OKO’s pilot with AB InBev empowers farmers in Uganda by providing crop insurance
OKO is a mobile-based crop insurance company from Cohort 2 of the 100+ Accelerator. There are two billion smallholder farmers that don’t have access to water sources other than rain to maintain their crops. Climate change has impacted the regularity of rain and drought periods, making them lengthier and more challenging.
In emerging markets, farmers have irregular incomes, which often disqualifies them from accessing financing solutions. OKO's crop insurance products are offered at an affordable price to protect farmers from environmental risks like droughts and/or excessive rainfall. OKO uses satellite and mobile technology to bring affordable and simple crop insurance to smallholder farmers in Africa. As part of their pilot with AB InBev, OKO has provided insurance to their crop farmers in Uganda.
Today, there are more than 150 farmers that have received insurance coverage from OKO through the pilot, and 26 farmers received critical financial compensation after suffering from excessive rainfall in Uganda, of more than 100 of farmers that have registered into OKO’s platform.
With this pilot, AB InBev and OKO are contributing to AB InBev’s ambitious goal: 100% of their direct #farmers will be skilled, connected and financially empowered by 2025.
OKO is a Tel-Aviv based startup with operations in Mali and Uganda founded by Simon Schwall and Shezad Lokhandwalla in 2018. Over the last two years, partnerships with AB InBev, Alliance & Orange have helped OKO to increase their reach to micro farmers in more emerging countries. OKO has received worldwide recognition, including being recognized as one of the top 50 most promising solutions to boost financial inclusion by Visa and MetLife Foundation.