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LeapFrog Financial Inclusion Fund: Insurance products for the poorest in Africa
Project
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Signature date
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Location
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Multi-country Global, India, South Africa, Ghana, Nigeria
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Financing tool
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Financing amount (Euro)
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3993635
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Financing details
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Equity investment of USD 5m and technical assistance of EUR 250,000
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Customer
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LeapFrog Financial Inclusion Fund
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Type of customer
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Microfinance
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Project number
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IZZ1010
This information is given at the time of signature, without prejudice to any developments in the operation/project.
By investing in insurance and micro-insurance companies, LeapFrog Financial Inclusion Fund is increasing the range of affordable insurance products for the poorest populations in Sub-Saharan Africa.
Client presentation
LeapFrog Financial Inclusion Fund is the only investment fund specialized in microinsurance. It invests in Africa and Asia, and more particularly in South Africa, Kenya, Ghana, India, the Philippines and Indonesia.
Project description
The fund will invest in existing and new microinsurance companies, in partnership with large distribution companies. The first EUR 6m operation was conducted in 2009 in AllLife, an insurer specialized in life insurance for HIV-positive persons or diabetes sufferers in South Africa. Proparco’s financial support will be earmarked for the fund’s technical assistance facility. This facility will provide the companies invested in with training and consultant missions in order to support the development of their microinsurance activities.
Project impact
This financing will support the development of the range of insurance products at affordable prices for low-income populations in Sub-Saharan Africa, who are traditionally excluded from them. It will contribute to the fight against poverty, support for employment, the diversification of the financial sector and the development of the private sector. The financial support has allowed 7 capacity building actions to be set up for microinsurance companies.