Burkina Faso has reaffirmed its commitment to expanding financial inclusion and improving access to insurance services, as policymakers and industry leaders gathered in the capital for the 16th General Assembly of the Inter-African Federation of Insurance Consultants (FIAC).
Speaking on behalf of Prime Minister Rimtalba Jean Emmanuel Ouédraogo, Minister of State for Territorial Administration and Mobility Emile Zerbo said financial inclusion remains a major challenge across Africa despite progress recorded in recent years.
The assembly, held under the theme “Financial Inclusion in Africa: The Role of Insurance Brokerage in Expanding Access and Improving Penetration Rates,” brought together insurance professionals and policymakers to discuss ways of increasing insurance coverage across the continent.
Zerbo said insurance plays a critical role in protecting households and businesses against growing risks associated with climate change, health emergencies and economic uncertainty.
“In the face of challenges related to climate change, health crises and economic uncertainties, insurance is an essential tool for protecting populations, securing investments and strengthening the resilience of states,” he said.
Despite its importance, insurance penetration across Africa remains among the lowest in the world, limiting the sector’s ability to contribute fully to economic development and financial resilience.
Burkina Faso’s government said it intends to continue reforms aimed at broadening access to insurance services, improving consumer protection and modernising the sector through digital innovation.
Authorities also plan to promote insurance products tailored to local needs, particularly for underserved populations and small businesses that often remain outside the formal financial system.
More Read
Zerbo stressed the importance of insurance brokers in expanding coverage, describing them as key intermediaries capable of developing solutions that respond to the realities of local communities.
The government believes stronger brokerage networks could help bridge the gap between insurance providers and populations with limited access to traditional financial services.
Interim FIAC President Vakaramoko Samake welcomed the support of the Burkinabe authorities and called for closer cooperation among regulators, insurers and brokers to deepen insurance penetration across Africa.
He said stronger collaboration would help transform insurance into a more effective driver of economic and social development on the continent.
Financial inclusion has become a growing priority for African governments seeking to expand access to financial services, improve economic resilience and support sustainable development.
While mobile money and digital banking have increased access to financial services in many countries, insurance uptake remains relatively low, particularly in rural areas and among low-income populations.
Industry experts say improving awareness, reducing costs and leveraging digital technology will be essential to expanding insurance coverage and strengthening financial inclusion across Africa.
The Ouagadougou meeting is expected to generate recommendations on how insurance brokers and industry stakeholders can support broader efforts to make financial protection more accessible and affordable for millions of Africans currently excluded from the sector.
