Digicel, a Bermuda-based cellular network provider that operates in 30 markets in the Caribbean, Central America and the Pacific, recently invested USD 5 million in Bima, a Sweden-based mobile microinsurance provider that operates in Africa, Asia, the Caribbean, Central America and the Pacific, to expand microinsurance product offerings in the Caribbean and the Asia-Pacific region. The companies previously partnered to launch microinsurance projects in Haiti and Papua New Guinea through which Digicel customers can purchase life insurance from Bima.
According to a statement by Gustaf Agartson, the CEO of Bima, “There is significant demand for our products in the Pacific and Caribbean, where the mass-market has been underserved by traditional insurers to date. With access to Digicel’s network of customers, we have the potential to provide access to insurance at a scale never seen before in these regions.”
Colm Delves, the Group CEO of Digicel, comments, “We believe that everybody should have access to insurance and that the Bima portfolio of products delivers real benefits to our customers.”
As of March 31, 2013, Bima had total assets of SEK 49 million (USD 7.5 million). Bima is majority-held by Sweden-based holding company Kinnevik. Digicel is a privately owned company that, as of 2013, reported revenues of USD 2.8 billion and served 13 million customers.
By Ananya Tiwari, Research Associate
About Bima
Bima is a Sweden-based mobile microinsurance provider that operates in emerging markets in Africa, Asia, the Caribbean and the Pacific. Bima’s products include life insurance, accident insurance and hospitalization insurance, with costs ranging from USD 0.20 to USD 6 per month. The amount of coverage varies depending on the consumer’s mobile phone spending. Bima began as Milvik in Ghana in 2009. Founded in 2011, Bima is now majority-held by Sweden-based holding company Kinnevik. As of March 31, 2013, Bima had total assets of SEK 49 million (USD 7.5 million). More recent financial information for Bima is unavailable.
About Digicel
Digicel, based in Bermuda, is a privately-owned company that was founded in 2001. As of 2013, it reported revenues of USD 2.8 billion and served 13 million customers in 30 markets in the Caribbean, Central America and the Pacific.
Additional Sources and Resources
[1] Bima Press Release, http://www.bimamobile.com/bima-receives-a-5-million-investment-from-digicel-group-to-bring-microinsurance-to-asia-pacific-and-the-caribbean/
MicroCapital, November 23, 2013, “Microfinance Institution Sevis Finansye Fonkoze (Fonkoze Financial Services) of Haiti Raise $2m in Equity from Digicel,” https://www.microcapital.org/microcapital-brief-microfinance-institution-sevis-finansye-fonkoze-fonkoze-financial-services-of-haiti-raises-2m-in-equity-from-digicel/
MicroCapital, May 3, 2013, “LeapFrog, Kinnevik Invest $7m in Mobile Microinsurance Provider Bima,” https://www.microcapital.org/microcapital-brief-leapfrog-kinnevik-invest-7m-in-mobile-microinsurance-provider-bima/
MicroCapital, July 25, 2012, “Digicel, Voila Reach 5m Transactions, Receive $3.2m Award from Haiti Mobile Money Initiative,” https://www.microcapital.org/microcapital-brief-digicel-voila-reach-5m-transactions-receive-3-2m-award-from-haiti-mobile-money-initiative/
MicroCapital Universe Profile, Digicel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Digicel
MicroCapital Universe Profile, Bima, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bima
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