Google-backed Cova Africa has launched a digital insurance offering for the Cameroonian and Ivorian diaspora. Cameroonian startup Cova Africa announced on September 19, 2023, the introduction of Cova Mboa. This is a digital insurance service that enables Cameroonians and Ivorians living in France to purchase life insurance for their families back in Africa. It can be accessed at www.cova.africa/mboa.
“With Cova Mboa, you can now obtain financial support ranging from 900 to 4,500 euros, depending on the selected option, paid in one lump sum. This can be used to finance your travel or family contributions in the event of the death of a usual money transfer beneficiary or simply a chosen family member residing in Cameroon or Ivory Coast. You can also ensure the livelihood of your regular money transfer beneficiaries if you are no longer able to provide for their needs. If you become unable to work (total permanent disability) or pass away, they will receive between 75 euros and 500 euros per month for a fixed period of 5 years, depending on the chosen option,” explained Cova Africa in a statement.
This offering is made possible through the collaboration of three significant players in the insurance industry: Acam Vie in Cameroon, Saar Vie in Ivory Coast, and Nubia Finances, licensed in France for insurance distribution. According to Marcelin Chiakoua Bassi, Deputy General Manager of Acam Vie, Cova Mboa is an initiative that combines relevance and modernity, not only through the simplicity of the proposed solutions but also through fully digitized subscription and management processes.
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“We wanted this product to be simple… We thank our insurance partners who have embraced this simplicity… We are actively seeking banking and money transfer institution partners worldwide that are open to products tailored to the African diaspora to offer our service and set up monthly bank deductions for our clients,” said Virginie Pouna Ngomi, CEO of Cova Africa.
Cova Africa was among 60 additional African startups selected as beneficiaries of the Google for Startups Fund for Black founders in Africa in 2022.
The selected startups will receive $100,000 in non-dilutive cash, along with up to $200,000 in Google Cloud credits per startup. They will also benefit from practical and ongoing business and technical mentoring from Google’s network of mentors and facilitators, learning best practices across a range of topics, from artificial intelligence to growth strategies, organizational culture, and personnel management.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard