During the Forum Invest in Senegal 2025, held in Dakar on October 7–8, IFC partnered with the National Agricultural Insurance Company of Senegal (CNAAS) to advance inclusive and climate-resilient insurance solutions in the country. Ethiopis Tafara, IFC Regional Vice President for Africa, signed the partnership on behalf of IFC.

Agriculture is a cornerstone of Senegal’s economy, contributing about 17 percent of GDP in 2024 and employing roughly 60 percent of the workforce in food crop production. Yet the sector remains highly vulnerable to climate risks such as droughts, floods, and irregular rainfall, which threaten livelihoods, food security, and economic stability. Smallholder farmers and micro, small, and medium-sized enterprises often have limited access to financial services, including insurance products that could help them recover from climate-related shocks.

Through this new partnership, IFC will work with CNAAS to assess and enhance existing agricultural insurance products, focusing on improving data quality and accuracy, streamlining client enrollment and claims processes, and increasing operational efficiency. The collaboration will also support the development of new solutions for currently uninsured value chains, explore reinsurance and alternative risk transfer mechanisms, and strengthen awareness of climate insurance among rural communities.

The initiative will also target at least 30 percent of policies for women smallholder farmers and design tailored insurance products to meet their specific needs. The collaboration will further promote climate risk analytics, training, and the establishment of sustainable insurance distribution channels.

The partnership aims to expand insurance coverage for up to 200,000 farmers, boosting financial inclusion and strengthening agricultural resilience across Senegal.

From left to right: M. Mabouba Diagne, Minister of Agriculture, Senegal, Ethiopis Tafara, IFC Regional Vice President for Africa, Mouhamadou Moustapha Fall, CEO CNAAS 

By Lovy Yoha Mukoma, Project Lead