Nigeria's ETAP Expands to Ghana with First-Ever Insurtech License

STARTUP VENTURE CAPITALNovember 14, 2024 at 4:06 PM UTC

TLDR

Nigerian startup ETAP obtains Ghana’s first insurtech operational license, allowing custom auto insurance products.
ETAP partners with Hollard Insurance Ghana to form ETAP-Hollard, incentivizing safe driving through gamification.
Innovative auto insurance solutions offered by ETAP include flexible plans adjusted based on drivers’ safety profiles.

ETAP, a Nigerian startup offering innovative auto insurance solutions, has obtained Ghana’s first insurtech operational license from the National Insurance Commission (NIC).

This license enables ETAP to process claims, collect premiums, and provide customized auto insurance products in Ghana. The expansion marks a milestone for ETAP, which launched in 2022 and offers flexible insurance plans (daily, weekly, monthly, and quarterly) with premiums adjusted based on drivers’ safety profiles.

Partnering with Hollard Insurance Ghana, ETAP will operate as ETAP-Hollard, combining advanced telematics and machine learning to gamify safe driving and reward drivers with points redeemable for vouchers, fuel, and event tickets.

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Key Takeaways

ETAP’s entry into Ghana, a market with low insurance penetration but significant growth potential, underscores the company’s commitment to advancing financial inclusion in Africa. Leveraging Hollard’s local market expertise, ETAP-Hollard aims to introduce seamless, tech-driven insurance experiences that incentivize safe driving and offer instant claims processing. This partnership aligns with ETAP’s broader mission to deepen insurance access across Africa and promote safer, insured mobility solutions.

Startup

Insurance

Insurtech

ETAP

Nigeria

Ghana

Financial Services