Malina farmers severely affected by recent flooding in some parts of the country have received insurance payouts worth $70,000 through its new insurance service. Oko Finance has been developing affordable mobile-based crop insurance products to provide smallholder farmers with the financial security they need, regardless of unstable climate trends since its establishment in 2017.
Speaking on how the organization managed to venture into an area that is as unpredictable as British weather, the Chief Executive Officer (CEO) Simon Schwall said that Oko Finance deploys the latest satellite observations to develop precise weather monitoring tools and partner with mobile operators to give access to insurance to farmers remotely, in a few clicks and in multiple installments. “OKO also works with loan institutions to facilitate access to capital for insured farmers,” he added.
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OKO is active in Mali and in Uganda, with plans to expand to many more markets in the coming years, and is already proving impactful in its home market. Heavy rains in July and August had disastrous consequences for farmers, but those that had insured their fields at the start of the season immediately received compensation for their losses.
In partnership with Orange and SUNU Assurances, OKO launched its insurance service last January. It is available to all Orange users via USSD, and has been used by nearly 5,000 farmers so far. OKO has distributed XOF38,000 in compensation so far.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry