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Taxi financier Transaction Capital has recorded double-digit growth in its earnings, thanks to growing its market share in the taxi industry, which traditional financial services companies largely shy away from.
Transaction Capital finances and insures minibus taxis.
While traditional short insurers are facing high claims ratios and static market share, Transaction Capital grew its new business written insurance premiums 23% in the year to September, which boosted its headline earnings 18% to R682m.
Transaction Capital’s core operations are SA Taxi, which provides finance and insurance to minibus taxi operators, and Transaction Capital Risk Services, which is involved in debt collection and payment processes, among other things. More than half of the group’s revenue is generated through SA Taxi.
Transaction Capital said that the minibus taxi association Santaco has acquired a 25% stake in its subsidiary, SA Taxi.
“It is a major strategic shift. For many years, [the taxi industry] f...
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