Telenor entered into a new joint venture with MicroEnsure, a provider of insurance products to more than 4 million people in Africa and Asia, to form 'MicroEnsure Asia'. MicroEnsure Asia has been established as a joint venture between Telenor Group and the UK based MicroEnsure Holdings Limited. MicroEnsure Asia will initially focus on introducing a range of insurance products to Telenor's business units in Asia as well as seeking to work with other mobile network operators and distribution partners in Asia and Eastern Europe.
MicroEnsure was established in 2008 as a subsidiary of Opportunity International, a non-profit microfinance organisation that provides financial products and services for those living in poverty in the developing world. Since 2008, MicroEnsure has expanded to provide insurance products to over 4 million active client across Africa, Asia and the Caribbean.
In conjunction with this joint venture, MicroEnsure has expanded its shareholder base to include the International Finance Corporation (IFC), Omidyar Network and MicroEnsure management as strategic shareholders. This is done to provide the capital and relationships needed to continue the group's rapid expansion. Founding investor, Opportunity International US, will maintain a minority shareholding in the newly formed MicroEnsure Holdings Limited.
