NIC launches Entrepreneurial Empowerment Program to bolster Mauritian small businesses

Entrepreneurship & Business

The National Insurance Company (NIC) has unveiled its new Entrepreneurial Empowerment Program (EEP), a comprehensive strategy designed to support and elevate micro and small enterprises in Mauritius. The initiative, with the overarching goal of helping these businesses “think bigger,” was officially launched on Thursday at the Caudan Arts Centre in the presence of Hon Dr Jyoti Jeetun, Minister of Financial Services and Economic Planning, and Hon Aadil Ameer Meea, Minister of Industrial Development, SMEs and Cooperatives.

The EEP is built upon a framework of five strategic pillars: educational support, protection, financial support, retirement assistance, and partnerships through joint initiatives between the NIC and various governmental organisations. During the launch ceremony, the NIC also introduced EMPOWER, the public-facing initiative that will encompass the diverse services and products offered under the EEP.

Rishi Sookdawoor, the NIC’s Group Officer in Charge and COO, emphasized the company’s commitment, stating, “As a committed and responsible insurer, we are leveraging our expertise, knowledge, and know-how to serve the national strategy for the development of the SME sector. We prioritize a mutually beneficial partnership approach that goes beyond purely commercial considerations. Our ambition is to actively contribute to value creation by facilitating access to key partners, providing risk protection, and integrating provident solutions, particularly in terms of retirement.”

A key component of the EEP is the provision of free professional support to participating entrepreneurs through mentorship and training. These resources aim to enhance their skills in crucial areas such as vision conceptualization and strategy development, business plan implementation, marketing, human resource management, and the improvement of work methods and good governance.

Furthermore, the EEP will offer participants the opportunity to obtain a certification, with an optional component involving a competition based on the best business plans, which will be evaluated by an independent jury.

Minister Aadil Ameer Meea lauded the NIC’s proactive approach, stating, “I am delighted to see that the NIC has fully embraced this strategy aimed at empowering micro, small, and medium-sized enterprises, as well as start-ups. In doing so, the NIC is actively contributing to the establishment of a favorable ecosystem for the economic growth of both male and female entrepreneurs in Mauritius.”

A significant aspect of the EEP is its dedicated program for women entrepreneurs, LadyBiz. This new NIC product is specifically tailored to better insure, protect, and empower women in business. The launch ceremony included a panel discussion where several Mauritian female business leaders shared their journeys and successes.

Through LadyBiz, the NIC will offer a range of attractive services designed to support women entrepreneurs, mirroring the offerings of their successful counterparts. These include medical coverage, property risk coverage, accident coverage, and personal indemnity, complementing the broader support measures already integrated within the EEP.

The inclusion of women entrepreneurs was particularly welcomed by the Hon Jyoti Jeetun, who highlighted the importance of resilience. “Today more than ever, we must strengthen the resilience of women entrepreneurs in the face of external shocks. You will recall that during the Covid-19 pandemic, many entrepreneurs were forced to close their businesses. It is therefore commendable that the NIC has taken the initiative to set up a program dedicated to entrepreneurs, aimed at empowering them but also protecting them,” she emphasized.

The NIC Group plans to launch further innovative services and products under the EEP strategy before the end of the year.

Strategic Pillars of the EEP:

• Educational Support: Training, coaching, business planning, financial modeling, and marketing.
• Protection Support: Specifically designed products to cover business-related risks, accidents, and health through micro-premiums.
• Financial Support: Microfinance products tailored to the needs of start-ups, business modernization, growth, and working capital.
• Retirement Support: A micro-pension scheme product, with its launch planned for the near future.
• Partnership Support: Joint development initiatives with the government and other institutions working to promote the entrepreneurial sector.

The LadyBiz Support Program:

This program encompasses an educational component, offered free of charge under the NIC Academy, and a services component including risk protection and financing.

The educational pillar comprises a total of 21 learning modules. Reena Mulliah-Moonoosamy, Chief Services Officer (CSO) of the NIC, explained the alignment of these modules with the entrepreneurial journey: “Each module aligns with the entrepreneurial journey, and each letter of the EMPOWER brand represents a stage of this journey: Establishing a vision, Mobilizing and implementing action plans, Preparing for the market, Organizing teams, Work methods, tools and governance, Quality, Innovation and finance, and finally, Risk management and business resilience. The program spans 14 weeks, with 7 weeks for each cohort, and the NIC will cover the issuance of certificates.”

Regarding the protection component, Ms Mulliah-Moonoosamy stated, “It includes a suite of insurance coverages starting from 20 rupees per day. Aimed at making business risk management more adaptable, LadyBiz combines health insurance for hospitalization, including surgery, life insurance, 24/7 accident insurance, as well as insurance against fire, floods, theft, public damage, and other perils.”

Finally, concerning financing, the CSO concluded, “A crucial tool for the development and growth of micro-enterprises, the NIC will offer access to inclusive credit through microfinance solutions in the coming weeks. We have not forgotten retirement, and we are planning upcoming support specifically designed with minimal contributions in a micro-pension plan adapted for small and medium-sized business owners.”

Mauritius Times ePaper Friday 25 April 2025