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ETAP Launches First Digital Car Insurance Product in Africa that Redistributes Funds to Users

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ETAP, an insurance technology company that creates solutions and incentives to improve the automotive experience across Africa, has launched ETAP Takaful, a new ethical car insurance product that is based on Islamic principles and designed to give back to policyholders and their communities.

Unlike conventional insurance, ETAP Takaful is designed to redistribute funds to users and support social good in their communities. Policyholders contribute to a common fund to cover each other against damage and loss, and once a year, ETAP will collate all the remaining funds after claims and associated costs have been deducted and redistribute to policyholders, or to their chosen nonprofit cause.

This may include nonprofit organizations working towards ending homelessness, educational programs, healthcare initiatives for the bottom of the pyramid, Human Rights Advocacy and orphanages. Policyholders can also receive their surplus via cashback or a discount on renewals.

The global takaful insurance market is projected to reach $97.17 billion by 2030 and ETAP is the first African insurtech to enable the option on the continent.

Starting in Nigeria, users can now access the option on the ETAP app alongside other insurance options and immediately begin to give back to their communities while having the peace of mind that comes with having their cars insured.

They simply need to download the app, provide basic information about their car and driving history, and choose the level of coverage they require (daily, weekly, monthly, quarterly or annual) and they can start enjoying the benefits of an ethical car insurance product.

Leveraging ETAP’s game-changing technology that allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents, users can now enjoy an added layer of ethical insurance on top of what is already the fastest claims process on the market.

ETAP Takaful is open to Muslim users that are looking for insurance products that align with their religious beliefs and non-Muslim users who want to benefit from the value that Takaful offers.

According to Ibraheem Babalola, CEO and Founder of ETAP, “To drive insurance penetration in Africa, where less than 3 per cent of the population own any kind of insurance, we need to design new products that meet the diverse needs of people across the continent.

In a country like Nigeria where Muslims make up almost half of the 220 million population, the vast majority of insurance products on the market are not an option to most Muslims because the way the policies are structured goes against their religious belief.

We have built one of the most exciting insurance apps in the world and ETAP Takaful will make it easier for more people to access the many benefits that come with our app and enable more enjoyable driving experiences”.

ETAP’s business model is based on the concept of Shared Value Insurance, which focuses on incentivising people with rewards to reduce their insurance risk by adopting good behaviour.

With ETAP, drivers are able to earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.

The company also uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.


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Bolt Hosts Second Edition of ‘Bolt Driver’s Football League’ to Foster Unity and Inclusion

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Bolt, a leading ride-hailing platform, continues to strengthen its bond with driver-partners by hosting the second edition of its ‘Bolt Driver’s Football League’ in Lagos on Wednesday.

The second edition tournament, themed “Fostering Unity and Inclusion”, aimed to enhance the relationship between Bolt and its driver-partners. The event underscored the platform’s commitment to the well-being of its drivers, recognising the essential role they play in the ride-hailing ecosystem.

Organised in partnership with the Lagos State Ministry of Transportation, OneHealth by AXA, Oraimo, and Mycovergenius, the event was a resounding success.

Bolt driver-partners from various locations across Lagos participated enthusiastically in the mini football tournament. The event featured knockout matches between four teams formed by the drivers, showcasing their sporting skills in a spirit of camaraderie and healthy competition.

In addition to the football matches, the event offered a safe and enjoyable playground for the children and families of the drivers. They spent the Democracy Day holiday engaged in games, activities, and entertainment, making the event a memorable occasion for all attendees.

Giving the opening remarks, the Director of Public Transport and Commuter Services (PTCS), Engr. Olusoji Adebayo said, “I would like to thank Bolt for organising this brilliant initiative.

“It is indeed an opportunity for Bolt drivers to meet and relate with transport regulators in an atmosphere that encourages cohesion and exchange of ideas, challenges and solutions that is peculiar to Bolt drivers in Lagos State.

“I hereby express my sincere appreciation for the efforts of the Bolt team for organising this event which is important to portray and ensure an attitude of excellence and professionalism among the e-hailing operators in Lagos State.”

Speaking at the event, Yahaya Mohammed, Bolt’s Country Manager said, “We believe in fostering a strong sense of community and building meaningful relationships with our drivers. Through initiatives like this, we are not just a ride-hailing platform; we are a supportive and vibrant community that values the contributions of our drivers.

“Together, we are driving towards a future of excellence in service and driver empowerment. I am thrilled to witness the incredible comradeship and passion displayed by our drivers today. This event exemplifies Bolt’s unwavering commitment to driver engagement and satisfaction”

Weyinmi Aghadiuno, Acting Head of Regulatory & Policy Africa at Bolt, expressed enthusiasm about the event, saying, “We are thrilled to host this novelty football competition as a way to bring our driver community together in a spirit of unity and inclusion.

“Our drivers are the backbone of our service, and this event is our way of showing appreciation for their hard work and dedication. By creating opportunities for our drivers and their families to connect and engage in a fun, relaxed setting, we aim to strengthen the bonds within our community and celebrate the diversity that makes us stronger.”

The event concluded with the presentation of medals and trophies to the top three teams, along with outstanding prizes for participants. The winning team received a cash prize of N500,000 plus an additional N200,000 from the Lagos State Ministry of Transportation.

The runner-up team was awarded N350,000 plus an additional N150,000 from Oraimo, while the third-place team received N250,000. In total, the cash prizes amounted to 1.3 million naira. Additionally, exciting prizes were won by female drivers and other attendees during the raffle draw.


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UEFA EURO 2024: PalmPay Partners iLOT, BetWay, BetCorrect, AccessBet and BetKing, Unveils Bet and Win Big Promo

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This UEFA EURO ‘24 football season, leading fintech platform, PalmPay, brings loads of excitement for its users in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing to unveil the Bet and Win Big promo.

From June 14th to July 15th, 2024, users can deposit in their betting wallets and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.

How to Play and Win

  1. Download the PalmPay App: If you haven’t already, download the PalmPay app from your app store.
  2. Deposit and Win Draws: Deposit a minimum of N2,000 to get a 1 draw chance. You can earn up to 5 draw chances in total. The more draw chances mean a higher probability of winning the coveted iPhone 15 Pro.
  3. Accumulate and Share Cash Prizes: Make accumulated deposits of N500,000 or more over the campaign period. Users with total deposits of N500,000 and above will share millions in cash prizes.

The bigger your accumulated deposits, the bigger your share of the cash prizes..

For more information and updates about the promo, follow PalmPay follow us on X, Instagram and Facebook for more information.


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Ultimate Brand Faceoff as CVA 2024 Voting Closes 30th June

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Consumers show their loyalty for their preferred Brands in the ongoing voting for brands based on market experiences that is scheduled to close on 30th September 2024. In over 40 categories listed based on consumers nomination, Brands are contending for the top spots based on consumer preference.

The ongoing voting process is transparent and can be seen by anyone as the data is available on the consumer value awards website. In the telecommunication category (MNOS), MTN takes the Top spot having 46% of consumers vote in the category, Spectranet leads the Internet Service Provider Category with 80% of votes.

In the Table Water Category CWay overtakes Eva water who was the leading brand in the last month with Cway now having 37% of the vote in the category. This shows how competitive the voting is.

Some other brands have also moved up to be in the top spot in their categories, brands like fearless with 55% of vote in the Energy Drink category, Reload Multivitamin with 64% of vote in Multivitamin Infant category, cowbell with 55% vote in the Milk Skimmed Powdered category among others.

Akonte Ekine, Chief Executive Officer BrandXchange and Convener Consumers Value awards said the consumers are validating brand promises and it is a reward for promise kept hence the badge of honour from the Consumers which shows brand appreciation and a call to brand to wake up to the challenges of the economy and innovate to attend to the rising cost of living.

He commended the consumers for participating in the vote and call on more consumers to vote for brands as the closing date of 30th June is fast drawing near.


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