Nigeria’s MyCover.ai to scale its open insurance API platform with new funding

Africa’s insurance market is expected to grow at a compound annual growth rate (CAGR) of 7% between 2022 and 2028, reaching $120 billion. Though seemingly impressive, the insurance industry in Africa could be worth more if insurance penetration on the continent wasn’t extremely low, less than 3%, according to reports. As a result, traditional insurers have a finite market to sell their products, which in most cases are subpar compared to global standards.
Nevertheless, with a growing young population, increasing smartphone usage, less expensive internet access, and the proliferation of fintech

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