South Africa's Sanlam and MTN Insurtech $100m Joint Venture.

Africa Finance Review

This week’s roundup of news, trends and insights for you the time-conscious Africa-focused business executive finance professional, and policymaker.

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South Africa-based Sanlam and MTN $100m Insurtech Joint Venture.

South Africa-based Sanlam, Africa’s largest non-bank financial service group has formed a $100million 50-50 joint venture with one of Africa’s largest mobile operators and South Africa’s MTN. The strategic insurtech alliance will rollout insurance and saving products targeting the continent’s fast-growing consumer market.

Why is this important: Africa’s fintech market is growing with immense opportunities, such an alliance will lead to a mutually beneficial relationship between MTN leveraging their mobile infrastructure and continent-wide footprint while providing Sanlam the opportunity to extend their brand and product offering to new markets. It is also a template for other players in the fintech ecosystem to work together, create new products, increase competition, better pricing to the Africa consumer.

Private Equity Deals :    

  • IFC is considering an equity investment of US$5 million in Brimore the biggest social commerce app in Egypt and Africa. The funding will be used to expand the company’s operations.

Venture Capital Deals:

  • Pearl Capital Partners’s Yield Uganda investment fund has invested £2.5 million in Pura Organic Agro Tech Ltd. The investment was structured as both straight equity and debt investment.

  • Egypt-based fintech CreditFins a credit card management platform has raised an undisclosed pre-seed funding round lead by Flat6Labs, AUC Angels, TA Telecom Holding, and other angel investors.

  • Kuda Bank a London-based, Nigerian-operating startup has closed a $55 million Series B via its London entity. The new investment will be used to fund new services in the country and expand its footprint to other African countries.

M & A Activities:

  • Bahrain-based Arab Banking Corporation (Bank ABC) has completed its $425m acquisition of 99.5% of BLOM Bank Egypt enabling it to expand its presence in the Middle East and North Africa. Egypt’s Financial Regulatory Authority (FRA) approved the compulsory purchase.

  • South Africa-based Revego Africa Energy Limited has acquired some leading wind assets namely Mainstream wind assets, Loeriesfontein 2 Wind Farm, Khobab Wind Farm, and Noupoort Wind Farm, situated in the Northern Cape, through its Revego Africa Energy Fund.

  • Morocco-based private equity CDG Invest PME( CIP) has agreed to sell a majority stake in Techniques Science-Sante (T2S), IM Alliance, Cyclopharma, and Binarios, the largest and most diversified group of MedTech companies in Morocco, to funds managed by Helios Investment Partners.

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Economic Updates:

  • The annual inflation rate in Botswana to 8.9 % in July of 2021 from 8.2 % in the previous month

  • The annual inflation rate in Angola rose for the fourth straight month to 25.72 % in July of 2021, its highest since October of 2017.

  • The annual inflation rate in Namibia eased to 4% in July of 2021 from 4.1 % in June which was the highest inflation rate since May of 2019.

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