E-commerce/Insuretech with a difference
Venda is an online insurance and ecommerce solution specifically targeted at the informal market. This is a market that has been previously excluded by insurance companies because informal sector workers really struggle with keeping up with regular insurance premiums. Our solution is centered around strengthening their ability to pay the required premiums without having to spend much of their disposable incomes. This is a financial inclusion project aimed at improving access to financial products to previously excluded people, with the informal sector composed of 80% of Zimbabwe’s workforce and contributing as much as 40% of the nation’s GDP we can positively impact the nation’s ability to recover from risk by providing risk cover to the greater part of the nation’s workforce. This will generally improve standards of living and lesser risk of falling into poverty. Our project is now at a prototype stage and its relative worth can be found by it being a finalist of the African Telecommunications Union (ATU) innovation challenge coming out tops in Southern Africa.