How ResilientME! is transforming financial literacy for small businesses
Micro, small, and medium-sized enterprises (MSMEs) are the backbone of most economies worldwide, contributing significantly to employment, innovation and growth in gross domestic product (GDP). According to the World Bank (2023), formal SMEs alone account for 40% of GDP and 60% of total employment in emerging markets—a figure that rises when informal enterprises are included. Despite their crucial role, many MSMEs operate in highly volatile environments, where financial shocks can threaten their survival.
MSMEs face several challenges in managing risks
A major challenge for MSMEs is financial resilience. According to the Access to Insurance Initiative (A2ii), nearly 60% of MSMEs in developing economies struggle to survive beyond five years due to inadequate financial risk management. Many entrepreneurs lack awareness of insurance as a tool for risk mitigation, leaving their businesses vulnerable to unforeseen disruptions. Typical examples include personal or family health emergencies, property damage or business interruptions caused by external factors. An FSD Africa (2022) study on microinsurance across eight African countries found that, despite its potential as a financial safety net, adoption remains low due to limited awareness, affordability challenges, and low consumer trust.
ResilientME!—A game-changing approach to financial literacy
Recognising this critical gap, AB Entheos developed ResilientME!, an interactive financial literacy game designed to make learning about risk management and insurance engaging, practical and accessible. Unlike conventional training programmes, which can often be too technical or unrelatable to the target community’s precise situation, ResilientME! simulates real-life business scenarios, helping entrepreneurs understand a range of key concepts. These include:
- Types of risks businesses face and how to identify them,
- The role of insurance in protecting assets, employees and business continuity,
- How to choose the right insurance products based on business needs, and
- Financial decision-making and resilience strategies.
Through scenario-based gameplay, role-playing and real-world case studies, participants would get to experience first-hand the consequences of financial risks faced by at-risk communities and the benefits of implementing proper risk management approaches.
From education to real-world impact: Co-designing microinsurance solutions
Beyond training, ResilientME! has driven real-world impact by influencing the development of tailored microinsurance products. In partnership with Britam and Hand in Hand Eastern Africa, AB Entheos co-designed two key solutions in Kenya:
- Small Business Cover: This was designed to protect MSMEs against risks such as fire, theft, and loss of income.
- Hospicash: A health microinsurance product that is designed to provide daily cash payments to beneficiaries during hospitalisation, as a means to support entrepreneurs and their families when faced with potential income loss.
This collaboration emerged through extensive research and real-world testing. AB Entheos and Hand in Hand used ResilientME! to assess MSMEs’ insurance needs. Based on the insights gathered, both organisations engaged with Britam. Together, the companies jointly developed the solutions, ensuring that they are affordable, relevant and easy to access for the target market.
Empowering MSMEs for long-term sustainability through insurance
Since its launch, ResilientME! has trained thousands of microentrepreneurs across countries like Mozambique, Sudan, Kenya, and Ghana, enhancing their financial literacy and risk management skills.
By making insurance education engaging and practical, the game has bridged the knowledge gap and empowered business owners to make informed financial decisions. The adoption of small business cover and hospicash products has provided many MSMEs in Kenya with a financial safety net, reducing their vulnerability to unexpected setbacks and enabling them to grow sustainably.
Looking ahead: Why scaling financial resilience for MSMEs is essential
As more MSMEs start to embrace financial literacy and insurance, there is an opportunity to grow the impact of insurance. According to the Microinsurance Network (2022), demand for tailored insurance solutions is rising, but access and awareness remain key barriers. Expanding initiatives such as ResilientME!, fostering more public-private partnerships and integrating digital insurance solutions could accelerate financial inclusion for MSMEs in underserved markets.
At AB Entheos, we remain committed to innovating financial education and strengthening MSME resilience. Through strategic collaborations and technology-driven solutions, we aim to empower more entrepreneurs with the knowledge and tools they need to thrive.
Click here to learn more about ResilientME! and our other ground-breaking initiatives.
