One Acre Fund (OAF) is the largest lender to farmers in Africa. OAF was created to supply financing and training to help agricultural workers grow their way out of hunger and build lasting pathways to prosperity.
We recently partnered with OAF to help their farmers pay loans back on time when they fell on hard times, with an embedded insurance solution.
Problem
Some farmers struggled to repay their loans when disaster struck. The two main causes were:
- A death in the family:
Funerals are a big deal and very costly in Africa - Health issues:
If someone gets sick and as a result, have large medical expenses or are unable to work.
Solution
MIC Global created simple health and funeral insurance products to help with these two major financial burdens, so more farmers would be able to pay their loans on time.
Implementation
MIC created a video that explained the insurance products very simply and loaded the video onto tablets to give to loan officers to play for farmers out in the fields.
Results
One Acre Fund farmers are able to repay their loans even when disaster strikes.
MIC Global now provides insurance to over one million people in East Africa.
Farmers now have access to a safety net to protect them from the costs associated with health issues or a death in the family.
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