Specialist investment firm, Leapfrog plans to invest Sh 9Billion ($ 100million) in Kenya’s financial services, a similar amount it has injected in Nigeria.
The world’s largest dedicated equity investor in emerging markets financial services, has raised Sh 35 billion ($400million) targeting Africa’s financial services sector.
The company is using Kenya as the gateway to the East African region, singling out the funds will go towards boosting insurance penetration rates in Kenya and the region.
East Africa has a population of 150 million people with a combined economy equivalent to $109b, according to data from the World Bank and Economist Intelligence Unit.
The financial services opportunity is vast, with insurance penetration rates below 4% across Kenya, Tanzania and Uganda, said the company in a statement.
The company has partnered with companies serving 22.7 million people across 16 countries.