Nigeria’s first fully licensed digital microinsurer, Casava Microinsurance, has partnered with Kuda Microfinance Bank to introduce Merchant and Device Protection, a new insurance product designed specifically for Point of Sale (POS) merchants across the country.
The insurance solution, which is already live for Kuda merchants, aims to protect POS operators against risks including theft, armed robbery, accidental damage, fire outbreaks, and business interruptions.
The launch comes as Nigeria’s POS ecosystem continues to expand rapidly. Industry data shows that nearly six million active POS terminals now serve as a major channel for financial transactions, with the sector processing ₦18.78 trillion in transactions during the first quarter of 2026 alone.
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Despite the sector’s growth, stakeholders say many POS merchants remain exposed to significant operational risks. According to data cited by Casava, over 95 per cent of Nigerian adults rely on POS agents for at least one financial service, yet most operators lack any form of insurance coverage.
The company noted that theft, robbery attacks, market fires, and device losses continue to threaten the livelihoods of merchants who serve as critical access points for financial services, particularly in underserved communities.
Under the new Merchant and Device Protection scheme, POS terminals will be covered against theft, armed robbery, accidental damage, and fire. The package also includes fire protection for merchants’ shops, kiosks, and operating premises, as well as business continuity support designed to help merchants resume operations quickly after a covered incident.
Casava stated that policy onboarding, activation, and claims processing would be conducted digitally to simplify access for merchants.
Speaking on the initiative, Casava’s Executive Director, Corporate Services, Solabomi Oreagba, described POS merchants as one of the most important components of Nigeria’s financial infrastructure.
According to him, merchants often lose not only their devices during incidents such as robberies and market fires but also their source of income and ability to serve their communities.
Oreagba said the company’s experience supporting affected traders during the Balogun Market fire in Lagos reinforced the need for insurance products tailored to the realities of small business operators.
Also commenting, Kuda’s Senior Vice President for Business Banking, Nosa Oyegun, said the partnership aligns with the bank’s mission of expanding access to financial services for Nigerians.
He noted that POS merchants remain at the forefront of digital payment adoption across the country and require reliable protection to sustain their operations.
Casava, regulated by the National Insurance Commission, said the product was developed to address a long-standing protection gap in Nigeria’s growing digital payments ecosystem.
