Nigerian Insurtech ETAP Expands into Ghanaian Market

Ibraheem Babalola, CEO of ETAP

Nigerian insurtech firm ETAP has expanded into Ghana following a successful $1.5 million pre-seed funding round in 2022. With approval from Ghana’s National Insurance Commission (NIC), ETAP has partnered with Hollard Insurance Ghana to enter the market. Under this partnership, Hollard will underwrite policies, while ETAP manages the tech platform and operational processes.

CEO Ibraheem Babalola highlighted Hollard’s market expertise as a key reason for the partnership. ETAP’s platform enables customers to purchase car insurance in 90 seconds, file claims in three minutes, and choose from flexible payment options, including per-trip, daily, monthly, or annual plans. Users can also earn rewards for safe driving.

Already operating in 12 Nigerian states, ETAP sees Ghana as a significant new revenue source, with nearly ₦20 billion in processed claims to date. While Nigeria’s market is larger, Babalola noted that Ghana offers greater growth potential due to its higher insurance penetration, with one in three cars insured, compared to one in five in Nigeria. Babalola described Ghana as a less chaotic business environment than Nigeria, calling it less stressful for business operations.

Source: Tapiwa Matthew Mutisi / Innovation Village