Amr Aboul Azm, CEO of Irada for Microfinance, confirmed that the microfinance sector is witnessing a significant transformation driven by technological advancement, fintech solutions, and the evolving regulatory landscape issued by the Financial Regulatory Authority (FRA). These developments have greatly facilitated financing and microinsurance operations, leading to a strong positive impact on customer satisfaction and increasing the sector’s investment appeal.
Speaking on the sidelines of the 4th Microinsurance Conference and the 10th Regional Conference on Insurance Inclusion in Africa and the Middle East (AfCII) 2025, he noted that the widespread availability of insurance products through microfinance companies and major associations has resulted in a massive surge in issued microinsurance policies—from 1 million policies five years ago to over 25 million today.
He emphasized that insurance companies have become more tech-savvy and are increasingly integrating digital solutions under the regulatory oversight of the FRA. This shift has had a notable impact on enhancing social protection, particularly for women.
Aboul Azm also pointed out a significant gap in microfinance, with an estimated 6 million potential clients—representing around 25 million individuals—still lacking access to essential insurance products. He stressed the importance of providing at least three types of insurance per person, covering life, property, personal accidents, and medical needs.
He further explained that Irada collaborates with several insurance companies to offer clients at least three optional insurance products bundled with financing. With 50,000 to 60,000 financing contracts issued, if each client subscribes to three insurance policies, this could result in over 200,000 policies—highlighting the strong growth potential in this sector.