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Car insurance in Nigeria: Insurtech Etap raises funds to develop the sector

20/04/2022
Categories: Sectors

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Despite regulations making car insurance mandatory in Nigeria, only one in five cars is currently insured. Nigerian insurtech Etap aims to expand its team, and drive the adoption of car insurance across Africa.

Etap has secured $1.5 million in pre-seed funding to expand its team, and drive the adoption of car insurance across Africa. The funding round was led by Mobility 54, a venture capital subsidiary of Toyota and CFAO Group. The funding will support the rollout of its app that allows drivers to purchase insurance, quickly file claims, and be rewarded for good driving and accident prevention.

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