Overview
PaddyCover is a micro-insurance distribution platform for carriers and digital platforms operating in Nigeria and broader African markets. The company focuses on increasing access to insurance products among underserved populations through flexible, low-cost pay-as-you-go payment structures embedded into digital channels.
The platform aggregates insurance products from NAICOM-approved insurers and distributes them through digital touchpoints, supporting weekly and monthly payment cycles across health, life, and crop insurance verticals. PaddyCover handles product configuration, distribution partnerships, and claims processing on behalf of its insurer partners.
Founded in 2018 by Mayowa Owolabi and Tobi Obasa, PaddyCover raised USD 200,000 in seed funding from the Catalyst Fund in January 2023 as part of a climate resilience-focused investment cohort. The company gained recognition at GITEX 2022 Lagos, winning a pitch competition against 24 other startups.
Products & Services
Pay-as-You-Go Insurance Platform
A multi-channel distribution platform enabling flexible micro-insurance payment structures for partner insurers, reaching consumers who were previously unable to afford or access standard insurance premiums.
Key Features
- Weekly and monthly payment options for insurance premiums
- Product aggregation from multiple NAICOM-approved insurers
- Integration with digital platforms and customer aggregators
- Claims processing support for distributed products
Target Users: Insurance carriers, digital platform partners, and individual consumers in Nigeria
Micro-Insurance Products
Pre-configured insurance packages designed for affordability and accessibility across multiple verticals:
Key Features
- Weekly Car Insurance: Starting from NGN 150 per week
- Health Insurance: Starting from approximately USD 2.40 per month
- Life Insurance: Flexible payment micro-life products
- Index-Based Crop Insurance: Agricultural protection for smallholders
Target Users: Individual consumers and small business owners in underserved African markets
At a Glance
- Founded
- 2018
- Headquarters
- Lagos, Nigeria
- Employees
- 11-50
- Funding
- Seed
Category & Focus
- Category
- Distribution & Sales
- Subcategories
- Embedded Insurance Micro-Insurance Digital Distribution
- Insurance Verticals
- Health Life & Annuity Specialty/E&S
- Target Customers
- Carriers, Consumers
Customers
- NAICOM-approved insurance carriers (undisclosed)
- Digital platform and customer aggregator partners (undisclosed)
Links
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Last updated: 2026-06-22