Atlantique Assurance will offer accident insurance (100% coverage) and health insurance (80% coverage by the insurer and 20% by the insured) to all Bee motorcycle taxi drivers, announced the Cameroonian company Bee Group, engaged in motorcycle transportation and delivery services.
Last month, Bee Group sealed a strategic alliance with Atlantique Assurance, which is an insurance unit of the Ivory Coast’s Atlantic Financial Group (AFG), and Advans Cameroon, a local subsidiary of the French microfinance group, Advans Group.
Apart from insurance coverage, the collaboration enables motorcycle taxi drivers, often excluded from traditional financial systems, to obtain consumer credit lines tailored to their needs, while empowering them to grow their businesses and enhance their quality of life, said the Bee Group.
“This partnership will empower Bee to finance 3,600 motorcycle taxi drivers over the next 24 months, with a total value estimated at approximately FCFA2.3bn ($3.8m),” said Mr Patrick Timani, CEO and co-founder of Bee Group.
Mr Theophile Fotadzong Tchio, CEO of Atlantique Assurance Cameroon, said, “We are embarking on an endeavour rather than simply taking on a risk in this under-insured sector. We are confident that by each party contributing their expertise, we can effectively manage the risk, ensuring the protection of interests and the sustainability of the operations.”
Bee Group is a digital lending startup whose mission is to democratise financial services in Africa, starting with asset financing for commercial drivers (motorcycles, phones). Bee Group is headquartered in Douala, Cameroon.