The BimaLab Ethiopia program, a transformative initiative aimed atwhich aims to drivinge innovation in the insurance sector, celebrated its inaugural Demo Day with the announcement ofby announcing its cohort winners: Ekub, Lersha, Hulucares, and CICO. Each of these innovative startups will receive $10,000 in prize money to further develop their solutions.

Organized by FSD Ethiopia in collaboration with FSD Africa and the Bill and Melinda Gates Foundation, the Demo Day marked the culminationend of a four-month journey for the cohort, which consistinged of 10 startups and 4 corporates. The program has been instrumental in fostering innovation and positive change in Ethiopia’s insurance sector since its inception.

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FSD Ethiopia, a newly established development agency launched in May 2022, spearhleads the BimaLab Ethiopia program with funding from the Bill and Melinda Gates Foundation, in collaboration with FSD Africa and the National Bank of Ethiopia. The agency serves as a market facilitator, providing technical, financial, and networking support to stakeholders in the financial sector.

Abel Taddele, Director of Financial Inclusion at FSD Ethiopia, emphasized the significance of hosting the inaugural BimaLab Ethiopia Demo Day in fostering innovation and entrepreneurship in the insurance technology landscape. He highlighted the active participation and engagement of each cohort member throughout the program, which contributed to the success of the event.

 event’s success.

Partnering with the Bill and Melinda Gates Foundation has enhanced the program’s impact, creating an environment conducive to innovation and entrepreneurship. The National Bank of Ethiopia has also played a crucial role in supporting the program, recognizing the importance of fostering innovation in the insurance sector.

 

TDuring the Demo Day featured presentations from, cohort members, showcasing presented their innovative solutions to investors, industry experts, and stakeholders. The announcement of the winners was a highlight of the event, with cash prizes awarded based on innovation, impact, and potential for growth, supporting their journey towards success.

Overall, FSD Ethiopia aims to support the development of accessible, inclusive, and sustainable financial markets for economic growth and development in Ethiopia.