On Wednesday, Absa Bank and Old Mutual announced the launch of ‘Linda Biz,’ an innovative insurance solution designed to provide extensive protection for business assets, mitigate risks, and ensure seamless business continuity.
The partnership aims to address the specific risks faced by Small and Medium-Sized Enterprises (SMEs) in Kenya, offering a comprehensive suite of insurance options to help these businesses thrive in the dynamic economic landscape.
Absa Bank Kenya Managing Director and Chief Executive Abdi Mohamed said the partnership would ensure businesses have access to comprehensive risk management, financial stability, and credit.
“This strategic partnership is anchored on our mutual goal to introduce customized and bespoke insurance solutions that directly address the unique requirements of our SME customers.
SMEs’ Access to Insurance Solutions
A key focus is on simplifying SMEs’ access to insurance solutions and driving sustained growth to ensure long-term success and resilience of our customers while also supporting efforts to drive insurance penetration in the country,” said Mohamed.
SMEs in Kenya contributing about 30% to the Gross Domestic Product (GDP), according to the 2021 Micro, Small, and Medium Enterprises Survey by The Kenya Bankers Association.
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‘Linda Biz’ will offer a range of insurance products, including asset, medical, and life insurance, providing protection against losses from fire, political violence, riots, strikes, floods, and more.
Informed By Gen Z Protests
“We are thrilled by the launch of this pioneering partnership designed to empower Small and Medium Enterprises (SMEs) across Kenya.
SMEs form the backbone of our country’s economy and as such, need enhanced support from financial service providers to derisk their businesses,” said Old Mutual Group CEO Arthur Oginga.
The launch of ‘Linda Biz’ comes at a critical time as Kenya has been experiencing Gen Z youth-led protests over the past month in response to the controversial Finance Bill 2024, which was later declined by President William Ruto.
These protests have forced business owners to shut their stores on the specific days due to fears of vandalism and looting, resulting in significant revenue losses.
