Alongside the major debates surrounding the adoption of the Pan-African Inclusive Insurance Pact, held from July 6 to 8, 2026, Financial Afrik brought together, on the same panel, three actors committed to the development of microinsurance on the continent: Joël Bamogo, President and CEO of Yelen Capital Group in Burkina Faso, Dr. Andrew Gwodog, founder and CEO of Samb’a Assurances in Gabon and Cameroon, as well as Chaka Sougué, CEO of SIM Assurance in Ivory Coast. Through the discussions, a consensus emerged: in order to reach populations historically excluded from traditional financial systems, microinsurance appears to be one of the most operational levers, provided that products, distribution channels, regulations, and taxation are adapted.
From the start of the interview, Joël Bamogo placed the debate in the context of economic inclusion. According to the Burkinabé, the ambition of Yelen Assurance, launched in 2018, is to develop insurance “beyond its traditional borders”, targeting primarily the informal, rural, and agricultural sectors, which have long been neglected by traditional companies. He indicates that in Burkina Faso, his group currently covers nearly 100,000 people through products related to agriculture, health, life, and property. However, he emphasizes that the real challenge remains scaling up, with the ultimate goal of reaching one to two million people.
For the entrepreneur, this ramp-up faces several structural constraints. The first is access to institutional financing in a capital-intensive business. The second relates to distribution: when individual premiums are low, the model’s viability requires channels capable of aggregating a large number of contracts. Joël Bamogo thus emphasizes the need to constantly iterate on products, concepts, and distribution methods in order to build an offer truly adapted to the incomes and needs of the target populations.
Dr. Andrew Gwodog, on the other hand, develops a similar approach, based first and foremost on listening. He explains that he drew inspiration from the Burkinabè experience by going into the field to observe practices and meet the populations concerned. In his view, the specificity of microinsurance lies in a co-design logic: unlike the traditional insurer, who often designs a product before offering it to the market, the microinsurer must build its offers with clients, taking into account both desired guarantees, acceptable premium levels, and payment modalities.
The leader of Samb’a Assurances also highlights the speed of service as a decisive factor in trust. He states that his company is committed to settling claims within a maximum of five days, even though regulations allow for ten days. He also mentions an entirely digitalized provident product, payable monthly based on 10 francs per day, totaling 250 francs per month, with a capital of 250,000 francs paid out in case of death. According to the former Gabonese minister, this simple pricing, combined with fast processing, more directly meets the expectations of low-income populations. He indicates that after two years of activity, Samb’a Assurances claims nearly 30,000 insured individuals, mainly from the informal sector.
Chaka Sougué, on his part, emphasizes the practical utility of the products. In Ivory Coast, SIM Assurance has developed offers aimed at specific segments such as delivery drivers or market women. He highlights the third-party payment mechanism, which allows for immediate coverage in partner care networks, without upfront costs or prolonged waiting for reimbursement. In some cases, daily allowances are provided to compensate for loss of income, a crucial point for insured individuals living off daily activities. He also points out that contribution modalities have been adapted, with the option to contribute per day to better align with irregular incomes.
Beyond the diversity of national experiences, the three speakers converge on the diagnosis. They remind that in many African countries, the penetration rate of traditional insurance remains below 2%, meaning that over 90% of the population remains without coverage. In their view, this deficit is not only explained by income level, but also by the low familiarity of populations with insurance, lack of awareness, mistrust towards insurers, and historical inadequacy of products offered.
Another key message throughout the interview is that microinsurance cannot sustainably develop without an expanded ecosystem. The speakers call for joint involvement of regulators, public authorities, donors, as well as cooperatives, associations, and groups that already structure the targeted segments. For them, the success of the Pan-African Pact will depend on the ability of actors to translate principle commitments into concrete distribution, financing, and protection mechanisms.
