In 2005, the Luxembourg Ministry of Foreign and European Affairs, Defence, Development Co-operation, and Foreign Trade launched the European Microfinance Award (EMA) to promote financial inclusion initiatives and highlight innovation in the space. The Award serves two goals: rewarding excellence, and collecting and disseminating the most relevant practices for replication by others. Currently, the Award is administered by the European Microfinance Platform (e-MFP) and the Inclusive Finance Network (InFiNe).
Since the first Award in 2006, organisations have been recognised for their work on several topics related to financial inclusion. While the majority of previous themes focused on microfinance, other topics explored include the use of technology in financial inclusion, inclusive savings and the financial inclusion gender gap. The theme for the 2025 Award is “Building Resilience through Inclusive Insurance”, which will focus on the urgent need for structured risk management among populations who face several economic, health, and climate-related challenges.
“Insurance remains a critical yet often overlooked component of financial inclusion in the Global South and emerging markets. This is why I'm particularly pleased that inclusive insurance was chosen as this year's European Microfinance Award theme. By incorporating insurance products alongside savings and loans in microfinance and development institutions, we [can] create a more complete safety net for those who need it most. In my view, accessible insurance is equally essential to financial inclusion as credit and savings services.” Anne Bastin, Executive Director of the Inclusive Finance Network Luxembourg (InFiNe) |
Why insurance was selected for this year’s EMA
Typically, the Luxembourg Ministry of Foreign and European Affairs, Defence, Development Co-operation, and Foreign Trade is advised by the respective board of directors of the e-MFP and InFiNe. Improving access to credit has often been selected; topics such as savings have also been emphasised. Among the different types of financial services that the EMA has focused on, insurance remains the toughest to develop for low-income users. It can help individuals recover from shocks, build long-term resilience and achieve sustainable economic security.
With a focus on inclusive insurance this year, the Microinsurance Network (MiN) has joined the e-MFP and InFiNe as a ready-made strategic partner for the EMA 2025. Given its unique position in Luxembourg’s inclusive finance ecosystem, the MiN will be part of a joined-up process involving e-MFP and InFiNe. The MiN will bring several years of valuable expertise in microinsurance to this year’s Award selection process. This includes drawing on the experience of its global member base and insights from its annual Landscape of Microinsurance. During the evaluation process, the MiN will be responsible for providing input and helping with communications.
“The 2025 European Microfinance Award, ‘Building Resilience Through Inclusive Insurance,’ is a pivotal moment for elevating the role of insurance in global development agendas. Too often seen as the 'forgotten' financial service, inclusive insurance is, in fact, a transformative tool – one that not only strengthens the resilience of vulnerable populations but also fuels economic growth. By shining the spotlight on innovative solutions in this space, this year’s award will help ensure that insurance is recognised as a fundamental pillar of financial inclusion and sustainable development worldwide.” Matthew Genazzini, Executive Director of the Microinsurance Network |
APA Insurance, Kenya: Winner of the EMA 2019
The last time an insurance provider won the EMA was in 2019, when APA Insurance from Kenya, a MiN member, won the Award. This marked the first time that an insurance provider had won the EMA. For APA, the award significantly increased brand recognition and visibility for both Ashok Shah, its CEO, and the company itself. Greater brand awareness led to more opportunities to network globally and for APA to establish itself as a thought leader in climate resilience and microinsurance. Overall, winning the Award helped demonstrate APA's position as a trailblazer in the industry.
While winning the EMA did not directly lead to increased investment into APA, it facilitated engagement with donors and investors and strengthened APA's relationships. The Award helped APA to grow the agricultural insurance ecosystem in Kenya by encouraging more insurers and reinsurers to participate – especially those who were reluctant to get involved in the past. Given agriculture’s importance to Kenya, insurance plays an important role in providing a safety net to farmers and enabling them to maintain a normal lifestyle in the face of shocks. The Award allowed APA’s team to run financial literacy initiatives, alongside selling insurance to farmers.
“Before, if there was no insurance and if a farmer’s crop failed, then they would not even have money to plant for the next season. Insurance actually gives smallholder farmers the ability to continue with their lifestyle, because we are giving a 70% yield guarantee. This provides a regular income that helps them to improve their farming practices and also to make sure that they've got money to look after their family.” Ashok Shah, CEO of APA Insurance, Kenya |
What should future applicants look to do
When asked what applicants for the EMA 2025 should look to do, Ashok Shah’s advice is simple: insurers should use their applications to “showcase their efforts in promoting financial inclusion and highlight the achievements and benefits provided to their insured clients.” For APA, the 2019 theme of “Strengthening Resilience to Climate Change” resonated closely with its work. APA’s approach to the application process was to “show rather than tell” its value to smallholder farmers.
The winner will receive €100,000, while each runner-up will receive €10,000 at a prize-giving ceremony at the European Microfinance Week in November 2025. The awards are granted by the Directorate for Development Co-operation and Humanitarian Affairs of Luxembourg’s Ministry of Foreign and European Affairs, Defence, Development Co-operation, and Foreign Trade. For APA Insurance, the award funds were used to grow the supply of microinsurance products for their target market. The funds allowed APA to run awareness campaigns about its microinsurance service and grow its presence in the market.
“With the theme of this year’s €100,000 European Microfinance Award ‘Building Resilience through Inclusive Insurance”, e-MFP is delighted to count on the expertise of our member, Microinsurance Network which plays a vital role in shaping the 2025 Award methodology and guidelines, ensuring both relevance and impact. We look forward to learning more about the initiatives that apply demonstrating insurance products designed to be accessible, affordable, and tailored to the needs of low-income populations who are often excluded from traditional insurance markets.” Christoph Pausch, Executive Secretary, e-MFP |
How MiN members should apply for the Award
Applications for the EMA 2025 will open on 12 March 2025 and close on 10 April. Between 25 and 26 March 2025, the e-MFP will be running dedicated sessions on the application process. The MiN team would like to encourage its members to consider applying for this prestigious award. For more information on the EMA 2025 and past winners, click here.