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ETAP Raises $1.5m to Expand Africa’s Car Insurance Services
By Adedapo Adesanya
ETAP, an insurtech startup that makes it easy to buy and claim insurance, says it has secured $1.5 million in pre-seed funding to drive the adoption of car insurance across Africa.
The pre-seed funding round was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont, and other angel investors.
According to its Chief Executive Officer, Mr Ibraheem Babalola, the new funding will support the roll-out of ETAP’s game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in three minutes or less and get rewarded for good driving and avoiding accidents.
Mr Babalola said that working with a wide range of automotive value chain players, ETAP would also explore other opportunities to deliver much-needed car insurance services to owners in other countries across the continent.
“In spite of the longstanding regulation, making car insurance compulsory, more than 100,000 car accidents were reported between January 2019 and December 2021, only one in five cars in Nigeria are currently insured.
“The complexities of buying and claiming insurance has led to widespread apathy for traditional insurance companies and products, with many car owners opting to go without insurance.
“With ETAP, the entire process of buying and claiming insurance happens exclusively on a smartphone, enabling a seamless and enjoyable insurance experience for users,” he said.
He said that ETAP uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.
“Using advanced telematics, the experience is gamified to improve driving behaviour and drivers can earn safe driving points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets among others,” he said.
Mr Babalola said that drivers would have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs.
“In the unfortunate event of an accident, they simply need to take a picture of the affected part of the car via the app and the artificial intelligence processes they claim based on previously uploaded images,” he said.
Mr Babalola said that the app came with geolocation tags, timestamps and other features to prevent fraudulent claims, as well as crash notification, emergency support and more.
“Since we launched in November 2021, ETAP has insured more than 130,000 individual trips and over 500,000 kilometres in car journeys, which represents more than eight times the total distance of paved roads in Nigeria.
“Just like any other digital service, we believe Nigerians should be able to buy and claim car insurance without having to ‘call a guy’.
“We also believe that rewarding good drivers can be a catalyst for better driving and making our roads safer.
“This is why we have created Africa’s most powerful car insurance app and we are excited to have raised these funds to bring more users on board,” Babalola said.
He said that many times, the process of buying and claiming insurance in Africa is so out of touch with the everyday reality of most people.
Mr Babalola said that ETAP would change the game and make the process just as enjoyable as any other experience that consumers access on the mobile phone.
On the part of the lead funder, Project Manager at Mobility 54, Mr Yumi Takagi, said, “ETAP is addressing many challenges that impact the automotive experience in Africa and we are excited to support and work with them to bring their innovation to more drivers across the continent.”
Mr Takagi said that he believed ETAP would engage with this important role and revolutionise the automotive insurance industry with its powerful technology.
By Modupe Gbadeyanka
A bill aimed at prohibiting hawking, trading or preaching inside commercial vehicles in Nigeria has been passed by the Senate.
The bill known as the Federal Road Safety Corps (Amendment) Bill, 2026, imposes fines between N50,000 and N100,000 for violations if assented to by the President.
The piece of legislation was passed by the red chamber of the National Assembly on Thursday and should later be transmitted to President Bola Tinubu for assent.
Members of the upper chamber of the parliament explained that the law was amended to discourage distractions in commercial vehicles and improve the safety of commuters.
In addition, motorists who fail to cooperate with officials of the Federal Road Safety Corps (FRSC) during roadside breath tests conducted on reasonable suspicion are liable to fines or imprisonment or both.
Lawmakers noted that this was to improve compliance with road safety regulations and reduce road crashes, as fines for driving under the influence of alcohol or intoxicating drugs were raised to N100,000 from N5,000, with the risk of spending two years behind bars.
It was also proposed that disobedience to traffic lights, road signs, pavement markings and other traffic control devices will now attract N100,000, while the fine for speed limit violations is now N100,000, with reckless driving now a fine of N100,000 or two years’ imprisonment.
By Dipo Olowookere
Residents and motorists plying the Aina Obembe Road in Baruwa, Ipaja, Lagos, may soon heave a sigh of relief as the excruciating traffic gridlock being experienced in the area both day and night may soon be a thing of the past.
This is because the chairman of Ayobo-Ipaja LCDA, Mr Lukmon Agbaje, has directed those involved in indiscriminate truck parking along the road to remove the heavy-duty vehicles within one week, threatening to invoke appropriate enforcement measures for noncompliance with this directive.
Speaking during a meeting on Wednesday with the management of SENA Company, which owns the affected trucks, as well as the leadership of Oluwadara CDA and other key stakeholders like the Lagos State Traffic Management Authority (LASTMA), at the council’s secretariat, Mr Agbaje frowned at the prolonged inconvenience suffered by the community, stressing that public roads must remain accessible and safe for all users.
He emphasised the need for a collaborative approach in resolving the issue without undermining legitimate business operations, noting that he’s focused on finding a lasting solution to the gridlock experienced between Oluwaga and Aina Obembe, where parked trucks have continued to obstruct traffic, disrupt business activities, and pose safety concerns for residents and motorists.
He tasked the firm and the CDA to jointly identify and implement alternative parking arrangements that would remove all trucks from the affected roads and restore the free flow of traffic.
He declared that, “The welfare of our people remains our highest priority. No individual or corporate organisation should obstruct public infrastructure or create avoidable hardship for residents. We must ensure that economic activities coexist with public safety, order, and convenience.”
The council chief reaffirmed his administration’s commitment to promoting orderly development, ensuring safe and accessible roads, improving traffic management, and creating an environment where businesses can thrive alongside the well-being of residents.
By Adedapo Adesanya
The federal government has cut import levies on new and used vehicles by as much as 10 per cent in a move aimed at reducing the cost of vehicle importation, even as it commenced the implementation of a new Green Tax surcharge.
According to an update issued by the Nigeria Customs Service (NCS) on Wednesday, the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has been slashed from 15 per cent to five per cent under the 2026 Fiscal Policy Measures, which took effect on July 1, 2026.
The customs said the policy is designed to ease the cost of vehicle imports while advancing the government’s environmental sustainability objectives through the newly introduced Green Tax.
The implementation also reduces the overall import duty on fully built passenger vehicles from 70 per cent to 40 per cent.
As part of the Green Tax framework, a new environmental surcharge of between two per cent and four per cent will apply to petrol-powered vehicles with engine capacities exceeding 2,000cc. However, mass transit buses, electric vehicles, and passenger cars with engines below 2,000cc are exempt from the surcharge.
Beyond the automobile sector, the fiscal measures also lower import duties on several essential goods. The duty on imported rice has been reduced from 70 per cent to 47.5 per cent, while crude palm oil now attracts a 28.75 per cent duty.
In addition, import duties on agricultural and manufacturing machinery have been completely removed to support local production, while Waste PET has been added to the export prohibition list to encourage domestic recycling.
