Sanlam and MTN’s partnership to market and distribute insurance and investment products across Africa has received the necessary regulatory approval, the companies said in a joint statement on Tuesday.
The partnership became effective on October 31 and will will be implemented through MTN’s insurtech platform aYo Holdings, in which each of the companies will hold 50%.
Through aYo, the two listed groups plan to build and develop digital insurance and investment offerings across Africa using Sanlam’s financial services expertise. The platform will specifically target people who have traditionally been unable to access traditional financial services distribution channels.
“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,” said MTN group president and CEO Ralph Mupita.
The partnership will leverage the MTN brand and Sanlam’s licensing, financial services expertise and product development capabilities to tap into the growing demand for insurance and investment solutions on the continent.
“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,” said Sanlam 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.”
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