Safaricom is set to launch a micro-insurance product for matatu passengers, offering coverage for under Sh100 per trip, as part of its strategy to deepen insurance penetration in Kenya.
The initiative, announced at the Connected Africa Summit 2025, aims to integrate insurance services into the M-PESA super app, leveraging its extensive user base.
Victor Odada, Head of M-PESA Payments at Safaricom, highlighted the company’s vision: “We want to embed insurance in everything you do. Whether you’re boarding a matatu or making a payment, insurance should be seamlessly integrated into your experience,” he said.
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The micro-insurance product will provide pay-as-you-go coverage for personal accidents and baggage loss during matatu rides. This move targets Kenya’s informal transport sector, where insurance uptake remains low despite the high daily usage of public service vehicles.
Safaricom’s entry into the insurance market follows its acquisition of an insurance intermediary license from the Insurance Regulatory Authority in November 2024, ending a four-year wait.
The company has since established Safaricom Insurance Agency Limited to offer a range of insurance products through its digital platforms.
Peter Ndegwa, CEO of Safaricom, emphasized the company’s commitment to financial inclusion. “Innovation remains critical. We have revamped our wealth proposition and now have the regulatory approval to offer insurance solutions that meet our customers’ digital needs,” he stated.
