MICROCAPITAL BRIEF: Grameen Foundation, MicroEnsure, Penda, Clifford Chance Launch Uzima Health Microinsurance in Kenya

The Grameen Foundation, a US-based nonprofit organization; MicroEnsure, a UK-based, for-profit microinsurance company founded by US-based NGO Opportunity International; Penda Health, a Kenya-based, for-profit chain of medical centers; and Clifford Chance, a UK-based international law firm, recently announced that they have launched an initiative called the “Uzima Project” in Kenya with the aim of providing “low-cost“ health insurance. In addition to receiving financing and insurance, the insureds will also receive mobile phone reminders and messages promoting good health practices. While the details of the financing option have not been revealed, the program operators plan to “conduct user testing and research on a health financing solution that will be piloted through Penda Health’s medical centers in and around Nairobi.” Clifford Chance will provide pro bono legal services as well as an unspecified amount of financial support.

Stephanie Koczela, the Cofounder and Managing Director of Penda Health, stated, “The Uzima Project will design a solution that allows Kenyan families to access quality care when they need it and will educate and encourage them to be proactive with their health.”

As of March 31, 2013, Grameen Foundation reported total assets of USD 19.2 million. As of 2014, MicroEnsure provides products including health, life, property and weather-index insurance to approximately 7.6 million clients in Africa, Asia and the Caribbean. As of 2014, Penda Health owns and operates three medical centers in Nairobi and has treated roughly 30,000 patients since its start in 2011. For 2013, Clifford Chance reported total revenue of GBP 1.36 billion (USD 2.1 billion). Its average profit per equity partner was GBP 1.14 million (USD 1.76 million).

By Ananya Tiwari, Research Associate

About Clifford Chance

Clifford Chance is a UK-based multinational law firm established by merger in 1987. It has approximately 3,300 attorneys across 36 offices in 26 countries. For 2013, it reported total revenue of GBP 1.36 billion (USD 2.1 billion) and average profit per equity partner of GBP 1.14 million (USD 1.76 million).

About the Grameen Foundation

The Grameen Foundation, a nonprofit based in the US city of Washington, provides financial, technological and managerial support to provide new business opportunities and telecommunication services for poor people in rural areas developing countries. Though it is independent of the Grameen Bank, Dr Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total assets of USD 19.2 million as of March 31, 2013.

About MicroEnsure

Formerly known as Micro Insurance Agency, MicroEnsure was founded in 2005 in the UK as a subsidiary of US-based nonprofit microfinance network Opportunity International. In 2013, the organization converted to for-profit status, at which time time it was owned by members of its management as well as US-based NGO Omidyar Network and the World Bank Group’s International Finance Corporation (IFC). In 2014, Belgian asset manager AXA, Norwegian Telecom Telenor and South African investor Sanlam Emerging Markets also took equity in the firm. As of 2014, MicroEnsure provides products including health, life, property and weather-index insurance to approximately 7.6 million clients in Africa, Asia and the Caribbean. About half of those insured by MicroEnsure are in located in Africa, where microinsurance has primary subsidiaries in Kenya, Ghana, Tanzania as well as satellite operations in Malawi, Mozambique, Rwanda, Zambia and Zimbabwe.

About Penda Health

Penda Health is a Kenya-based for-profit chain of medical centers that was founded in 2011 that seeks to provide low-cost services to low-income families in Kenya. It provides preventative services, family planning information, and education about healthy living. It owns and operates three medical centers in Nairobi and has treated roughly 30,000 patients.

[1] Insurance News Net, http://insurancenewsnet.com/ oarticle/2014/10/06/grameen- foundation-microensure-penda- health-and-clifford-chance- launch-new-hea-a-563752.html#. VEQGW_ldU40

MicroCapital, September 9, 2014: Airtel, Grameen Foundation, Plan International to Launch Mobile Money Platform for Savings Groups in Uganda Under Which All Group Members Must Approve Each Transaction Via SMS, https://www.microcapital.org/ microcapital-brief-grameen- foundation-receives- innovation-grant-from-gsmas- mwomen-2/

MicroCapital, June 13, 2014: MicroEnsure Raises $10m in Equity from International Finance Corporation, Omidyar Network, Opportunity International, Telenor Group; First-Time Investors AXA, Sanlam Emerging Markets, https://www.microcapital.org/ microcapital-brief-grameen- foundation-receives- innovation-grant-from-gsmas- mwomen-2/

MicroCapital, April 8, 2014: Grameen Foundation Receives Innovation Grant from GSMA’s mWomen, https://www.microcapital.org/ microcapital-brief-grameen- foundation-receives- innovation-grant-from-gsmas- mwomen-2/

MicroCapital Universe Profile:MicroEnsure, https://www.microcapital.org/ microfinanceuniverse/tiki- index.php?page=MicroEnsure

MicroCapital Universe Profile: Grameen Foundation, https://www.microcapital.org/ microfinanceuniverse/tiki- index.php?page=Grameen+ Foundation

MicroCapital Universe Profile: Penda Health, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Penda+Health

MicroCapital Universe Profile: Clifford Chance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Clifford+Chance#Overview

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