MICROCAPITAL BRIEF: Alpha Direct of Botswana Expands Insurance Service to Zambia, Plans Equity Raise

Botswana-based insurance underwriter Alpha Direct recently expanded its operations to Zambia under the name Alpha Insurtech Zambia. Alpha Insurtech is partnering with Zambia-based General Alliance Insurance to offer short-term insurance such as to cover vehicles. Meanwhile, Alpha Direct is undergoing an equity raise under the advice of Verdant Capital, a Mauritius-based corporate finance firm, to support the following five-year goals: offering long-term insurance; opening offices in Egypt, Kenya, Nigeria and South Africa; and distributing its products in another 10 countries in Africa.

Based in Botswana, Alpha Direct is an insurance underwriter serving Botswana, South Africa and Zambia. Its lead product, called “insurance-in-a-box,” is sold in retail outlets “with a cloud-based activation and policy management platform.” This product, which is intended as a “pathway to insurance for the previously uninsured,” includes coverage options for motor vehicles and accidental death. Alpha Direct also offers business, home and other insurance products. Alpha Direct has served approximately 100,000 customers so far in 2021, with 60 active distribution points in Botswana and 8 in Zambia. Data on the firm’s operations in South Africa have not been released.

Verdant Capital has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa. It provides capital raising and financial advisory services as well as assisting in mergers and acquisitions.

By Harriet Ritchie, Research Associate

Sources and Additional Resources

Verdant Capital press release
https://verdant-cap.com/alpha-direct-successfully-launches-in-zambia/

Alpha Direct homepage
https://www.alphadirect.africa/

General Alliance Insurance homepage
https://www.generalalliancemw.com/

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