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APA receives Sh252m to support farmers

BUSINESS
By James Wanzala | May 3rd 2016

APA Insurance has received $2.5 million(Sh252.2 million) funding to create micro-insurance products for smallholder farmers.

The funding from the MasterCard Foundation Fund for Rural Prosperity is aimed at enhancing resilience, productivity, profitability and growth of rural and poor farming households.

“This grant is a huge boost to our efforts to create sustainable risk solutions and bring financial inclusion to a very important section of our population, smallholder farmers. It will enable us to support them, to protect their hard work and help with their wealth and livelihoods,” said Ashok Shah, the CEO of the Apollo Group.

The firm also plans to work with financial institutions to offer loans to farmers and pastoralists.

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