CIMA: African SMEs and SMIs should subscribe to credit and bond insurances more

Finance
Tuesday, 06 August 2019 13:09
CIMA: African SMEs and SMIs should subscribe to credit and bond insurances more

(Togo First) - African firms need to use credit and bond insurance more, according to the International Insurance Institute (IIA). This was during a seminar the institute held in Lomé last month.

Themed “Credit and Bond Insurance : Conditions and Terms, Terms of Pricing and Loss Management,” the seminar aimed at presenting the lease-credit-insurance product to experts from member-States of the Inter-Africa Insurance Markets Conference (CIMA), namely Mali, Niger, Senegal, Chad, Côte d’Ivoire, Gabon, Togo, Benin, Burkina Faso, Cameroon, Central African Republic, Comoros, Congo and Equatorial Guinea.

These insurance products, according to Kossi Tofio, Cabinet Chief at the Togolese ministry of economy and finance, protect businesses when their customers fail to pay for goods or services, and thus limit debts.

In effect, “the firm still gets paid for its service or goods and the debt risk is transferred to the insurer,” explained the official.

Séna Akoda

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