Britam has partnered with e-commerce company Twiga Foods Ltd to develop the business interruption insurance cover dubbed ‘Soko Afya’ that protects against income loss.
Small retailers such as kiosk owners are set for cash payouts from Britam Insurance’s cover that seeks to compensate them for lost income when hospitalised.
Britam has partnered with e-commerce company Twiga Foods Ltd to develop the business interruption insurance cover dubbed ‘Soko Afya’ that protects against income loss.
The retailers will pay the yet to be disclosed premiums in flexible instalments for the solution that will be available on Twiga’s mobile phone platform.
“This partnership with Twiga Foods will ensure that thousands of retailers can have financial stability in their businesses,” said Britam’s Group managing director Benson Wairegi.
Twiga Foods eases logistics in distribution of farm produce such as bananas onions, tomatoes, potatoes, mangoes and cabbages, to small-scale vegetable vendors in city estates.
On average, Twiga Foods buys farm produce from more than 15,000 farmers and delivers to over 5,000 retailers a day.
“We understand the many risks affecting small retailers so we reached out to Britam to collaborate on developing safety nets that will protect them and make this sector more resilient,” said Twiga Foods chief executive Peter Njonjo.
Small retailers such as mama mbogas are vulnerable to many risks that affect their businesses including shutdowns due to health challenges, fire and riots.
Twiga Foods plans to expand to the East and West African regions early next year in a move to grow its market share on the continent.
The company says the expansion seeks to provide access to low cost, high quality food products in African cities.
Since its founding in 2014, the Twiga Foods has sold 200 million bananas through its mobile-based supply platform. It has since expanded to offers other foods including vegetables.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
