A new digital insurance and loan service platform christened 'Agar' - translated as a partner - has debuted in the market, marking a notable entry into the financial sector. The initiative, a collaboration among Global Bank Ethiopia, Lucy Insurance, and Kacha Digital Financial Services, pledged to transform access to insurance and credit for various user groups, including insurance policy buyers, taxi drivers, and salaried employees. For Abraham Tilahun, CEO of Kacha Digital Financial Services, the partnership consolidates Kacha's status as a leader in digital financial services. Promoters say Agar Digital Insurance represents an inaugural insure-tech product, empowering users to obtain insurance coverage for their assets entirely through mobile phones. By avoiding the necessity for in-person branch visits and paperwork, the service offers a fully digital experience. Customers can register and gain access to the platform through the Kacha mobile application. The platform incorporates a digital loan service, enabling individuals and businesses to finance insurance premiums. Users can have full or partial financing, with loans repayable over flexible terms of one, three, six, or nine months. This platform promises uninterrupted insurance coverage, preventing lapses caused by payment delays. The launching, held at the Skylight Hotel, on Africa Avenue (Bole Road), also unveiled two additional financial solutions: Agar for Drivers and Agar for Salaried Employees. The first offers taxi drivers access to digital loans, helping them manage urgent vehicle repairs, part replacements, and other pressing costs through their mobile devices. Agar for Salaried Employees provides a salary advance loan service, allowing employees to receive part of their wages before payday without collateral, thus addressing short-term financial needs. According to Wubshet Zegeye, head of retail banking at Global Bank, the two-in-one digital loan product demonstrates the Bank's commitment to delivering innovative financial solutions. Adefris Wesene, CEO of Lucy Insurance, stated that the launch of Agar Digital Insurance represents a breakthrough in insurance accessibility.
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