Rafiki Microfinance Bank partners with Turaco to expand affordable insurance in Kenya

The partnership integrates microinsurance into Rafiki Microfinance Bank’s loan offerings, providing borrowers with financial protection in case of life-altering events such as death, disability, or job loss. The coverage ensures that outstanding loan balances are settled, reducing financial strain on customers and their families.

Additionally, the insurance package includes two key benefits: hospital cash cover, which offers financial support for daily expenses during hospitalization, easing medical-related costs, and last expense cover, which provides financial assistance to families for funeral expenses.

By bundling insurance with loans, the initiative simplifies access to coverage, eliminating the need for separate policies. With premiums starting at Ksh.20, the plan is designed to be affordable, particularly for low-income borrowers, contributing to increased insurance uptake in Kenya.

“At Rafiki Microfinance Bank, we strive to offer financial solutions that extend beyond traditional banking. This partnership ensures our clients are protected against financial shocks, giving them peace of mind,” said Joseph Njuguna, Managing Director of Rafiki Microfinance Bank.

Ted Pantone, CEO of Turaco, stated: “Rafiki Microfinance Bank is a key partner for Turaco because of its strong community ties and commitment to financial inclusion. Together, we aim to provide more Kenyans with affordable insurance solutions that offer real financial security when it’s needed most.” 

Microfinance institutions play a crucial role in Kenya’s financial sector, serving individuals and small businesses that often lack access to mainstream banking services.