Afrexim Bank, a leading pan-African multilateral financial institution, has announced the launch of its new insurance firm, Afrexinsurance, which will provide specialty insurance products for businesses across African countries. The new entity will be headquartered in Mauritius and will operate alongside Afrexim Bank’s existing payment gateway and equity investment services.
The launch ceremony for Afrexinsurance was held in Accra, Ghana, and was attended by representatives of Ethiopian banks, the vice governor of the National Bank of Ethiopia, as well as executives of Pan African banks and African corporate leaders. K.C Li, the newly established firm’s chairman, referred to Afrexinsurance as “the latest financial weapon of Africa.”
Jonas Mushosho, the founding CEO of Afrexinsurance, said that the establishment of the new insurance firm is a significant step forward in increasing insurance penetration in the continent. “It meets the needs of those funding trade in Africa,” he said.
Afrexinsurance will be the eighth subsidiary of the Afreximbank Group, which includes the recently established Fund for Export Development in Africa (FEDA), headquartered in Kigali, Rwanda. FEDA was established to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap needed to transform the trade sector in Africa.
With its new insurance firm, Afrexim Bank is further expanding its financial arsenal to support businesses in Africa. The launch of Afrexinsurance represents a major milestone in the institution’s mission to promote trade and economic development on the continent, according to its managers.