Radiant Yacu: “We have come far, but have a long way to go”

Emmanuel Nzanana’s initial reactions were surprise and disbelief. It took a moment to sink in: Radiant Yacu Ltd (hereafter referred to as Radiant Yacu) had just been awarded the European Microfinance Award for 2025. The result marked several firsts: the first time that an organisation from Rwanda had won the Award, the first time a specialised microinsurance provider had won, and the first time that all three finalists - Radiant Yacu, Britam and DHAN Foundation - were members of the Microinsurance Network. As the news began to filter to Emmanuel’s colleagues in Kigali, microinsurance was having its moment in Luxembourg’s autumnal sun.

Source: European Microfinance Award website

Why the Award is much more than just an accolade for Radiant Yacu 

Once back in Rwanda, Emmanuel Nzanana, his colleague James Gakuru and RADIANT Yacu’s CEO Ovia K. Tuhairwe passionately explained that winning the award is a significant milestone for the company. For them, the prize is an affirmation of their efforts to grow affordable insurance for low-income individuals and vulnerable communities in Rwanda. It will likely enhance Radiant Yacu’s reputation within the country. In turn, this should help to grow new and existing distribution channels, establish new partnerships and, importantly, increase customer trust in insurance.

Through its parent, Radiant Insurance Company, Radiant Yacu’s journey is intertwined with Rwanda’s history. In 1994, in the aftermath of the genocide against the Tutsi, few services functioned. The loss of capital – human and financial – risked making recovery harder. However, resilience is etched into the Rwandan psyche. With support from the state and the international community, the country is seen as a good place to do business in Africa. Its insurance sector has endured a similar trajectory. But with a dedicated microinsurance law, it is seen as an example. 

Photo © Inclusive Finance Network Luxembourg / Marion Dessard

Driving factors: Understanding needs, building trust and a supportive environment

Before discussing how the prize money might be used, James explains that there is a need to continue shifting mindsets. Low-income populations, particularly those residing in rural areas, typically believe insurance to be only for the wealthy. Changing this stance remains one of Radiant Yacu’s biggest challenges. But it is also a powerful driving factor: the wide protection gap is what prompted Radiant, an underwriter, to set up a dedicated microinsurance company, to introduce insurance products that are affordable, accessible and customer-centric.

Mistrust is common among users targeted by microinsurance providers. For Radiant Yacu, building trust is central to the company’s mission. So, what has it done to increase customer trust? It builds strong client relationships through communication, especially by organising "claim celebrations" to showcase their commitment and use beneficiaries as testimonials for others. Its products are simple and transparent, and involve fast claim settlements. Radiant Yacu, like many other microinsurance providers, works with a range of partners too. Microfinance institutions and co-operatives embedded in rural communities have helped to take microinsurance to the masses. 

While Radiant Yacu and other players have sought to understand Rwandans’ needs, it is important to recognise the role played by the Government of Rwanda. The government has prioritised the growth of inclusive insurance through policy, such as its National Financial Inclusion Strategy. It also provides subsidies for the country’s National Agriculture Insurance Scheme (in which Radiant Yacu participates). In addition, the National Bank of Rwanda (the insurance regulator) has created an enabling environment that only a few other countries in Africa have. 

Turikumwe: Radiant Yacu’s award-winning insurance cover

Turikumwe, Kinyarwanda for “we are together”, is Radiant Yacu’s flagship insurance product. It covers funeral expenses, healthcare costs and provides income replacement for various low-income households and smallholder farmers. It is designed to help families build resilience and manage expenses incurred due to accidental or natural deaths or hospitalisation. Distribution is via co-operatives, and savings and credit associations. In addition, Radiant Yacu also has a partnership with MTN Rwanda for digital onboarding and payments.

Source: Mendelson, S. (2025). Building resilience through inclusive insurance: Insights from the European Microfinance Award 2025

Perhaps what sets Radiant Yacu apart is its claims process. For Ovia, Emmanuel and James, the claims experience is the most important touchpoint for building customer trust. Radiant Yacu is transparent about the documents needed to claim and the expected timeframe customers can expect for responses. Communication is typically in Kinyarwanda, while claims are approved by an automated IT system. Payouts are quickly settled via mobile money, with most claims paid within three working days.

Several microinsurance providers approve and pay claims quickly. But Radiant Yacu’s process involved communicating with empathy. Claims are acknowledged quickly, while customers are kept informed at each stage of the process. Once claims are resolved, customers are surveyed on their satisfaction. This is key for Radiant Yacu: every satisfied customer can potentially bring in many others. Customer feedback is collected through district coordinators, Radiant’s branch network and via WhatsApp. The ground presence has enabled a “phygital” approach, which has worked well for users who lack access to smartphones or the internet. 

“Some people consider Radiant a parent due to the help they got when things were bad”

For Ovia, continuously learning from customers is necessary to keep products simple, accessible and affordable. Radiant Yacu does this by co-designing with clients and partners, to understand where customers need help during times of need. This is part of the company’s commitment to improving social protection in Rwanda and the financial impact of resilience on customers, businesses and the economy. This has created a positive image of the company among its customers, which led to a renewal rate of over 80% in 2024. 

Many of the lessons learned have emerged through Radiant Yacu’s monitoring work. This includes tracking performance numbers, monitoring claim settlements and collecting customer feedback. Each of these has helped the company to adjust its products, ensuring that they remain viable and relevant. Among these, client testimonies have been particularly useful. Direct feedback from clients has shown evidence of tangible changes. For example, some farmers were able to purchase more agricultural land after receiving claim payouts, while others avoided selling off assets after receiving a claim payout.

With the Award in the bag, how does Radiant Yacu plan to use the prize money? Before the team can answer, their bubbling excitement is still there: 2026 stands to be a big year for Radiant Yacu and the Rwandan microinsurance industry. Ovia explains that the funds will be earmarked to grow the adoption of their existing products. Using digital technology is a core part of this objective, as is the need to strengthen new and existing partnerships. 

Rwanda is an ambitious country: its insurance association was selected to host the next International Conference on Inclusive Insurance in October 2026. And like Rwanda, Radiant Yacu is ambitious too. Having already introduced parametric insurance for tea, the team has set its sights on launching other new insurance solutions in the near future. Emmanuel, who collected the Award for the company in Luxembourg, agrees. He adds that the funds will help Radiant Yacu to continue what it has been doing well: support community education and awareness efforts to provide a safety net to all.