Tech

Nigerian fintech startup ETAP secures Ghana’s 1st insurtech operational license

Nigerian startup ETAP, which creates solutions and incentives to deepen insurance penetration across Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana, the first of its kind, enabling it to process claims, collect premiums and provide other innovative auto insurance products and services.

Launched in April 2022, ETAP provides drivers with access to a range of daily, weekly, monthly and quarterly plans to choose from. It uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely. 

Using advanced telematics, the driving experience is gamified to improve driving behaviour and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.

The startup is now expanding into the Ghanaian market, and to facilitate this has secured Ghana’s first ever insurtech operational license from the NIC. The expansion is taking place in collaboration with Hollard Insurance Ghana, a leading provider of non-life insurance products.

Taking advantage of Hollard’s extensive experience and deep local knowledge of the market, the two companies will join forces as ETAP-Hollard to deliver a range of innovative insurance products and services that leverage cutting-edge technology to deliver seamless user experiences, instant claims processing, and personalised policy management.

“Ghana represents a key market for us, and this license allows us to bring our innovative mobility insurance solutions to a country where insurance penetration is still low, yet the potential for growth is immense. With this expansion, we are not just launching a product; we are creating new opportunities, fostering financial inclusion, and contributing to the development of a more secure future for Ghanaians,” said Ibraheem Babalola, CEO and founder of ETAP.

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