is expanding into Ghana after receiving an operational license from the National Insurance Commission (NIC) of Ghana.<\/span><\/p>\nETAP said the licensing of an insurtech company is the first of its kind in Ghana, a country that currently has an insurance penetration rate of just 2%.<\/span><\/p>\nThis is the startup’s first expansion beyond Nigeria and will enable it to process claims, collect premiums and provide other digital auto insurance products and services to consumers and businesses in the Ghanaian market.\u00a0<\/span><\/p>\nETAP plans to begin rolling out its services for local drivers later this month through a collaboration with\u00a0<\/span>Hollard Insurance Ghana<\/span>, operating as ETAP-Hollard.<\/span><\/p>\n“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,” ETAP Founder and CEO Ibraheem Babalola said in a statement.<\/span><\/p>\n“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,” Babalola added.<\/span><\/p>\nDaniel Boi Addo, MD of Hollard Insurance, described the partnership as a significant step forward, underlining its potential to promote sustainable and inclusive growth in the insurance sector.<\/span><\/p>\nRelated:<\/span>SA’s Everything.Insure is digitizing, demystifying insurance<\/p>\n“Partnering with ETAP allows us to deliver tailored insurance solutions while rewarding responsible driving,” he said.<\/span><\/p>\nGrowing insurance penetration in Ghana<\/h2>\n
Despite Ghana’s low insurance penetration rate, the local insurance market is forecast to have substantial growth potential.<\/span><\/p>\nETAP said that the NIC has been active in promoting insurance awareness and enforcing regulations aimed at improving the credibility and stability of the insurance sector, which is expected to boost penetration over time.<\/span><\/p>\nThe insurtech said its products and services “leverage cutting-edge technology to deliver seamless user experiences, instant claims processing, and personalized policy management.”<\/span><\/p>\nETAP claims that through its platform consumers can buy insurance in 90 seconds, complete claims in three minutes or less, and get rewarded for good driving and avoiding accidents via the startup’s app.<\/span><\/p>\nETAP is attempting to inspire behavioral change on African roads and has gamified the driving experience, using advanced telematics to monitor driving behavior and rewarding drivers with ‘Safe Driving Points’ that can be exchanged for shopping vouchers for items like fuel or cinema and concert tickets.<\/span><\/p>\nRelated:<\/span>Connecting Africa Podcast: S3 Ep. 5 – Revolutionizing healthcare access<\/p>\nDrivers also have flexible coverage options ranging from daily to weekly, monthly, quarterly and annual plans.<\/span><\/p>\nBusinesses can manage up to 1,000 vehicles in their fleet, enabling them to streamline insurance processes, oversee driver performance rewards and monitor driver behaviors in real-time on one platform.<\/span><\/p>\nSince launching in 2022, ETAP now has thousands of consumer and business customers in Nigeria and has aspirations for further expansion to help deepen insurance penetration across Africa.<\/span><\/p>\n<\/div>\n