Country Briefing Note: Burkina Faso (NM)

Burkina Faso is a landlocked country with 69% of the population living in rural areas. Its location in the Sahel region and the effects of climate change mean the economy faces various risks. The agriculture sector, which is the main source of livelihood for the majority of the population, is particularly affected. The inclusive insurance sector in Burkina Faso is boosted by the existence of a specialised microinsurance company as well as other insurance companies and brokers that offer inclusive insurance products, and the government's interest in developing this sector. 

• Political tension and climate change are driving factors of the various risks that the majority of households are exposed to. 

• The national strategy for inclusive finance in Burkina Faso aims, among other things, to "develop insurance products that are better adapted to the main needs of low-income people".

• There has been an increase in the number of inclusive insurance products launched in the country in recent years. However, based on the results of the 2022 Landscape study, only 1.2% of emerging consumers are covered by inclusive insurance. 

• There is a need for the insurance sector - in partnership with the regulator, the government and development partners active in the country - to collaborate to raise awareness of insurance, discuss challenges and identify actions to increase the uptake of inclusive insurance products in the country.