Sanlam, MTN Group’s InsurTech alliance transaction approved
A strategic alliance between banking group Sanlam and telecommunications group MTN Group will be implemented after fulfilling the regulatory, competition and other requirements.
The strategic alliance, the effective date of which is October 31, will market and distribute insurance and investment products across Africa through MTN Group’s InsurTech platform aYo, in which each partner will hold 50%.
“Through aYo, the alliance will continue to build and develop digital insurance and investment offerings that provide people across Africa with easier access to Sanlam’s products, particularly those people who have typically been unable to access traditional distribution channels,” the duo said in a statement on Tuesday.
The alliance is aligned to MTN’s strategic intent to lead digital solutions for Africa’s progress, says MTN Group president and CEO Ralph Mupita.
“We are confident that this alliance will build and leverage the strengths and assets of both companies to establish a digital insurance and investment capability across Africa.”
“We are delighted to reach such a critical stage in our drive to deepen penetration of insurance and investment products across Africa through strategic partnerships,” adds Sanlam Group CEO Paul Hanratty.
“We are confident that a strong foundation is in place for this alliance. Sanlam believes that this strategic alliance with the MTN Group will make a considerable contribution to financial inclusion in Africa.”
Sanlam’s licensing, broad product capabilities, financial services expertise and both group’s geographical footprints across the continent enable the alliance’s potential to pre-empt and adapt to digital disruption in markets where both companies operate.
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