Poverty reduction rate too slow in Africa

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The newly launched Millennium Development goals report has assessed that although poverty rates in Africa are declining at an accelerated rate since 2005, the pace is still too slow to meet the poverty reduction target.

The report is a product of Africa Development Bank (AfDB) in partnership with United Nations Economic Commission for Africa (ECA), African Union (AU) and United Nations Development Programme (UNDP).

IDEA VS. OPPORTUNITY?

One of the most important questions an entrepreneur should ask: Idea or Opportunity?

According to my mother-in-law, my wife invented the pet rock. As a child she would adopt a pebble and look after it, just like they did with those pet rocks a decade later. She had the idea before the inventor!

You have probably met someone with a story about how they had an idea, years ago, that someone else later turned into a successful product. If they genuinely think that they could have hit the big time they likely don’t know the difference between an opportunity and an idea.

Don’t get me wrong – ideas are important. They are the creative lifeblood of your business. People that generate lots of ideas are good at coming up with solutions to problems. However, an idea is not an opportunity. Here are just five of the differences:

1. Ideas are a dime a dozen. Opportunities have value.

MICRO INSURANCE IN NIGERIA: ADVOCATING FOR COMMON DELIVERY MECHANISM

 The effective take off  of Micro Insurance in Nigeria has been stunted due to lack of public trust in the conventional insurance system. NAICOM is obviously concerned about this and is consequently very careful about approving companies and products. Even if approval is given today the growth and development of Micro insurance will not meet financial industry expectation.

Unlike what obtains in better developed countries, Nigerian government cannot afford to subsidize micro insurance. Subsidy in Agricultural insurance has not significantly helped the growth of that sector as much as expected.

Bringing Mobile Wallets to Nigerian Farmers

Bolaji Akinboro

It’s no accident that agricultural production in Nigeria is more than just a source of sustenance; it is a significant driver of economic growth. In fact, in 2013 alone, our country’s economy received an approximately six percent boost from the agriculture sector. What’s more, that growth has helped foster more transparency, less corruption, and—crucially—greater financial inclusion in a country that is home to millions of smallholder farmers.

Barbara Magnoni

Barbara Magnoni

Vacationing with many of my very large Italian family this summer, I have been reminded of some of the financial dynamics of family, which offer me the opportunity for a real-life reflection on some of the key points of our recent brief, “Keep Your Insurance Close, and Your Friends and Family Closer”.  For example, supermarket shopping for 20 or more may seem overwhelming, but not if you alternate turns. Over the long term, when a younger brother who receives help paying for school grows up, he may be the one helping his older brother cover the cost of a long illness. Emotional and physical proximity, the promise of reciprocity and culture all play a role in creating this seemingly efficient financing circle  (Ligon, Thomas, & Worral, 2002) (Fafchamps & Lund, 2003).

11th International Micro Insurance Conference 2015

3 - 5 November 2015, Hyatt Regency Hotel, Casablanca, Morocco 11th International Microinsurance Conference 2015 / Driving growth and sustainability – A business case for microinsurance 11e Conférence Internationale sur la Micro-assurance / Soutenir la croissance et la durabilité – Un business case pour la micro-assurance The 11th International Microinsurance Conference will take place in Morocco from 3 – 5 November 2015. Approximately 400 participants and experts from around the world will discuss and identify ways of accelerating growth and economic viability in microinsurance. The conference will be hosted by the Munich Re Foundation, the Microinsurance Network, the Centre Mohammed VI de Soutien à la Microfinance Solidaire and FMSAR, supported by CIMA, the CEAR, ILO's Impact Insurance Facility and Making Finance Work for Africa.

From Diagnostic to Action: Developing Microinsurance in Nigeria

Claudia Huber

Considering  Nigeria’s socio-economic particularities and that only about 1% of the adult population has insurance coverage, Nigeria’s development plan, “Vision 2020,” describes the country’s insurance sector as a huge and untapped opportunity.