Britam has partnered with e-commerce company Twiga Foods Ltd to develop the business interruption insurance cover dubbed ‘Soko Afya’ that protects against income loss. This would entail that small retailers are set for cash payouts from Britam Insurance’s cover that seeks to compensate them for lost income when hospitalised.
The retailers will pay the yet to be disclosed premiums in flexible instalments for the solution that will be available on Twiga’s mobile phone platform.
Twiga Foods eases logistics in distribution of farm produce such as bananas onions, tomatoes, potatoes, mangoes and cabbages, to small-scale vegetable vendors in city estates. On average, Twiga Foods buys farm produce from more than 15,000 growers and delivers to over 5,000 retailers a day.
“We understand the many risks affecting small retailers so we reached out to Britam to collaborate on developing safety nets that will protect them and make this sector more resilient,” said Twiga Foods chief executive Peter Njonjo.
Since its founding in 2014, the Twiga Foods has sold 200 million bananas through its mobile-based supply platform. It has since expanded to offers other foods including vegetables.