Traditional insurance methods, such as informal savings groups or chamas as they are popularly known, and community-based risk-sharing networks such as funeral associations, have historically been helped African communities to mitigate financial burdens in time of need.
As they often operate without the need for formal institutions, these methods have, due to their accessible nature, remained deeply rooted in the African culture, enabling people, particularly those living in rural areas, to get help in their time of need.
