mTek, partners to provide insurance to 100k dukas


Digital insurance platform mTek has partnered with and Fin Africa to provide insurance covers to over 100,000 small-scale corner shops commonly known as dukas.

The cover is a Britam product and will be provided through mTek’s digital system which enables paperless transactions. will facilitate a direct and seamless link to its network of 100,000 informal retailers, while Fin Africa will provide affordable financing for the insurance services.

This is another attempt by digital and traditional insurers to expand a market whose growth has been nearly stagnant.

Data from the Insurance Regulatory Authority (IRA) shows that insurance penetration in Kenya is about 2.23%, against a global average of 7%.

The informal sector, which employs 80% of Kenya’s working population is under insured yet there are several insurable risks including business interruption, theft, damage to property, cyber-attacks, and loss of stock.

mTek Chief Executive Officer Bente Krogmann said, “We have come together to become enablers and protectors of the informal retail sector through insurance products, contributing to the growth of Kenya’s economy.” Head of Innovations Elijah Maina said that insuring the informal sector ensures business continuity.

“Every day, informal retailers are exposed to risks that could negatively impact their businesses from loss of inventory due to fire or theft or loss of profit due to hospitalization,” said Maina.

“Through this partnership, we have a bespoke insurance product that caters for all these risks under one cover, facilitating business continuity for the informal retailers, more so dukas.”

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