Bee Group, a Cameroonian startup specializing in motorcycle transportation and delivery services, has signed a groundbreaking partnership with Advans Cameroon, a local subsidiary of French microfinance group, and Atlantique Assurance, the insurance pool of Ivorian group Atlantic Group. This 18-month renewable partnership aims to provide Bee’s motorcycle taxi drivers with access to financing and insurance, fostering financial inclusion and enhancing safety within the sector.
Under the agreement, Bee Group will recruit and onboard motorcycle taxi drivers, conduct thorough risk assessments, and share driver profiles with Advans Cameroon. Bee will also equip motorcycles with GPS trackers, monitor driver operations, and collect daily repayments through its mobile application.
Advans Cameroon will play a pivotal role in facilitating motorcycle acquisition by financing the purchase of motorcycles with complete documentation. Additionally, the microfinance institution will offer school fees and other consumer loans to motorcycle taxi drivers under Bee’s supervision and open bank accounts for all financed drivers.
Atlantique Assurance, committed to providing comprehensive protection, will extend accident insurance (100% coverage) and health insurance (80% coverage by the insurer and 20% by the insured) to all Bee drivers. Furthermore, the insurance company will provide automobile insurance, ensuring all aspects of the drivers’ well-being and the safety of their operations.
“This partnership will empower Bee to finance 3,600 motorcycle taxi drivers over the next 24 months, with a total value estimated at approximately 2.3 billion FCFA (US$3.8 million),” remarked Patrick Timani, CEO and co-founder of Bee Group.
Expressing enthusiasm for the collaboration, Théophile Fotadzong Tchio, CEO of Atlantique Assurance Cameroon, stated, “We are embarking on an endeavor rather than simply taking on a risk in this underinsured sector. We are confident that by each party contributing their expertise, we can effectively manage the risk, ensuring the protection of interests and the sustainability of the activity.”
Mamie Kalonda Kapenga, CEO of Advans Cameroon, echoed this sentiment, emphasizing the transformative impact of the partnership. “It is a source of pride for us to financially include motorcycle taxi drivers. They will now have access to loans ranging from 100,000 to 230 million FCFA (US$166 to US$381.6K) at interest rates of 2.5% to 7.5% to finance their activities. This will enable them to set aside their daily earnings and consistently meet their loan repayment obligations.”
This partnership between Bee Group, Advans Cameroon, and Atlantique Assurance stands as a testament to the collective efforts of stakeholders committed to empowering the motorcycle taxi industry in Cameroon. By providing access to financing, insurance, and enhanced safety measures, the collaboration paves the way for improved livelihoods, increased economic participation, and a more secure transportation landscape for both drivers and passengers.