Sanlam and MTN form $100m fintech joint venture
Sanlam CEO Paul Hanratty says the joint venture that will offer insurance and savings products could have 50-million customers across Africa in the next 10 years
Sanlam and MTN have formed a $100m (R1.47bn) joint venture that will see Africa’s largest nonbank financial services group partner with its largest mobile operator to roll out insurance and savings products to the continent’s rapidly expanding consumer market.
Under the 50-50 joint venture, which the two groups are calling a “strategic insuretech alliance”, Sanlam and MTN will each commit $50m to form the partnership that will roll out life insurance, phone insurance, car insurance and basic savings products. MTN sees the deal as a way to grow its burgeoning fintech offering by leveraging its brand and reach on the continent using Sanlam’s licensing and geographical footprint —which extends from the Cape to Morocco — as well as its extensive expertise in financial services products...