Techpoint Africa in partnership with WellaHealth, a leading healthtech company that’s making quality healthcare accessible every African through technology, brought together fintech and insurance leaders to explore innovative approaches to distribution and retention in the digital economy. The forum themed, “The Future of Distribution and Retention in the Digital Economy” had discussions that centered on how embedded finance and insurance can drive value, increase adoption, and improve customer retention.

Building sustainable fintech businesses

The event kicked off with a welcome address from Ikpeme Neto, CEO of WellaHealth, followed by a keynote speech delivered by Efemena Ogie, Head of Partnerships at Moniepoint.

Ogie highlighted the critical need for fintech startups to focus on sustainable business growth before pursuing venture capital. Using Moniepoint as a case study, he underscored the importance of prioritising value delivery and maintaining cash flow over premature scaling. His session provided key insights into how startups can build long-term viability before seeking external funding.

PalmPay and AXA Mansard partnership

The next session featured Habib Kowontan, Head of Wealth Product at PalmPay, who presented an in-depth case study of PalmPay’s partnership with AXA Mansard.

According to Kowontan, the partnership has been mutually beneficial. “Our collaboration with AXA has been instrumental in driving insurance penetration. We’ve embedded it into our digital finance ecosystem, which serves 35 million people,” he said.

Beyond driving insurance adoption, the partnership has significantly enhanced financial security for individuals and families. Kowontan pointed out that insurance penetration in Nigeria remains low, which calls for increased efforts in bridging the gap. He outlined three essential factors, Awareness, Affordability, and Accessibility, as key to overcoming the trust deficit in insurance claims processing.

PalmPay’s strategy for overcoming the distribution challenge involved leveraging its existing 35 million users, making insurance products affordable and accessible through AXA Mansard. As a result, Nigerians can now purchase insurance directly via the PalmPay app, with a streamlined digital enrollment process and automated claims processing.

To spread awareness, PalmPay has employed strategic marketing tactics, including social media campaigns and community engagement. Kowontan also stressed the role of human interaction in customer retention, highlighting telemedicine as a crucial tool for building trust and reducing churn.

Furthermore, PalmPay has incorporated gamification elements, such as rewards and streaks, and offers discounts on multi-year renewals. These incentives have helped users mitigate the financial burden of unforeseen events, boosted trust in insurance services, and empowered low-income earners, thereby expanding financial inclusion.

“Our partnership with AXA Mansard goes beyond embedding insurance into a fintech platform; it represents a fundamental shift in how Nigerians engage with financial protection,” Kowontan concluded. He encouraged other financial service providers to explore similar opportunities in embedded insurance, saying that the market is vast enough for everyone to thrive.

Partnerships and innovation in fintech and insurtech

A thought-provoking panel discussion featured industry experts discussing strategies for scaling fintech and insurance solutions through partnerships. Panelists included:

Ikpeme Neto, CEO, WellaHealth; Olamide Afolabi, CEO, Touch and Pay Technologies; Temitope Adeyemi, CEO, Pay-U; and Ayodeji Macaulay, CEO, Cube Cover and Moderator: Chimgozirim Nwokoma, Senior Reporter, Techpoint Africa.

During the panel session, industry leaders shared insights on effective partnerships and strategies for scaling fintech and insurance solutions. Olamide highlighted the importance of government collaboration in driving fintech adoption. Using the example of contactless bus payments, he argued that without government backing, fintechs would burn through significant resources on marketing and giveaways with limited success. He stressed the need to create a captive market, stating that if insurance were made mandatory, adoption would naturally follow.

Ikpeme Neto, said that partnerships are central to their business model. He pointed out that early movers who establish strong emotional connections with their customers will have a competitive advantage.

Temitope Adeyemi, shared his perspective on the role of relationships in selling insurance. He argued that while embedded finance serves as an entry point, trust and human connections ultimately drive adoption and retention. He cited PalmPay’s success and suggested that insurtech and healthtech startups should leverage partnerships. Drawing from his experience, he noted that ride-hailing platforms were an early target for their services and that fintech partnerships were the next frontier.

Adeyemi further stressed that insurance companies should focus less on short-term profitability and more on educating customers, building trust, and ensuring timely claims processing. “We need to shift our mindset from immediate profitability to long-term customer engagement,” he asserted.

Ayodeji Macaulay underscored the untapped potential in the insurance space. He spoke on the need for greater innovation and collaboration to unlock new opportunities. “We have yet to fully explore the impact embedded finance can have,” he said. He urged fintech and insurtech firms to align their objectives with those of their partners to create synergy and maximise the benefits for end-users