Tanzania’s Jamii Africa Secures Investment From NewWave Technologies’ CEO
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Jamii Africa, a Tanzanian InsurTech start-up, has announced the receipt of investment from US-based entrepreneur, Patrick Munis. The latest injection of funding into the enterprise inches it closer to its targeted USD 2 Mn. – a benchmark that should facilitate its expansion plans into parts other of East African, and particularly in Kenya.
Since coming into existence in 2016, Jamii Africa has made significant strides in the area of making affordable health insurance services readily available and accessible to the underserved population in Africa. The start-up has built a mobile policy management platform that has the capacity to concurrently handle all the administrative activities of an insurer, and also grant users easy access to affordable insurance policies – via its Unstructured Supplementary Service Data (USSD) platform.
With plans starting out at as little as USD 1.00 per month, per person, Jamii Africa can be considered to be a pioneer in this field. The platform is also estimated to have provided health insurance coverage to more than 6,400 individuals since its inception, while assisting over 2,900 people to successfully file health insurance claims.
With the development, Patrick Munis, a successful US-based entrepreneur and MIT alumnus who is of Nigerian descent, makes his debut in the African start-up investment scene. His company, NewWave Technologies, is one of the most innovative data-in-healthcare companies in Washington DC, United States – a company he currently heads as Founder and CEO.
As indicated in an official press statement released to WeeTracker by Lilian Makoi, Founder and CEO of Jamii Africa, Patrick Munis’s NewWave Technologies currently boasts over 200 employees and manages a substantial portion of Washington DC’s residents’ – healthcare records.
Through this move, Munis is the leading investor, as Jamii Africa’s seed investor. The start-up is aiming to raise USD 2 Mn., which will enable it to reach more clients in Tanzania – and launch its operations in Kenya. With a total of USD 700K in funding to date, Jamii Africa is now setting its sights on acquiring the remaining USD 1.3 Mn. funding that it requires to fulfil its ambitious growth targets.
Jamii Africa is one amongst 20 start-ups that was brought to light through the – World Bank XL-Africa initiative. The InsurTech venture is also one of the start-ups supported by the GSMA Ecosystem Accelerator. By virtue of its high social impact and innovative activities, Jamii Africa provides affordable and accessible mobile-based health insurance -to low-income households, and informal sector entrepreneurs in Tanzania.
Source: African Strategic-Ventures (ASV) & Weetracker.