De-Risking the Sun: Casava and Rivy Launch Nigeria’s First Green Insurance Category

LAGOS — In a move that provides the “missing infrastructure layer” for Nigeria’s energy transition, Casava, the nation’s first licensed digital microinsurer, has partnered with clean-tech finance leader Rivy to launch a dedicated suite of Green Insurance products. Announced on February 25, 2026, the partnership aims to eliminate the financial risks—theft, damage, and transit loss—that have long deterred SMEs from investing in solar energy.

This collaboration arrives at a critical juncture: following the 2024 NERC tariff hikes, solar has become the most cost-effective power source for businesses, yet the high cost of hardware (up to ₦5 million per installation) has remained a high-stakes “uninsured risk” until now.

Closing the Protection Gap

While Nigeria’s solar capacity grew to 144 MW in 2025, the majority of these assets were historically uninsurable through traditional channels. The Casava-Rivy partnership introduces two market-defining products:

1. Solar Asset Protection: Comprehensive coverage against theft, vandalism, and accidental damage for panels and inverters.

2. Logistics & Delivery Insurance: End-to-end protection for equipment during transit—addressing a notorious “blind spot” where equipment is often stolen or damaged before it even reaches the SME.

The Economic Case for “Green” SMEs

The data supporting the shift to solar in 2026 is overwhelming. For the 80% of Nigeria’s workforce employed by SMEs, unreliable power is a “revenue tax” of up to 20%.

• Cost Savings: SMEs adopting solar can reduce monthly energy spend by 37%.

• Earnings Boost: Reliable power translates to a 24–27% increase in monthly earnings.

• Embedded Finance: Insurance is now “embedded” directly into Rivy’s procurement platform, allowing businesses to secure financing and protection in a single mobile transaction.

ESG and the Future of Nigerian Insurance

Bode Pedro, Founder of Casava, framed the launch as a foundational pillar of Africa’s climate transition. “Insurance must be the protection layer that makes these investments sustainable,” he noted.

This move aligns with the Insurance Industry Reform Act, which is projected to grow the Nigerian insurance market from ₦2.2 trillion to ₦8 trillion by 2030. By positioning itself at the intersection of Fintech and Green-Tech, Casava is creating a new category of “Climate Resilience” insurance.

“When you protect people’s investments in a better future, you accelerate that future,” Pedro stated.

Partnership Snapshot: Green Insurance 2026