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Oct 2012 ADA, a Luxembourger NGO operating in West Africa designed for the development of microfinance, has achieved a project for the establishment of a micro insurance company after several years of hard work. This new company will be operational by the end of the year 2012 in partnership with the confederation of West African financial institutions (CIF).
ADA will have a 15% stake in the new entity, that is, 228 000 EUR (280 291 USD), via the Luxemburg commercial corporate, Microfinance and Development Fund SICAV. Products of life insurance and supplementary pension saving will be marketed. ADA plans on establishing similar companies in five other regional countries in the course of the next three years.