Addis Ababa, March 7th, 2024 – Today marks a significant milestone in Ethiopia’s journey towards fostering innovation and entrepreneurship in the insurance technology landscape. The inaugural BimaLab Ethiopia Demo Day, organized by FSD Ethiopia in collaboration with FSD Africa and the Bill and
Melinda Gates Foundation, celebrates the culmination of a transformative four-month journey for the cohort of 10 startups and 4 corporates.

Since its inception, the BimaLab Ethiopia program, implemented by FSD Ethiopia with funding secured from the Bill and Melinda Gates Foundation incooperation with FSD Africa and the National Bank of Ethiopia, has been driving innovation and positive change in the insurance sector.

The program has provided participants with invaluable mentorship, training, and resources to develop and refine their innovative Insurtech solutions.

“Hosting the inaugural BimaLab Ethiopia Demo Day signifies a significant milestone in our efforts to foster innovation and entrepreneurship in the
insurance technology landscape,” says Abel Taddele, Financial Inclusion, Director. “The cohort’s innovative solutions hold the potential to make a
tangible impact and contribute to the advancement of the Insurtech ecosystem in Ethiopia.”

Partnering with the Bill and Melinda Gates Foundation has further strengthened the program’s impact, fostering an environment conducive to
innovation and entrepreneurship.

“We are proud to partner and celebrate the achievements of the inaugural BimaLab Ethiopia cohort,” says Edom Tsegaye, Ethiopia Country Lead,
Inclusive Financial Systems, Bill and Melinda Gates Foundation. “Their dedication exemplify the spirit of innovation that is driving positive change in
Ethiopia.”

The National Bank of Ethiopia has played a pivotal role in supporting the program, recognizing the importance of fostering innovation in the insurance
sector.

“The National Bank of Ethiopia congratulates the BimaLab Ethiopia cohort on their achievements and innovative solutions,” says Belay Tullu, Director,
Insurance Supervision Directorate, the National Bank of Ethiopia. “As the regulator, we are committed to providing a conducive policy environment that
fosters innovation and encourages the development of innovative solutions in the insurance industry.”

FSD Africa’s longstanding commitment to driving innovation across Africa has been instrumental in supporting the BimaLab Ethiopia initiative.

“The BimaLab Ethiopia Demo Day represents a significant milestone in our journey to catalyze innovation in the insurance sector,” says Elias Omondi,
Principal, Innovation for Resilience, FSD Africa. “We eagerly anticipate witnessing the cohort’s transformative solutions and their potential to drive
positive change not only in Ethiopia but also beyond its borders.”

The Demo Day features presentations from the cohort members, showcasing their solutions to investors, industry experts, and stakeholders. The event
includes panel discussions, keynote addresses, and networking opportunities, providing attendees with valuable insights and fostering collaboration within
the Insurtech community.

“We are delighted to have been an implementing partner of the BimaLab Ethiopia program, working alongside FSD Ethiopia, FSD Africa, and the Bill and
Melinda Gates Foundation. This initiative has been a catalyst for innovation and entrepreneurship in the insurance technology landscape of Ethiopia,” says
Markos Lemma, cofounder and CEO, Iceaddis.

One of the highlights of the Demo Day is the announcement of the winners, who will receive cash prizes to further develop and scale their solutions. The
winners are selected based on their innovation, impact, and potential for growth, with the aim of supporting their journey towards success.

“We are honored to have been part of the implementation of the BimaLab Ethiopia program,” says Tonia Mutiso-Kariuki, CEO & Program Lead, Tellistic
Technology Services. “Over the past three months, we have witnessed the remarkable growth and development of the cohort, and we are excited to see
their innovative solutions showcased at the Demo Day.”

The BimaLab Ethiopia Demo Day promises to be a landmark event, bringing together key stakeholders and thought leaders to celebrate innovation,
entrepreneurship, and positive change in the Insurtech sector.

For media inquiries or further information, please contact:

Name: Samson Berhane
Title: Communications & Advocacy Specialist
Organization: FSD Ethiopia
Email: samson@fsdethiopia.org
Phone: +251937447258

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About the National Bank of Ethiopia:
The National Bank of Ethiopia is the central bank of Ethiopia, responsible for formulating monetary policy, supervising financial institutions, including insurance
firms, and maintaining price stability. The NBE plays a crucial role in the development and regulation of the financial sector in Ethiopia.

About FSD Ethiopia:
FSD Ethiopia is a non-profit organization that works to improve financial inclusion, deepen capital markets, and boost access to financial services in Ethiopia. FSD Ethiopia collaborates with various stakeholders to drive innovative solutions and create an enabling environment for inclusive finance in the