Insurer and asset manager MMI, and unsecured lender African Bank, have entered into a partnership for the distribution of products and services. Both companies will create an expanded distribution network for product access.
The partnership is based on three business lines, including lending and insurance business ventures. The third venture will involve the provision of transactional banking capabilities by African Bank to MMI.
The lending venture will enable MMI to offer needs-based credit to its customer base and African Bank to provide MMI insurance products to its customers.
The partnership between African Bank and MMI is an extension of an existing relationship with MMI’s wholly owned subsidiary, Guardrisk. Guardrisk currently underwrites the African Bank’s credit life insurance, insuring African Bank’s risk exposures through a cell-captive structure.