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Kenya’s GrassRoots Bima 76th in global fintech ranking

GrassRoots Bima chief executive Winnie Badiah. PHOTO | MARTIN MUKANGU | NMG
GrassRoots Bima chief executive Winnie Badiah. PHOTO | MARTIN MUKANGU | NMG 

A Nairobi-based insurance technology (insurtech) start-up GrassRoots Bima, which promotes financial inclusion by matching customers with micro-insurance products, is among the top 100 financial technology (fintech) firms globally.

Established in 2016, it is placed at position 76 by financial services firm KPMG Fintech and investment firm H2 Ventures in the 2017 Fintech100 leading global fintech innovators report.

The Fintech100 report, represents the most innovative companies, creating products and services at the juncture of technology and financial services.

The firms are seen as seeking to disrupt the existing processes and products that dominate the marketplace.

Fintech companies from 29 countries featured in this year’s report.

The report notes that the GrassRoots Bima, which has a mobile-based platform WazInsure, allows individuals to track their insurance policies in a single place—simplifying the process, and increasing transparency levels and cost effectiveness of underwriting.

GrassRoots Bima chief executive Winnie Badiah said the ranking proves the world is recognising innovation growth in the financial sector.

“We are insuring boda boda riders, mama mbogas, cab drivers, middle class, the uninsured and the underinsured through innovative and necessary technology means,” said Ms Badiah.