Rafiki MFB Partners with Turaco to Offer Kenyans Affordable Insurance

Rafiki Microfinance Bank and Turaco Microinsurance Kenya have announced a strategic partnership aimed at enhancing access to affordable and innovative insurance solutions for underserved communities across Kenya.

According to a statement, the collaboration integrates microinsurance into Rafiki Microfinance Bank’s loan offerings, providing financial protection for borrowers against life-altering events such as death, disability, and job loss. 

Through Rafiki Microfinance Bancassurance Intermediary, this initiative ensures that outstanding loan balances are covered, easing financial burdens for customers and their families.

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The insurance package includes two key riders designed to offer additional support:

1. Hospital Cash Cover – Provides financial assistance for daily expenses during hospitalization, helping policyholders manage medical-related costs.
2. Last Expense Cover – Eases the financial strain on families by covering funeral expenses, ensuring dignified send-offs.

“By bundling these covers with loan products, Rafiki Microfinance Bank and Turaco eliminate the need for customers to seek separate insurance policies, enhancing convenience and accessibility. With premiums starting as low as Ksh20, this initiative ensures affordability, extending essential financial security to low-income borrowers and contributing to increased insurance penetration in Kenya,” the statement read in part.

Joseph Njuguna, Managing Director of Rafiki Microfinance Bank, emphasized the institution’s commitment to customer-centric financial solutions.

"At Rafiki Microfinance Bank, we are committed to empowering our customers with financial solutions that go beyond banking. Through this partnership, we are not only protecting our clients from financial shocks but also ensuring their peace of mind. By embedding microinsurance into our loan products, we are making insurance more accessible and affordable for underserved communities,” Njuguna remarked.

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Microfinance institutions play a critical role in Kenya’s financial ecosystem, serving as a primary touchpoint for credit and financial services among low-income individuals and small businesses. Integrating microinsurance into these services strengthens financial resilience at the grassroots level.

Turaco CEO Ted Pantone highlighted the shared mission behind the partnership, stating “Rafiki Microfinance Bank is an ideal partner for Turaco because of its deep commitment to financial inclusion and its strong relationship with underserved communities.”

“By working together, we can scale our impact and ensure that more Kenyans have access to affordable insurance solutions that provide real financial security when they need it most,” he commented.

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This collaboration underscores Rafiki Microfinance Bank’s dedication to innovation and financial empowerment while advancing Turaco’s mission of driving insurance inclusion across Africa. 

By working together, the two organizations are paving the way for a more financially secure and resilient future for underserved Kenyans.