Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today, the Executive Board has approved the annual report of Jamii ApS for the financial year 1 January - 31 December 2022.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:The principal activities of the company
The word Jamii signifies ‘community’ as Jamii. one is on a mission to create financial health in communities across emerging markets starting in Ethiopia. As a social enterprise, Jamii. one offers a digital platform that leverages financial data to facilitate financial inclusion. Today, Jamii. one avails the Jamii. one App. A comprehensive data management platform that community-based groups can move their data into for secure, transparent storage of data and automatic and accurate accounting, free of charge. The App work offline first, only require one smartphone per community-based group and is available in several local languages and with local calendar. The Jamii. one dashboard allows organisation to monitor, evaluate and support ongoing group activity. Community-based groups using the Jamii. one platform are offered access to a uniquely affordable micro group life insurance product. This product service offering portfolio will grow in the coming year.
People
In 2022, Jamii. one went from 70,033 to 262,390 users registered on the platform adding 192,357 or 275% new users. And hence, Jamii. one delivered free access to a total of 262,390 people to a tool to make their community finance groups’ recordkeeping more efficient, transparent, and accurate and allow these groups and members to start building data for financial inclusion. This incredible increase was rooted in our continuously improved strategy for reaching people through existing local structure both local government and civil society. Our main segment is still the Ethiopian burial associations called Iddir. An ancient institution is a self-insurance community-based funeral insurance and service. With Jamii. one, the groups can take their recordkeeping digital and expand their value proposition to members as their members gain access to the uniquely affordable life insurance offered only to community-based Iddir groups on the Jamii. one digital platform. The micro group life insurance is a strong tool to protect against poverty as the loss of a breadwinner may have detrimental effects on a family’s income. Launching a micro insurance product in a country with an insurance penetration of less than 1% requires extensive awareness raising and sensitising to the importance of insurance protection. It also requires building trust that the insurance company will pay out and ensuring that this trust is not broken. Jamii. one launched access to micro group life insurance provided by our insurance partner Nib Insurance Company (NIC) in April 2022. In Q2 2. 637 policies were sold, Q3 this rose to 4. 977 and the year ended with an incredible increase of insurance sales to 16. 102 in Q4. This is attributed to the gradual building of trust across communities.
Planet
JThe community-based groups are based on geography often and cuts across religion, ethnicity, economic status, etc. They play a vital role in supporting local communities, especially the weakest. In this way, Iddir an institution that strengthens the social fabric of Ethiopia. Improving their operations and value proposition to members, helps support the relevance of these groups in a digital age and a time that the groups are experiencing less uptake from the younger generation. Strengthening society is conducive to ensuring a country’s general stability and development hence decreasing risk of war, improving living standards which in affect reduces the number of people born and allowing for development away from the use of carbon based fuels such as kerosine lamps and deforestation for charcoal.
Profit
With the successful introduction of insurance offerings to Jamii. one users and recurring sale of data to our insurance partner for every year the users re-subscribe, Jamii. one is now on track to reach profitability in Q2 2024. Meanwhile, Jamii. one is building an incredibly rich dataset and access to people in Ethiopia which few other players have. This holds with in it a strong profit potential. A potential that will be realised only in accordance with Jamii. one’s strong adherence to sustainability principles.
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