Introduction

Nigerian insurtech startup ETAP has entered Ghana, marking its first expansion beyond Nigeria after securing an operational license from Ghana’s National Insurance Commission (NIC). The move is part of ETAP’s strategy to bring innovative, tech-driven car insurance solutions across Africa.

Strategic Partnership with Hollard Insurance Ghana

In its Ghana expansion, ETAP has joined forces with Hollard Insurance Ghana, one of the country’s top insurers. Under this partnership, Hollard will underwrite insurance policies while ETAP provides the technology and manages operations. “Hollard’s strong market insight makes them an ideal partner for this venture,” says ETAP CEO Ibraheem Babalola.

Redefining Car Insurance Through Technology

Since launching in 2022, ETAP has introduced a user-friendly platform that allows customers to purchase car insurance within 90 seconds and submit claims in just three minutes. The company’s offerings include instant claims processing, customizable coverage plans, and a rewards system for safe driving. ETAP also provides flexibility, letting drivers pay for insurance based on their needs—whether per trip, daily, monthly, or annually.

Ghana’s Market Potential and Insurance Landscape

Currently active in 12 Nigerian states, ETAP expects Ghana to become a vital market with strong revenue potential. While Nigeria has a larger population, Ghana’s insurance penetration rate is higher, with one in three cars insured compared to just one in five in Nigeria. “Ghana presents a more stable business environment,” Babalola shares, contrasting it with the challenges of Nigeria’s high-risk market.

Competing in Ghana’s Growing Motor Insurance Market

ETAP enters a competitive landscape in Ghana, where it will face other digital-first insurers like Octamile and Redpear, alongside traditional insurance providers. The Ghanaian motor insurance market is forecasted to reach $0.66 billion by 2029, offering substantial growth opportunities.

Plans for Francophone Africa Expansion

Looking beyond Ghana, ETAP is preparing to expand into Francophone West Africa, with plans to launch in Côte d’Ivoire. This expansion is part of ETAP’s broader vision to make digital insurance accessible across Africa’s diverse regions.