurance more accessible and affordable for low-income earners and small businesses.
The acquisition will also help to deepen the penetration of insurance in Africa.
Insurance penetration in Africa is currently very low, at around 3%.
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